Rice for export (Illustrative image - Source: VNA) HCM City (VNA) – The US has been a leading importer of food and agricultural products fromVietnam and the export growth is forecast to reach 11 percent this year, heard aseminar in Ho Chi Minh City on December 7.
According to theMinistry of Industry and Trade, the US is a potential export market of Vietnam withexport turnover increasing over recent years. However, Vietnam’s exportearnings to the US market currently account for only 2 percent of the US’stotal import turnover.
Participants noted thatthe US market’s attraction is posing fiercer competition to Vietnameseexporters in addition to the country’s strict regulations on food safety setout by the US Food and DrugAdministration (FDA) and the FoodSafety Modernisation Act (FSMA).
A representative of Vietnam's Trade Office in the US said the agency willcontinue updating information about the FSMA as well as the US’s economic and tradepolicy on its portal, while providing legal assistance and export-procedureconsultancy, making it easy for Vietnamese exporters to understand more aboutthis market.
It has also assisted businessesof the nations in seeking cooperation opportunities in business, investment andexport-import, while working with ministries and sectors to resolve tradedisputes concerning Vietnam.
Trade ties betweenVietnam and the US have been growing as bilateral relations have witnessedfruitful development in recent years.
The US has remained thelargest importer of Vietnamese products, with Vietnam’s export turnover to themarket hitting 38.45 billion USD last year, and 34.7 billion USD in the first10 months of 2017.
Vietnam currently ranks 16th among the US’ leading trade partners.Bilateral trade grows 20 percent annually and Vietnam has enjoyed a tradesurplus with the US in the past 10 years.-VNA
VNA
