Vietnamese businesses urged to improve capacity to boost trade ties with US

Vietnamese businesses should seek a new approach to the US market as doing business with this market requires large-scale and clear production capacity, Nguyen Hong Duong, deputy head of the Europe-America Department at the Ministry of Industry and Trade (MoIT), has said.
Vietnamese businesses urged to improve capacity to boost trade ties with US ảnh 1Tra 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./.
VNA

See more

Ministries, sectors, and localities are urged to speed up the allocation and disbursement of the public investment in 2025. (Photo: chinhphu.vn)

PM urges acceleration of public capital allocation, disbursement

The dispatch highlighted that the detailed allocation of the capital accounted for only 96.07% of the Government leader’s assigned target as of January 23, with some 84.84 trillion VND (3.32 billion USD) remaining unallocated across 26 central agencies and 48 localities.

Chinese consumers spend some 70 million USD on Vietnamese lobster in January. (Photo: doanhnhansaigon.vn)

Chinese consumers spend 70 million USD on Vietnamese lobster in January

According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam's total aquatic exports in the month reached 774 million USD, up 3% year-on-year. This increase was primarily driven by strong Chinese demand for premium fresh seafood products, including lobster, crab, clams, and snails, as consumers prepared for Lunar New Year celebrations.

Chairman of the Ba Ria - Vung Tau Provincial People's Committee Nguyen Van Tho and Glen Hilton, CEO of DP World Asia-Pacific, sign a Memorandum of Understanding. (Photo: VNA)

Discussion underway for Vietnam’s first FTZ in Ba Ria-Vung Tau

The seaport-linked FTZ in the Cai Mep Ha vicinity is expected to boost the maritime economy to capitalise on the strategic location of Ba Ria-Vung Tau, attract foreign investment, and drive growth in the logistics, seaport, and international trade sectors.

The Tan Ky Tan Quy Bridge crosses the Tham Luong Canal, directly connecting to National Route 1. (Photo: VNA)

HCM City plans substantial investment in infrastructure

HCM City will direct funding towards transport, energy, and telecommunications infrastructure, including national highways, regional connectivity roads, Tan Son Nhat International Airport, Can Gio international transhipment port, and the Lotte Eco Smart City.

Delegates mark the launch of the new shipping route on February 18. (Photo: VNA)

New shipping route linking China, Vietnam, India launched

The container shipping route connecting the ports of Beibu Gulf (China), Hai Phong (Vietnam) and Kolkata (India) is destined to become a key strategic trade axis, contributing to the sustainable growth of both the regional and Vietnamese maritime industries.

Ca Mau province Deputy Secretary Nguyen Ho Hai receives a gift from the Singaporean ambassador Jaya Ratnam at a meeting held on February 17 to enhance exports and cooperation. (Photo: tuoitre.vn)

Ca Mau wants more exports to, cooperation with Singapore

The southernmost province of Ca Mau wants to increase agricultural and fishery exports to Singapore and strengthen cooperation in several sectors, Deputy Secretary of its Party Committee, Nguyen Ho Hai has told Singaporean embassy officials.

Permanent Deputy Secretary of the municipal Party Committee Nguyen Thanh Nghi hosts a reception for Japanese Ambassador to Vietnam Ito Naoki on February 17. (Photo: www.sggp.org.vn)

HCM City looks to deepen ties with Japan

The city aims to deepen cooperation with Japan in key areas such as sustainable urban development, emissions reduction, climate change adaptation, innovation, digital transformation, supply chain resilience, supporting industries, healthcare, tourism, culture, workforce development, and people-to-people exchanges.

Workers process shrimp for export. (Photo: VNA)

Shrimp exports grow in the first month of 2025

Shrimp products recorded a strong 13%increase in export value in January 2025, reaching a total of 273.3 million USD. This growth accounted for 35.3% of Vietnam's total seafood export turnover, contributing significantly to the country's overall seafood export performance.

Vietnam imposes VAT on low-value imported goods

Vietnam imposes VAT on low-value imported goods

It is estimated that if low-value goods worth less than 1 million VND are subject to a 10% VAT rate, State budget revenue could increase by around 2.7 trillion VND (105.6 million USD).

Can Gio International Transit Port blueprint. (Photo: sggp.org.vn)

Can Gio port added to national seaport development plan

The Ministry of Transport has approved adjustments to policies, solutions, and resource allocations for the implementation of the national seaport system master plan for 2021-2030, with a vision to 2050. The Can Gio port is now part of the implementation roadmap.