Ample space for Vietnam to boost exports to US: experts
Vietnam and the US should enhance connectivity and work to ensure continuity of supply chains and prevent adverse impacts on the production sector, which has already been affected by the COVID-19 pandemic, an official has said.
Trade between Vietnam and the US set a new milestone, hitting 111.56 billion USD in 2021, up nearly 21 billion USD over the previous year. (Photo: VNA)
Hanoi (VNA) – Vietnam and the US shouldenhance connectivity and work to ensure continuity of supply chains and prevent adverse impacts on the production sector, which has already been affected by theCOVID-19 pandemic, an official has said.
Deputy Minister of Industry and Trade Do Thang Haisuggested the two countries make full use of the policy dialogue mechanism ofthe Vietnam-US Trade and Investment Council to form a favourable legalframework for bilateral trade and investment ties.
Bui Huy Son, Minister Counselor and head of Vietnam Trade Officein the US, said a big population of 333 million along with a largenumber of Vietnamese people in the country make the US a promising market forVietnamese goods.
Experts, however, have pointed to barriersregarding food safety and hygiene and technical barriers in labour andenvironment in the US, which is known as a demanding market.
In addition, Vietnamese goods have to face a fiercecompetition with products made in the US, and other nations in Asia, SouthAmerica and even Africa, they said.
Therefore, Vietnamese enterprises need to learnabout the US culture, while improving product quality, with attention toproduct legitimacy and safety, they suggested.
In January 2022, the US was Vietnam’s biggest buyer, with revenue reaching some 9 billion USD. (Photo: VNA)
Amy Nguyen, founder at Dragonberry Produce that specialisesin fruit export and import, said Vietnamese businesses, particularlyagricultural exporters, should observe US regulations on plant and animalquarantine, and upgrade preservation technologies.
According to the General Department of Customs,trade between Vietnam and the US set a new milestone, hitting 111.56 billionUSD in 2021, up nearly 21 billion USD over the previous year.
The impressive figure made the US the second foreign tradepartner of Vietnam that has reached the 100 billion USDmark in two-way turnover after China.
Last year Vietnam's exports to the US rose 24.9percent to nearly 96.3 billion USD, accounting for 28.6 percent of thecountry's total exports.
Among Vietnam's major export items to the US weremachinery, equipment and parts with 17.82 billion USD, up 46 percent; textilesand garments (16.1 billion USD, up 15 percent); computers, electronics andcomponents (12.76 billion USD; up 23 percent); handsets and parts (9.69 billionUSD, up 10.3 percent); footwear (7.42 billion USD, up 18 percent); and wood andwooden products (8.8 billion USD, up 23 percent).
In January 2022, the US was Vietnam’s biggest buyer,with revenue reaching some 9 billion USD.
Last year, the country imported nearly 15.27 billionUSD worth of goods from the US, mainly computers, electronics and components aswell as machinery, equipment and parts./.
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