Hanoi (VNA) – Although the US is one of Vietnam’s key export markets, changes in international trade, along with requirements on standards, legal compliance and traceability, are creating additional challenges for businesses seeking to expand there, heard a seminar in Hanoi on September 25.
The seminar was jointly organised by the Vietnam Chamber of Commerce and Industry (VCCI), in coordination with WBS and Citizen Pathway. Speakers at the event focused on changes in the trade environment, legal requirements and issues businesses need to consider when accessing the US market.
They noted that businesses should move beyond export activities by strengthening governance capacity, building partnerships and gaining a deeper understanding of the US market.
In his opening remarks, VCCI Vice Chairman Hoang Quang Phong said the US is a large market with stringent requirements for standards, legal compliance and corporate governance.
To operate efficiently in the market, businesses need to proactively update themselves on policies, learn local regulations and strengthen risk management in trade transactions, he recommended.
Besides exports, businesses could pursue longer-term development strategies such as building brands, expanding partner networks, increasing product value and participating more deeply in supply chains in the US, Phong added.
At a session on the trade environment, Tran Thanh Hai, Deputy Director General of the Agency for Foreign Trade under the Ministry of Industry and Trade (MoIT), discussed Vietnam–US economic and trade relations, cooperation opportunities and prospects for expanding investment and business activities.
An The Dung, former Trade Counselor in the UK and the US and former Director and Chief of the Office of the National Committee for International Economic Cooperation under the MoIT, analysed changes in Vietnam–US relations since the two countries upgraded their ties to a Comprehensive Strategic Partnership.
The elevation has created additional conditions for economic cooperation, but businesses also need to gear up themselves to meet market and partner requirements, he said.
Legal risks in trade were another topic discussed at the event. Lawyer Tran Quoc Bao, Managing Partner of Pantheon Law, highlighted several legal provisions and issues businesses should consider when dealing with US partners, including contract review and risk identification during transactions.
The seminar also covered approaches to market entry and distribution expansion. Hoang Diep Truc, CEO of Citizen Pathway Investment Co., Ltd., shared experience in seeking partners, building networks and developing business activities in the US.
At a panel discussion themed “Vietnam–US trade in a new context,” speakers and VCCI representatives discussed challenges businesses may face in entering the market, ranging from legal and product-standard requirements to partner selection and distribution channels.
According to VCCI, updating themselves on market information, trade policies and relevant regulations will provide businesses with a stronger basis for developing plans for the US market.
The chamber said it will continue organising business networking and information-sharing activities to support companies in exploring and expanding international markets./.
