A fishery processing factory in Vietnam. The US is a highly potential market for Vietnamese goods. (Photo: VNA)Bui Huy Son, MinisterCounsellor and head of Vietnam’s Trade Office in the US, said bilateral tradesurpassed 100 billion USD for the first time in 2021, which was a highlyimportant achievement amid the COVID-19 pandemic and disrupted global supplychains.
This result is also partlyattributable to the two sides’ effective exchange of policy information,especially consultations to avoid the US’ imposition of high duties onVietnamese exports.
In particular, he noted, theeconomies of Vietnam and the US are complementary to each other. Vietnam mainlyships electronic components and devices, apparel, footwear, and agro-fisheryproducts to the US, which in turn sells production materials to the SoutheastAsian nation such as cotton and timber.
Bilateral trade reached 29.4billion USD in the first quarter of 2022, including 25.96 billion USD inexports to the US and nearly 3.4 billion USD in imports from this country, respectivelyrising 16.7 percent and falling 7.7 percent year on year, according to the European- American Market Department under the Ministry of Industry and Trade.
Trade experts shared the viewthat aside from the economic complementarity, the tensions in global trade since2018 has triggered a shift of supply chains to Vietnam, helping spur thecountry’s shipments to the US.
Apparel is among Vietnam's main exports to the US. (Photo: VNA)However, despite high demandand strong purchasing power, the US remains one of the most demanding marketsin the world, experts noted, pointing out that one of the first challenges toexporters is its strict food safety requirements.
Son recommended businessesthoroughly study the US’ food safety standards to meet requirements, addingthat they also have to overcome other challenges posed by consumers tighteningtheir purse strings due to high inflation, competition with other countries,and trade remedies, among others.
Enterprises should graspopportunities brought about by the US’ strong economic recovery, according tothe official.
Deputy Minister of Industryand Trade Do Thang Hai said the US is one of the leading partners of Vietnam inall fields. In particular, the two countries have reaped enormous achievementsin economic and trade ties, helping develop their comprehensive partnership ina substantive manner.
Besides, the economies’complementarity is also important to Vietnam’s amendment of its policies so asto achieve harmonious and sustainable economic and trade links with the US,thus maintaining national interests in bilateral cooperation and turning theNorth American country into a leading trade partner of Vietnam, he added./.
VNA
