Open opportunities for Vietnamese agricultural products to enter the US market

VCN - Mr. Do Ngoc Hung, Head of the Vietnam Trade Office in the US, shares about the advantages and disadvantages of Vietnamese agricultural products when exported to the US market and the opportunities that open up after the visit of Mr. US President Joe Biden.
Facilitate customs clearance for exported agricultural products Facilitate customs clearance for exported agricultural products
Agriculture continues to be the backbone of the economy Agriculture continues to be the backbone of the economy
Open opportunities for Vietnamese agricultural products to enter the US market

Mr. Do Ngoc Hung, Head of the Vietnam Trade Office in the US.

Sir, what are the favorable conditions for agricultural products currently exported to the US market?

The US is always a very important market for Vietnamese businesses. According to statistics, in 2022, Vietnam's total export turnover of agricultural, forestry and fishery products to the US has reached more than 13 billion USD, accounting for more than 24% of the total export turnover of agricultural, forestry and fishery products from Vietnam to countries around the world.

Currently, the United States remains Vietnam's 8th largest trading partner and the largest export market with total exports exceeding $100 billion for the first time in 2022. This has significantly contributed to elevating the trade surplus between Vietnam and the United States to a very high level, increasing Vietnam's trade surplus with countries worldwide. Among these contributions, agricultural products play a crucial role, as they directly bring high added value to farmers, businesses, and job creation, while also enhancing the presence of Vietnamese export items in the U.S. market.

Although Vietnam's exports to the US are in surplus, Vietnam's export products are basically complementary and supportive to the US market, not directly competitive. Thereby helping American market consumers access products in Vietnam with good quality, reasonable prices and increasingly improved designs.

Accordingly, Vietnamese agricultural products have a huge advantage in the US market. First, this is a large import market, with more than 330 million consumers with different consumer needs. Vietnamese agricultural products shipped to the US have been trusted and accepted by American consumers.

Secondly, Vietnamese manufacturers and exporters have, over the past period, built a solid image and reputation, becoming reliable, sustainable trading partners who collaborate in development with American importers and businesses.

In particular, deeply engaging in the distribution system of the U.S. market has enabled Vietnamese agricultural products to progressively expand and penetrate this market. Currently, Vietnamese agricultural products are primarily imported and distributed through various wholesale and retail chains in the United States, such as Amazon, Walmart, Costco, and more.

Besides the above advantages, what are the difficulties that Vietnamese agricultural products are facing today, sir?

First, Vietnamese agricultural products face very strong direct competition from countries with more favorable logistics conditions in the Americas, Latin America and some US partners in Southeast Asia.

Second, although the market capacity is very large, Vietnamese enterprises mostly export and distribute through brokers and intermediary distribution channels, not directly reaching the final consumer. This situation has reduced added value as well as profits for both Vietnamese manufacturers and exporters.

Third, in some cases, to protect the interests of domestic producers, the US government regularly imposes trade defense measures on Vietnamese exports, including agricultural products. product. This increases trade defense taxes and makes Vietnamese goods less competitive in the US market.

From such reality, how do you assess the prospects of Vietnamese agricultural products after US President Joe Biden's recent visit to Vietnam?

From the perspective of the trade agency in the United States, President Joe Biden's visit and high-level leadership exchanges between the two countries will continue to provide a solid foundation and expand opportunities for Vietnamese businesses to maintain a strong presence, leverage the market, and increase exports to the U.S. market. Particularly, in the post-Covid-19 context, consumer demand in the U.S. has shown significant recovery, and the inventory levels of distribution systems have decreased. These are positive signals indicating that American importers will increase their purchases of Vietnamese exports, especially agricultural products.

Thank you, Sir!

By Nguyen Hien/ Phuong Thao

Related News

Latest News

Orders increase, exports in the first 5 months of the year continue to prosper

Orders increase, exports in the first 5 months of the year continue to prosper

VCN - Export turnover to most markets and major trading partners in the past 5 months has recovered well and reached high double-digit growth.
Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

VCN - Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.

More News

Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Many seafood businesses have mentioned barriers that are affecting exports that need to be removed.
Many exported seafood products have experienced high growth

Many exported seafood products have experienced high growth

VCN - Except for shrimp products, which decreased slightly, all exported seafood products in May 2024 all grew well, including many products with high double-digit growth spurts.
Export turnover increases over 14.9%

Export turnover increases over 14.9%

VCN - By the end of May, export activities maintained a double-digit increase with a turnover of US$156.28 billion.
Rice exports to China drop sharply

Rice exports to China drop sharply

VCN - While the amount of rice exported to Southeast Asian markets increased sharply, the results in the Chinese market were the opposite.
Germany supports Vietnam’s garment industry in green transformation

Germany supports Vietnam’s garment industry in green transformation

Five pilot projects on green technology for Vietnamese textile and garment exporters went on show at the ‘For a Sustainable Garment and Textile Industry in Vietnam’ show held in Hanoi on June 17.
Tuna exports expected to grow by 20% in H1

Tuna exports expected to grow by 20% in H1

Tuna exports are projected to reach 456.8 million USD in the first half of 2024, a year-on-year increase of 20%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Recovery underway, businesses need to accelerate credit

Recovery underway, businesses need to accelerate credit

VCN - In recent directives, the monetary policy regulatory body continues to urge banks to implement practical and effective solutions to strive for credit growth across the system, aiming for a 5-6% increase by the end of Q2 2024.
Seafood exports in 2024 aim for US$10 billion

Seafood exports in 2024 aim for US$10 billion

VCN - On June 10, 2024, at the 2024 General Assembly of Members held by the Vietnam Association of Seafood Exporters and Producers (VASEP), seafood enterprises and regulatory agencies proposed numerous solutions to achieve the goal of US$10 billion in exports for 2024.
New opportunities for Vietnam-Russia trade

New opportunities for Vietnam-Russia trade

The upcoming official visit to Vietnam by Russian President Vladimir Vladimirovich Putin is expected to open up new opportunities in bilateral relations, aiming towards the prosperous development for both sides.
Read More

Your care

Latest Most read
Orders increase, exports in the first 5 months of the year continue to prosper

Orders increase, exports in the first 5 months of the year continue to prosper

VCN - Export turnover to most markets and major trading partners in the past 5 months has recovered well and reached high double-digit growth.
Import-export turnover reached nearly US$65 billion in May

Import-export turnover reached nearly US$65 billion in May

Import and export in May continued to remain at a high level and was the month with the second highest turnover in the first 5 months of the year.
Russia’s Far East potiential destination for Vietnamese businesses: official

Russia’s Far East potiential destination for Vietnamese businesses: official

There is ample room to promote trade between Vietnam and Russia’s Far East, head of the Vietnam Trade Office Branch in the Far East region Nguyen Hong Thanh said in an interview with the Vietnam News Agency (VNA) ahead of the state visit to Vietnam by President Vladimir Putin.
Exports up 13.8% in first half: ministry

Exports up 13.8% in first half: ministry

Vietnam’s exports expanded about 13.8% year-on-year in the first half of this year, and imports rose 18.4%, the Ministry of Industry and Trade (MoIT)’s Planning and Finance Department said at a press conference in Hanoi on June 19.
Seafood businesses clearly point out barriers affecting exports

Seafood businesses clearly point out barriers affecting exports

VCN - Representing seafood businesses at the recently held all-member conference, Mr. Truong Dinh Hoe, General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP), said the export forecast Aquaculture in the future will be full
Mobile Version