Prospects for Vietnam-US trade ahead of TPP agreement
Vietnam will have numerous opportunities to make inroads into the US
market once the Trans-Pacific Partnership (TPP) Agreement is signed.
Vietnam will have numerous opportunities to make inroads into the US
market once the Trans-Pacific Partnership (TPP) Agreement is signed.
The US remains a very promising destination for Vietnamese exports – which currently account for a mere 0.98 percent of the market’s total imports.
Bui Hoang Yen, Deputy Director of the Vietnam Trade Promotion Agency’s representative office in Ho Chi Minh City , was speaking at a workshop held in Ho Chi Minh City on November 25.
She noted that the agreement also poses challenges, requiring Vietnamese businesses to devise a proper strategy to overcome difficulties, including anti-dumping tariff and technical barriers, and concentrate on manufacturing high-quality products.
Patrick T.Wall, Commercial Attaché from the US Consulate General in the city, said Vietnamese products have become more popular in the US – one of the most attractive markets in the world.
In recent years, the US Government has employed scores of measures to improve the legal system and create favourable conditions for importers, he said.
However, to penetrate into the market, Vietnamese firms should proactively connect with business associations there to get more support in legal formalities, tax and customs, he suggested.
The US is one of the leading economic partners of Vietnam , with two-way trade gaining an annual growth of over 20 percent in recent years.
According to the Vietnam Customs, the bilateral trade hit 25.5 billion USD in January-September, a year-on-year increase of 21.3 percent.-VNA
The US remains a very promising destination for Vietnamese exports – which currently account for a mere 0.98 percent of the market’s total imports.
Bui Hoang Yen, Deputy Director of the Vietnam Trade Promotion Agency’s representative office in Ho Chi Minh City , was speaking at a workshop held in Ho Chi Minh City on November 25.
She noted that the agreement also poses challenges, requiring Vietnamese businesses to devise a proper strategy to overcome difficulties, including anti-dumping tariff and technical barriers, and concentrate on manufacturing high-quality products.
Patrick T.Wall, Commercial Attaché from the US Consulate General in the city, said Vietnamese products have become more popular in the US – one of the most attractive markets in the world.
In recent years, the US Government has employed scores of measures to improve the legal system and create favourable conditions for importers, he said.
However, to penetrate into the market, Vietnamese firms should proactively connect with business associations there to get more support in legal formalities, tax and customs, he suggested.
The US is one of the leading economic partners of Vietnam , with two-way trade gaining an annual growth of over 20 percent in recent years.
According to the Vietnam Customs, the bilateral trade hit 25.5 billion USD in January-September, a year-on-year increase of 21.3 percent.-VNA
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