Vice Director of the HCM City Investment and Trade Promotion Centre Cao Thi Phi Van speaks at the workshop (Source: VNA) HCM City (VNA) – Trade experts agreed at a workshop in Ho Chi Minh that there is great potential for Vietnam to expand exports to the US market, especially consumer and handmade products.
Speaking at the event, which was held by the HCM City Investment and Trade Promotion Centre (ITPC) on February 11, Vice Director of the centre Cao Thi Phi Van said the US is the largest export market of Vietnam, while Vietnam is among the 13 biggest goods suppliers of the American nation.
However, there is still great room for Vietnam’s products in the US market, due to its big size as well as diverse demands and segments. According to Van, the ITPC will continue to promote trade promotion activities and introduce Vietnamese products to the US market in 2020.
Erik Frankel, CEO of Vietsway – an online business selling products from Vietnam, said the US is a key export market of many countries, including Vietnam.
In recent years, Vietnam's export turnover to the US has continuously increased but the growth was mainly seen in the shipment of mobile phones and electronic components, textiles, footwear, and furniture which are from foreign-invested firms.
Meanwhile, Vietnam’s products of strength have yet to make inroads into this market, he noted.
However, trade experts warned that Vietnamese exporters should thoroughly study customers’ taste, goods’ suitability, prices and competitiveness of rivals to select direct or indirect export. They pointed to factors that can affect exports to the US such as delivery time, connections with distribution networks and marketing strategies.
Kimberly Oanh, Operations Manager of Indo-Trans Logistics Corporation (ITL Corp) particularly mentioned the US’s strict regulations on goods’ origins, hence Vietnamese enterprises should be cautious and ensure the transparency of information related to origin of goods when exporting to the US./.
VNA
