Vietnam-US Comprehensive Strategic Partnership heralds new waves of trade
US Ambassador to Vietnam Marc E. Knapper (Photo: VNA)
On the back of the newly-signed Comprehensive Strategic Partnership between Vietnam and the US, American exporters are setting their sights on delivering a wider range of agricultural products to Vietnamese consumers.
US Ambassador to Vietnam Marc Knapper said bilateral trade was growing steadily over the past decade, reaching 130 billion USD in 2022, of which 10 billion USD went to agriculture.
Following the elevation of the relationship to a Comprehensive Strategic Partnership, there's no doubt that bilateral trade, particularly in the agricultural sector, would continue to thrive.
In other words, a wider range of American agricultural products would make their way into Vietnam in the short term and so would Vietnamese products into the US.
Francis Lee, a representative of the Washington Apple Commission, said American apples were in high demand in Vietnam with about 2 million baskets being consumed annually. Other products such as grapes and cherries were also gaining popularity among Vietnamese consumers.
He expected that the upgraded relationship would facilitate the entry of more American fruits into Vietnam in the years to come. He said Vietnam and the US could consider reducing import tariffs to make each country's fruits more competitive in the other country.
Currently, American apples and grapes are subject to import tariffs of approximately 8%, while other fruits ranging from 10-15%. If the tariffs are reduced or cut down to 0%, it would be a significant opportunity for American fruits to enter the Vietnamese market.
Vu Ngan Giang, a representative of the US Grains Council, said the US remained the largest producer and exporter of sorghum in the world, producing over 11.5 million tonnes and exporting 7.4 million tonnes in 2021.
Vietnamese consumers purchase sorghum mostly in the form of mixed ingredients. There is no data about sorghum import as a single ingredient, but what is known is that sorghum products were gaining favour in the country.
"Sorghum is what Vietnamese consumers need for their healthy eating pattern," said Giang.
Le Van Anh Tu, a representative of the US Meat Export Federation, said Vietnamese consumers had a great appetite for American tri-tip beef. However, current import tariffs of between 14-20 % have made the product less affordable to them.
He hoped that the upgraded relationship would pave the way for some tariff cuts on agricultural products in the future, making American beef more competitive when entering the country.
In the fruit sector, seven types of fruits from the US have been permitted to be exported to Vietnam. Peach is expected to make the eighth on the horizon./.
Related News
Promoting Vietnam-Laos Customs cooperation
09:44 | 21/11/2024 Customs
Vietnam’s exports to the U.S. near US$100 billion milestone
09:46 | 21/11/2024 Import-Export
U.S. Treasury continues to affirm Vietnam does not manipulate currency
13:46 | 19/11/2024 Finance
Vietnamese passion fruit gets “great opportunities” to Australia
09:35 | 16/11/2024 Import-Export
Latest News
Vietnam resolved to boost digital economy with national action plan
14:25 | 21/11/2024 Headlines
NA Chairman departs for official visit to Cambodia
14:24 | 21/11/2024 Headlines
Innovating gold market management mindset
09:48 | 21/11/2024 Headlines
Businesses need support from vietnamese representative offices abroad
14:48 | 20/11/2024 Headlines
More News
Vietnam-Cambodia relations expected to enter new development period: official
14:42 | 20/11/2024 Headlines
Vietnam emerges as forerunner in global nearshoring trend
13:46 | 19/11/2024 Headlines
PM’s visit to Dominican Republic to cement ties
13:41 | 19/11/2024 Headlines
Top 500 Largest Enterprises in Vietnam in 2024: Affirming the ability to overcome "headwinds"
09:39 | 19/11/2024 Headlines
"Explosion" of aviation retail with new services
15:53 | 18/11/2024 Headlines
PM attends Vietnam-Brazil business forum in Rio de Janeiro
15:50 | 18/11/2024 Headlines
Party leader requests extra efforts to fulfill education, training reform goal
15:48 | 18/11/2024 Headlines
PM urges IMF to continue supporting Việt Nam's macroeconomic development
19:58 | 17/11/2024 Headlines
State President concludes official visit to Peru, attendance at APEC Leaders’ Week
19:54 | 17/11/2024 Headlines
Your care
Vietnam resolved to boost digital economy with national action plan
14:25 | 21/11/2024 Headlines
NA Chairman departs for official visit to Cambodia
14:24 | 21/11/2024 Headlines
Innovating gold market management mindset
09:48 | 21/11/2024 Headlines
Businesses need support from vietnamese representative offices abroad
14:48 | 20/11/2024 Headlines
Vietnam-Cambodia relations expected to enter new development period: official
14:42 | 20/11/2024 Headlines