Vietnam has potential to boost exports to US

Vietnam and the US have huge potential to boost cooperation in trade and supply chains after COVID-19 is brought under control (Illustrative photo: VNA)

HCM City (VNA) -Vietnam and the US have huge potential to boost cooperation in trade and supplychains after COVID-19 is brought under control, which opens up manyopportunities for Vietnamese firms to increase exports to this major market.

Director of the Investment and TradePromotion Centre of Ho Chi Minh City (ITPC) Nguyen Huu Tin said Vietnam and theUS have enjoyed impressive strides forward in economic cooperative ties, withthe US being Vietnam’s largest export market and Vietnam being the US’s6th-largest importer.

According to Tin, Vietnam has affirmed itsposition as an important trade partner of the world’s largest economy.

Thanks to the good control of COVID-19 inVietnam, Vietnamese firms have a huge advantage over foreign rivals strugglingto fight the pandemic, he said, while suggesting that improving business andproduction capacity and capitalising on the US market will provideopportunities for Vietnam’s economy to develop further in the time to come.

In the first quarter of this year, two-waytrade between the two countries topped 25.9 billion USD, up 33.5 percentyear-on-year, with Vietnam’s exports estimated at 22.2 billion USD.

The two governments and business communitieshave made efforts in the past to bolster cooperation in a practical fashion andbased on the complementary nature of the two economies.

A factory of Samsung in Vietnam (Illustrative photo: VNA)

Experts said the US’s demand for high-qualityVietnamese products has been increasing due to changes in the global supply chain,and US firms sees Vietnam as a potential, safe investment destinationpost-pandemic.

They noted the complementary nature of the twoeconomies, with Vietnam having good production capacity in the fields ofagriculture, seafood, and wood processing, among others, while the US is theworld’s leading materials supplier and has the strongest purchasing power.

However, they advised Vietnamese firms to selectsuitable measures to effectively access the US market, and strictly followquality requirements of the US./.

VNA