Illustrative photo (Photo:VNA)Hanoi (VNA) – There is greatpotential for Vietnam to increase its agricultural, forestry, and aquaticexports to the US, particularly when the quality and competitiveness of its products are improved.
In 2023, the US was the second largestmarket for Vietnam’s agro-forestry-fishery products, accounting for 20.7% of its total export turnover.
According to the Foreign Trade Agencyunder the Ministry of Industry and Trade, statistics from the US InternationalTrade Commission showed that in the first 10 months of 2023, the US imported1.43 million tonnes of rubber. However, Vietnam exported just 20,370tonnes worth 28.99 million USD to the US, ranking 13th among rubber suppliers to this market, and making up only 1.42% of the US's total rubber imports.
In the US market, Vietnamese rubber hasto compete with that from many markets including Indonesia and Thailand whose market share in the US reached 25.13% and 14.28% respectively.
Meanwhile, in 2023, up to 88.7% of totalcashew nuts imported into the US were from Vietnam.
Among fisheries exporters to the US in the 10 months of last year, Vietnam was the one with thestrongest increase in volume and the second highest rise in value.
Notably, the US's imports of shrimp, tra fish, and tuna from Vietnam saw positive growth. According to the VietnamAssociation of Seafood Exporters and Producers (VASEP), Vietnam is currentlythe 6th largest aquatic product supplier to the US, after Canada, Chile,India, Indonesia, and Ecuador.
Regarding the consumption trend of trafish in 2024, the US will not only focus on frozen fillet fish – akey product of Vietnam but also gradually increase consumption of processedtra fish and high value-added products such as swim bladder and tra fish paste. This requires the Vietnamese seafood industry to diversify itsproducts and focus on deep processing to increase competitiveness in this majormarket.
Regarding other products, TradeCounsellor of Vietnam in the US Do Ngoc Hung said that in 2022, the total exportturnover of cinnamon from Vietnam to the US reached about 50 million USD,accounting for 35% of the US's total cinnamon impor turnover. Vietnam’s cardamom shipments to the US fetched about 5 million USD, making up 13%.
In 2023, the US was the second largest market for Vietnam’s agro-forestry-fishery products, accounting for 20.7% of its total export turnover.(Photo:VNA)Cinnamon and cardamom are not onlypopular spices but are also widely used in the food, pharmaceutical, andcosmetic industries. They have also been added to beverages such as tea,coffee, and other nutritional supplements.
Hung said that US consumers areincreasingly interested in immune-boosting products, especially after theCOVID-19 pandemic, so the demand for cinnamon and cardamom essential oilscontinues to rise.
These are significant values insustainable development and have the potential to promote Vietnamese cinnamonand cardamom exports in the US market, Hung stressed.
He suggested localities have plans to ensure high-quality rawmaterial areas with the application of organic farming standards to enhanceVietnamese products’ competitiveness against similar products from othercountries like Indonesia, Sri Lanka, and India.
Processing businesses should promote theapplication of scientific and technological advances and activelyparticipate in international trade fairs to widely promote Vietnamese cinnamonand cardamom products in the market, he said./.
