Vietnam mainly ships traditional products like garments-textiles, leather and footwear, timber products, machines and electronic equipment to the US. (Photo: VNA) Hanoi (VNA) – Experts at the recentVietnam-US Trade Forum in Ho Chi Minh City have suggested Vietnameseenterprises step up the export of processed goods of high added values to theUS, apart from raw products.
US investors have highlighted positive prospects ofthe Vietnam-US trade ties, saying Vietnam’s exports to the US have continuouslyincreased over the past years.
According to the Vietnamese Ministry of Industry andTrade (MoIT), the US has remained Vietnam’s leading trade partner over the pastdecade. In 2017, Vietnam exported 41.6 billion USD worth of goods to the US,making up more than 20 percent of the country’s total export revenue.
Two-way trade expanded 47 times, from 220 millionUSD in 1994 when the US lifted economic embargo against Vietnam to 1.4 billionUSD in 2001, one year before the Vietnam-US bilateral trade agreement tookeffect, and 50.81 billion USD in 2017.
Currently, Vietnam ranks 12th among exportersto the US and the 27th among the importers of US goods. TheSoutheast Asian nation is the US’s 16th largest trade partner.
MoIT Deputy Minister Do Thang Hai said theVietnamese and US economies are supplementary. He explained that as adeveloping economy, Vietnam has great demands for imported machines, high-techequipment, technology and materials in service of agricultural production.Meanwhile, the US is in need of typical farm produce and products that Vietnamhas a competitive edge in production.
However, he pointed out that Vietnam mainly shipstraditional products like garments-textiles, leather and footwear, timberproducts, machines and electronic equipment to the US. Products of high addedvalues or luxury consumer goods make up only a small share of the country’stotal exports to the US.
But to increase the shipment of products with highadded values, a major challenge to Vietnamese exporters is how to satisfystandards set by the US, Hai said, adding that the US law system has imposed multiplestrict regulations for imported goods, at both federal and state levels.
Besides, the US has increased regulations andstandards regarding food quality and safety, and product origin, especially toagro-forestry-fishery products under its recent new trade policy, the officialsaid.
Virginia Foote, from the American Chamber ofCommerce (AmCham) in Hanoi, suggested Vietnamese enterprises increase added valuesfor export items to the US, possibly by partnering with local businesses.
Regarding the US barriers to the fishery sector,Truong Dinh Hoe, General Secretary of the Vietnam Association of SeafoodExporters and Producers (VASEP), said his association always accompanies domesticseafood businesses to employ concrete measures in order to ensure food safetyand quality of products.
Hai said the MoIT encourages Vietnamese enterprisesto join hands in developing supply chains to the US, noting that his ministryis always ready to support them.
He added that linkage and cooperation amongenterprises are also important in dealing with trade lawsuits.-VNA
VNA
