Vietnam"s exports enjoy robust growth in US market
According to the General Department of Customs, Vietnam's exports to the US reached US$44.65 billion during the reviewed period, up 27.6 per cent on year. This therefore represents the country’s largest export market, accounting for 22.9 per cent of total turnover.
At present, Vietnam is also benefiting from the effects of the ongoing US-China trade war, with several businesses changing their supply chains as a means of avoiding additional taxation placed on Chinese goods. This has led to several prominent US firms seeking a supply source of goods from alternative markets.
John Caplan, head of North America B2B at Alibaba Group, noted that with the country’s exports to the US growing in recent years, this has created a window of opportunity for local businesses to be proactive and penetrate the market across the Pacific.
Photo: Industry and Trade newspaper
Mary Tarknowka, executive director of AmCham Vietnam HCMC, stated her belief that the US will remain as the main export market for Vietnamese firms in the coming years.
Despite the positive signs of growth, the demanding market also requires exporters to improve their capacity and actively co-operate to build new supply chains in order to sustainably increase exports.
In recent months, Amcham Vietnam has received a lot of requests from US businesses to find sources and suppliers of goods from within the domestic market, noted Ms Tarknowka.
Aside from the need to comply with strict standards regarding food safety and environmental protection, local firms must utilize digital channels as a means of boosting exports.
In this regard, Kuo Zhang, general manager of Alibaba.com, said that hundreds of thousands of enterprises worldwide are now taking advantage of e-commerce channels in order to reach customers, as opposed to using time-consuming and complex traditional channels.
According to Vu Trung Son, director of Vietnam Agarwood Center if businesses are able to overcome challenges and become more familiar with the global trading environment, they will reap the benefits by enjoying greater efficiency and larger profits.
Related News
Many cases related to production of fake food prosecuted
12:33 | 15/09/2024 Anti-Smuggling
Seafood enterprises shift business and export
09:11 | 06/09/2024 Import-Export
The key to opening new doors for agricultural enterprises
10:02 | 05/09/2024 Import-Export
Seafood businesses face difficulties with S/C to export to Europe
09:30 | 03/09/2024 Import-Export
Latest News
Footwear industry takes bold steps towards green growth
16:08 | 16/09/2024 Import-Export
Vietnam likely earn 5 billion USD from rice exports this year
16:07 | 16/09/2024 Import-Export
Australian plums to be available in Vietnam
16:05 | 16/09/2024 Import-Export
How to quarantine imported aquatic products for domestic consumption?
09:24 | 16/09/2024 Import-Export
More News
Vietnam trade mission in Germany seeks cooperation in automobile industry
18:45 | 15/09/2024 Import-Export
New markets help fruit exports grow to record revenues
18:44 | 15/09/2024 Import-Export
Vietnam aims for green, sustainable tourism
12:33 | 15/09/2024 Import-Export
Enhancing the role of localities in developing supporting industries
12:31 | 15/09/2024 Import-Export
Mekong Delta promotes clean agricultural production to achieve Net Zero
19:13 | 14/09/2024 Import-Export
Wood export target of 15.2 billion USD feasible, challenges remain
19:10 | 14/09/2024 Import-Export
Serious shortage and many impacts on seaport human resources
11:06 | 14/09/2024 Import-Export
Exports gain momentum
14:24 | 13/09/2024 Import-Export
The driving force for businesses to "sprint" at the end of the year
09:48 | 13/09/2024 Import-Export
Your care
Footwear industry takes bold steps towards green growth
16:08 | 16/09/2024 Import-Export
Vietnam likely earn 5 billion USD from rice exports this year
16:07 | 16/09/2024 Import-Export
Australian plums to be available in Vietnam
16:05 | 16/09/2024 Import-Export
How to quarantine imported aquatic products for domestic consumption?
09:24 | 16/09/2024 Import-Export
Vietnam trade mission in Germany seeks cooperation in automobile industry
18:45 | 15/09/2024 Import-Export