Trade forum urges consolidation of Vietnam-US trade supply chain

Illustrative image (Photo: VNA)

The Vietnam-US supply chain needs to be consolidated to improve its resilience and to maximise profitability for “links” in the chain, said experts at the Vietnam-US Trade Forum themed “Changes – Challenges – Adaptation”.

Important supply chain of US firms

A huge volume of made-in-Vietnam goods worth roughly 94 billion USD were exported to the US in the first ten months of this year, up 21.7% annually. The figure for all of the last year reached 111 billion USD despite the COVID-19 pandemic.

Deputy Assistant Secretary for Asia from the US Department of Commerce Pamela Phan said two-way trade between Vietnam and the US has grown beyond expectations over the past two years despite disrupted supply chains caused by the pandemic. The results clearly demonstrate that the US has huge demand for trade with Vietnam.

In the new era, she urged stakeholders to take action to improve the capacity of each entity in the supply chain to ensure its strength, sustainability and transparency for common goals.

Visiting Vietnam for the second time during her tenure as Governor of the state of Oregon, Kate Brown said major US groups like Apple, Nike, Dell and Intel have chosen Vietnam as an investment destination to develop their supply chains. This makes it easier for Vietnam to become a major production hub and attract new capital flows from other markets.

She added people from the state of Oregon are importing more Vietnamese cashew nut, coffee, and aquatic products. This trend will continue if Vietnam’s agriculture sector reaches new levels with green, clean, safe and quality products.

Adapting to new cooperation space
Deputy Director of the Vietnamese Ministry of Industry and Trade’s Department of European Market Department Nguyen Hong Duong said Vietnam has come up with a clear and widespread integration roadmap with major markets, including the US.

Illustrative image (Photo: baodautu.vn)

US Consul General in Ho Chi Minh City Susan Burns noted that Vietnam has become a key link in the supply chain that plays an important role in the US economy. Products in the supply chain include semiconductors for mobile phones to automobiles, solar panels, apparel and footwear.

In its roadmap to net zero emissions by 2050, Vietnam could import more goods and services from the US energy sector, she said. Vietnam is expected to take advantage of the US technology to accelerate the transition to clean energy, thus creating new trade opportunities in the coming years.

In addition to cotton and fiber, animal feed, fruit, wood products, plastics, computer and electronic spare parts, machinery and equipment may help Vietnam achieve balanced trade with the US, she said./.