Vietnamese businesses urged to improve capacity to boost trade ties with US
| |
Tra fish processing at Cuu Long An Giang Seafood Imports-Exports Company |
In an interview granted to the Vietnam News Agency (VNA), Duong said Vietnam exported more than US$66.6 billion worth of goods to the US in 2019, an increase of more than 35% year-on-year.
It shipped 90 groups of commodities compared with just 60 groups two decades ago. Total export revenue to the country accounted for around a quarter of Vietnam’s accumulative export value.
Garments and textiles have remained Vietnam’s leading export to the US over the past 20 years, Duong said, with high-tech products playing an increasing role in the export structure.
However, he went on, Vietnam received added value of only some 23% of the nearly US$67 billion in export revenue, while the remainder went to foreign-invested enterprises.
Vietnam’s export to the US in the first quarter of this year painted a gloomy picture, as only two or three groups of commodities posted growth.
He pointed to difficulties ahead when the COVID-19 pandemic passes, leaving disrupted supply chains and unforeseeable orders from the US.
The MoIT, in its capacity as Chair of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council, has worked to promote bilateral trade ties, remove obstacles facing US firms in Vietnam, and help Vietnamese businesses gain better understanding of the US market.
Regarding Vietnam’s agricultural exports to the US, Duong stressed the need to study the US market and learn about the tastes of local consumers.
Figures reveal that six types of Vietnamese fruit have been exported to the US but in limited volumes due to huge transportation costs and high-tech preservation methods that have weakened price competition.
“Vietnam holds great potential for agricultural exports to the US but to unlock that potential, businesses must think about a suitable approach,” he said.
Tensions in China-US relations have altered supply chains, with investment waves moving out of China, he said, adding that Vietnam will benefit from this but domestic firms therefore need to enhance their competitiveness so as to be able to seize the opportunities.
Related News
Opportunity for exporting to Thailand market
14:48 | 27/04/2024 Import-Export
Notice for businesses exporting watermelons to China
09:40 | 25/04/2024 Customs
Vietnam has a trade deficit of over US$17 billion with China
15:34 | 24/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Latest News
Central Highlands needs to develop border gate economic zones for higher export
16:41 | 29/04/2024 Import-Export
RoK burgeoning market for Vietnam’s agro-forestry-fisheries exports
16:37 | 29/04/2024 Import-Export
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export
Policies needed to encourage e-commerce to embrace circular economy
15:00 | 28/04/2024 Import-Export
More News
To maintain its billion-dollar export position, forestry and fisheries enterprises propose additional credit limits
06:15 | 28/04/2024 Import-Export
Efforts to supply US $ one billion of raw materials and cosmetics to replace imported goods
06:14 | 28/04/2024 Import-Export
Ample room for Quang Ninh to attract FDI
19:47 | 27/04/2024 Import-Export
Vietnam’s rice exports may exceed 2024 target
19:46 | 27/04/2024 Import-Export
Enterprises want clearer regulations on seafood production
14:05 | 26/04/2024 Import-Export
Vietnam ranks fifth among aquatic product suppliers for Singapore
13:53 | 26/04/2024 Import-Export
Forum seeks to increase PPP investment effectiveness
13:48 | 25/04/2024 Import-Export
Linking businesses with cooperatives to increase the value chain
09:42 | 25/04/2024 Import-Export
Tra fish export to UAE jumps 67% in Q1
13:46 | 24/04/2024 Import-Export
Your care
Central Highlands needs to develop border gate economic zones for higher export
16:41 | 29/04/2024 Import-Export
RoK burgeoning market for Vietnam’s agro-forestry-fisheries exports
16:37 | 29/04/2024 Import-Export
Developing a strong brand contributes to increased export revenue
07:49 | 29/04/2024 Import-Export
Export turnover reaches over US$200 billion in the first half of April
15:04 | 28/04/2024 Import-Export
Experts call for efforts in protecting IP rights
15:02 | 28/04/2024 Import-Export