The United States is poised to become the largest and fastest-growing market for Vietnamese exporters.
NguyenHong Duong, Deputy Director of the American Market Department of theMinistry of Industry and Trade (MoIT), made this statement at a workshopon "Vietnam and the United States' Trade Relations and Trans-PacificPartnership (TPP): Major Prospects and Challenges” in Hanoi on November18.
The Vietnam Trade Promotion Agency and the US Embassy in Ha Noi organised the event.
Duongsaid the US was a large and diversified market with great untappedpotential and remained the largest importer of Vietnamese products.
Hewarned that the US had a strict and complicated legal system thatVietnamese businesses must study and master. Therefore, the TPPagreement represented a great opportunity for Vietnamese businesses in alarger playing field, with more openness and advantages, Duong added.
Accordingto Duong, the TPP agreement, with the participation of leadingeconomies such as the US, Japan and Canada, made the TPP a largeeconomic space that accounted for 40 percent of GDP and one-third ofglobal trade.
Moreover, the US remained the most attractivemarket for all exporting countries, including Vietnam, and thisagreement may bring huge opportunities for Vietnamese products as thetax rate will drop to zero per cent, he explained.
According to the MoIT, Vietnam will maintain its export growth to the US market at 10 percent in 2014.
Totake advantage of the TPP agreement from now on, Vietnam businesseshave to prepare well for conditions to seize opportunities as theagreement takes effect.
Stuart Schaag, US Commercial Counselorrevealed that every year, the US made an annual report on trade barriersof all countries, including Viet Nam, and sent reports to Vietnameseministries and agencies on US trade barriers for Vietnam.
He saidthat apart from newly-issued policies on Vietnam's exports such as theFood Safety Modernisation Act (FSMA), the US Embassy had informedVietnamese ministries and agencies in advance to help them disseminateinformation and conduct training courses for local businesses.
TranBa Cuong of the MoIT Multilateral Trade Policy Department said thebiggest impact would come from the opening of the market, therebyraising competitive pressure from foreign rivals.
This wouldserve as an opportunity for well-performing domestic businesses butwould be a great challenge for ailing businesses, he added.
Inaddition, the TPP is expected to generate a comprehensive impact onVietnam's business environment through commitments that Vietnam offeredin the agreement.-VNA
NguyenHong Duong, Deputy Director of the American Market Department of theMinistry of Industry and Trade (MoIT), made this statement at a workshopon "Vietnam and the United States' Trade Relations and Trans-PacificPartnership (TPP): Major Prospects and Challenges” in Hanoi on November18.
The Vietnam Trade Promotion Agency and the US Embassy in Ha Noi organised the event.
Duongsaid the US was a large and diversified market with great untappedpotential and remained the largest importer of Vietnamese products.
Hewarned that the US had a strict and complicated legal system thatVietnamese businesses must study and master. Therefore, the TPPagreement represented a great opportunity for Vietnamese businesses in alarger playing field, with more openness and advantages, Duong added.
Accordingto Duong, the TPP agreement, with the participation of leadingeconomies such as the US, Japan and Canada, made the TPP a largeeconomic space that accounted for 40 percent of GDP and one-third ofglobal trade.
Moreover, the US remained the most attractivemarket for all exporting countries, including Vietnam, and thisagreement may bring huge opportunities for Vietnamese products as thetax rate will drop to zero per cent, he explained.
According to the MoIT, Vietnam will maintain its export growth to the US market at 10 percent in 2014.
Totake advantage of the TPP agreement from now on, Vietnam businesseshave to prepare well for conditions to seize opportunities as theagreement takes effect.
Stuart Schaag, US Commercial Counselorrevealed that every year, the US made an annual report on trade barriersof all countries, including Viet Nam, and sent reports to Vietnameseministries and agencies on US trade barriers for Vietnam.
He saidthat apart from newly-issued policies on Vietnam's exports such as theFood Safety Modernisation Act (FSMA), the US Embassy had informedVietnamese ministries and agencies in advance to help them disseminateinformation and conduct training courses for local businesses.
TranBa Cuong of the MoIT Multilateral Trade Policy Department said thebiggest impact would come from the opening of the market, therebyraising competitive pressure from foreign rivals.
This wouldserve as an opportunity for well-performing domestic businesses butwould be a great challenge for ailing businesses, he added.
Inaddition, the TPP is expected to generate a comprehensive impact onVietnam's business environment through commitments that Vietnam offeredin the agreement.-VNA
