Tra fish processing at Cuu Long An Giang Seafood Imports-Exports Company (Photo: VNA) Hanoi (VNA) - Vietnamese businesses should seeka new approach to the US market as doing business with this market requireslarge-scale and clear production capacity, Nguyen Hong Duong, deputy head ofthe Europe-America Department at the Ministry of Industry and Trade (MoIT), hassaid.
In an interview granted to the Vietnam News Agency(VNA), Duong said Vietnam exported more than 66.6 billion USD worth of goods tothe US in 2019, an increase of more than 35 percent year-on-year.
It shipped 90 groups of commodities compared with just60 groups two decades ago. Total export revenue to the country accounted foraround a quarter of Vietnam’s accumulative export value.
Garments and textiles have remained Vietnam’s leadingexport to the US over the past 20 years, Duong said, with high-tech productsplaying an increasing role in the export structure.
However, he went on, Vietnam received added value ofonly some 23 percent of the nearly 67 billion USD in export revenue, while theremainder went to foreign-invested enterprises.
Vietnam’s export to the US in the first quarter ofthis year painted a gloomy picture, as only two or three groups of commoditiesposted growth.
He pointed to difficulties ahead when the COVID-19pandemic passes, leaving disrupted supply chains and unforeseeable orders fromthe US.
The MoIT, in its capacity as Chair of the Vietnam-USTrade and Investment Framework Agreement (TIFA) Council, has worked to promotebilateral trade ties, remove obstacles facing US firms in Vietnam, and helpVietnamese businesses gain better understanding of the US market.
Regarding Vietnam’s agricultural exports to the US,Duong stressed the need to study the US market and learn about the tastes oflocal consumers.
Figures reveal that six types of Vietnamese fruit havebeen exported to the US but in limited volumes due to huge transportation costsand high-tech preservation methods that have weakened price competition.
“Vietnam holds great potential for agricultural exportsto the US but to unlock that potential, businesses must think about a suitableapproach,” he said.
Tensions in China-US relations have altered supplychains, with investment waves moving out of China, he said, adding that Vietnamwill benefit from this but domestic firms therefore need to enhance their competitivenessso as to be able to seize the opportunities./.
In an interview granted to the Vietnam News Agency(VNA), Duong said Vietnam exported more than 66.6 billion USD worth of goods tothe US in 2019, an increase of more than 35 percent year-on-year.
It shipped 90 groups of commodities compared with just60 groups two decades ago. Total export revenue to the country accounted foraround a quarter of Vietnam’s accumulative export value.
Garments and textiles have remained Vietnam’s leadingexport to the US over the past 20 years, Duong said, with high-tech productsplaying an increasing role in the export structure.
However, he went on, Vietnam received added value ofonly some 23 percent of the nearly 67 billion USD in export revenue, while theremainder went to foreign-invested enterprises.
Vietnam’s export to the US in the first quarter ofthis year painted a gloomy picture, as only two or three groups of commoditiesposted growth.
He pointed to difficulties ahead when the COVID-19pandemic passes, leaving disrupted supply chains and unforeseeable orders fromthe US.
The MoIT, in its capacity as Chair of the Vietnam-USTrade and Investment Framework Agreement (TIFA) Council, has worked to promotebilateral trade ties, remove obstacles facing US firms in Vietnam, and helpVietnamese businesses gain better understanding of the US market.
Regarding Vietnam’s agricultural exports to the US,Duong stressed the need to study the US market and learn about the tastes oflocal consumers.
Figures reveal that six types of Vietnamese fruit havebeen exported to the US but in limited volumes due to huge transportation costsand high-tech preservation methods that have weakened price competition.
“Vietnam holds great potential for agricultural exportsto the US but to unlock that potential, businesses must think about a suitableapproach,” he said.
Tensions in China-US relations have altered supplychains, with investment waves moving out of China, he said, adding that Vietnamwill benefit from this but domestic firms therefore need to enhance their competitivenessso as to be able to seize the opportunities./.
VNA
