Vietnam strives to increase competitiveness for agricultural exports to US

There is great potential for Vietnam to increase its agricultural, forestry, and aquatic exports to the US, particularly when the quality and competitiveness of its products are improved.

Vietnam strives to increase competitiveness for agricultural exports to US hinh anh 1

Illustrative photo (Photo:VNA)

There is great potential for Vietnam to increase its agricultural, forestry, and aquatic exports to the US, particularly when the quality and competitiveness of its products are improved.

In 2023, the US was the second largest market for Vietnam’s agro-forestry-fishery products, accounting for 20.7% of its total export turnover.

According to the Foreign Trade Agency under the Ministry of Industry and Trade, statistics from the US International Trade Commission showed that in the first 10 months of 2023, the US imported 1.43 million tonnes of rubber. However, Vietnam exported just 20,370 tonnes worth 28.99 million USD to the US, ranking 13th among rubber suppliers to this market, and making up only 1.42% of the US's total rubber imports.

In the US market, Vietnamese rubber has to compete with that from many markets including Indonesia and Thailand whose market share in the US reached 25.13% and 14.28% respectively.

Meanwhile, in 2023, up to 88.7% of total cashew nuts imported into the US were from Vietnam.

Among fisheries exporters to the US in the 10 months of last year, Vietnam was the one with the strongest increase in volume and the second highest rise in value.

Notably, the US's imports of shrimp, tra fish, and tuna from Vietnam saw positive growth. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam is currently the 6th largest aquatic product supplier to the US, after Canada, Chile, India, Indonesia, and Ecuador.

Regarding the consumption trend of tra fish in 2024, the US will not only focus on frozen fillet fish – a key product of Vietnam but also gradually increase consumption of processed tra fish and high value-added products such as swim bladder and tra fish paste. This requires the Vietnamese seafood industry to persify its products and focus on deep processing to increase competitiveness in this major market.

Regarding other products, Trade Counsellor of Vietnam in the US Do Ngoc Hung said that in 2022, the total export turnover of cinnamon from Vietnam to the US reached about 50 million USD, accounting for 35% of the US's total cinnamon impor turnover. Vietnam’s cardamom shipments to the US fetched about 5 million USD, making up 13%.

Vietnam strives to increase competitiveness for agricultural exports to US hinh anh 2

In 2023, the US was the second largest market for Vietnam’s agro-forestry-fishery products, accounting for 20.7% of its total export turnover.(Photo:VNA)

Cinnamon and cardamom are not only popular spices but are also widely used in the food, pharmaceutical, and cosmetic industries. They have also been added to beverages such as tea, coffee, and other nutritional supplements.

Hung said that US consumers are increasingly interested in immune-boosting products, especially after the COVID-19 pandemic, so the demand for cinnamon and cardamom essential oils continues to rise.

These are significant values in sustainable development and have the potential to promote Vietnamese cinnamon and cardamom exports in the US market, Hung stressed.

He suggested localities have plans to ensure high-quality raw material areas with the application of organic farming standards to enhance Vietnamese products’ competitiveness against similar products from other countries like Indonesia, Sri Lanka, and India.

Processing businesses should promote the application of scientific and technological advances and actively participate in international trade fairs to widely promote Vietnamese cinnamon and cardamom products in the market, he said./.

Source: VNA
en.vietnamplus.vn

Related News

Latest News

VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - As one of Vietnam's strong export industries to the UK, especially when the Vietnam - United Kingdom of Great Britain and Northern Ireland Free Trade Agreement (UKVFTA) comes into effect, with a detailed information approach strategy, it has created a great driving force to promote the export of Vietnamese seafood products to this market.
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

VCN - By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN – In recent years, with the rapid development of cross-border e-commerce (CBEC) platforms, domestic enterprises in Vietnam have been facing numerous difficulties and challenges.

More News

Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Shrimp exports surge in 10 months, generating 3.2 billion USD

Shrimp exports surge in 10 months, generating 3.2 billion USD

Vietnam’s shrimp exports in October reached US$394 million, a strong 24% increase year-on-year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
Vietnam’s exports to the U.S. near US$100 billion milestone

Vietnam’s exports to the U.S. near US$100 billion milestone

VCN - By the end of October, Vietnam's exports to the United States approached US$100 billion, reaffirming its position as Vietnam's largest export market.
From the “abnormal” coffee price, worries about the new crop

From the “abnormal” coffee price, worries about the new crop

VCN - The Vietnamese coffee industry enters the new crop with the question of what is a reasonable price to ensure benefits for coffee growers while still retaining international consumers.
What obstacles limit the market share of Vietnamese goods in the UK?

What obstacles limit the market share of Vietnamese goods in the UK?

VCN - Vietnamese goods account for only about 1% of total imports into the UK market. One of the reasons is that they have not yet built their own brands and have not focused on effective strategies and approaches to market information.
Why seafood exports to some Middle Eastern Countries are stalled

Why seafood exports to some Middle Eastern Countries are stalled

VCN - Several shipments of seafood exported to certain Middle Eastern countries have been delayed due to legal challenges related to consular legalization procedures. This has created significant bottlenecks in accessing these markets.
Storm No. 3 destroys profits of many insurance companies

Storm No. 3 destroys profits of many insurance companies

VCN - Due to the impact of storm No. 3, the business results of the third quarter and the first 9 months of 2024 of the insurance sector have been significantly affected. This requires more efforts from businesses for the results of the whole year 2024.
Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Vietnam, Malaysia eye golden partnership opportunities in Halal industry

Cooperation in the Halal industry can help Vietnamese products reach nearly 2 billion Muslim consumers worldwide, representing over 24% of the global population, according to Malaysia’s Minister of Investment, Trade, and Industry Zafrul Abdul Aziz.
Tra fish sector aiming for production, processing greening for sustainable development

Tra fish sector aiming for production, processing greening for sustainable development

Greening production and processing to meet export requirements is both a trend and a necessity for many industries, including the tra fish sector.
Read More

Your care

Latest Most read
VN

VN's food processing industry struggles to improve quality and value chain integration

Despite accounting for 19.1 per cent of Việt Nam’s processing sector, the food processing industry has been struggling with major issues such as poor-quality raw materials and subpar value chain integration, said industry insiders and economists.
Approach strategy of the seafood industry when implementing UKVFTA

Approach strategy of the seafood industry when implementing UKVFTA

VCN - Mr. Nguyen Hoai Nam, Deputy General Secretary, Vietnam Association of Seafood Exporters and Producers (VASEP), said that the advantage that UKVFTA brings is that the main products of the seafood industry enjoy 0% import tax to the UK, especially key
Mid-November: Vietnam

Mid-November: Vietnam's trade volume matches 2023 total, eyes record-breaking growth

By mid-November 2024, Vietnam's total import-export turnover reached an impressive US$681.48 billion, equaling the full-year trade figure for 2023
Vietnamese enterprises facing challenges from cross-border e-commerce platforms

Vietnamese enterprises facing challenges from cross-border e-commerce platforms

VCN - E-commerce platforms have emerged as crucial distribution channels, enabling goods to reach consumers quickly and conveniently.
Vietnam, Malaysia eye new milestone in trade ties

Vietnam, Malaysia eye new milestone in trade ties

The official visit to Malaysia from November 21-23 by Party General Secretary To Lam is expected to open up new opportunities for and mark a new milestone in the economic and trade cooperation between Vietnam and Malaysia. Vietnam and Malaysia are key economic, trade, and investment partners. Their economic and trade ties have steadily grown since the two nations established diplomatic relations in 1973.
Mobile Version