Opportunities to export to the US and the US’s requirements for imported food and pharmaceuticals were brought to light during a seminar held in Hanoi on April 11.
Deputy head of the Ministry of Industry and Trade’s Trade Promotion Agency Do Kim Lang speaks at the workshop (Photo: VNA)
Hanoi (VNA) – Opportunities to export to the US and the US’s requirements for imported food and pharmaceuticals were brought to light during aꦐ seminar held in Hanoi on April 11.
Vietnam is currently the US’s 13th largest exporter which primarily sells apparel, electronic machinery and spare parts, footwear and interior décor to the American country.
However, agro-fisheries and food exporters ran minus growth last year due to a string of barriers set up by the US, said deputy head of the Ministry of Industry and Trade’s Trade Promotion Agency Do Kim Lang.
According to the ministry, two-way trade between Vietnam and the US soared from 452 million USD in 1995 to 1.51 billion USD in 2002 when their bilateral free trade agreement took effect.
The figure hit 37.9 billion USD last year, during which Vietnam rose to 19th place among the US’s leading trade partners.
US technical expert David Lennarz said US firms are interested in Vietnam and are switching to do business with Vietnamese partners instead of those in the region.
Vietnamese enterprises are facing obstacles caused by the US’s technical barriers and strict food safety requirements.
Moreover, the US also launched the Container Security Initiative and set requirements for food production, processing and warehouses, which will also add to export costs.
Besides, the US trade laws are complicated and cumbersome.
Experts suggested Vietnamese firms thoroughly learn about the US partners, their business rules and practices before making any transaction.
The event was hosted by the ministry’s Trade Promotion Agency.-VNA
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Deputy head of the Ministry of Industry and Trade’s Trade Promotion Agency Do Kim Lang speaks at the workshop (Photo: VNA)
