Workers package dragon fruits for export (Photo: VNA)Hanoi (VNA) – Vietnamese enterprises received updates on freshinformation, policies, and business opportunities for the US market at aworkshop held in Hanoi on July 27.
Le Hoang Tai, deputy head of the Vietnam Trade PromotionAgency under the Ministry of Industry and Trade (MoIT), said that the US hasmaintained its position as the leading trade partner of Vietnam over the pastdecade. Last year, Vietnam’s export to the US hit 41.6 billion USD, accountingfor over 20 percent of its total export value.
Besides main exports such as garment and textiles, footwear,wood products, and seafood; new products, including electronic products,processed food, and iron and steel, are beginning to have a firm foothold inthis market too, Tai added.
According to Nguyen Thang Vuong from the MoIT’s Departmentof European and American Markets, since the Vietnam-US Bilateral TradeAgreement took effect, two-way trade enjoyed a 47-fold increase from 220million USD in 1994 to 50.8 billion USD in 2017.
Vietnam currently ranks 12th amongst those exporting goodsto the US, and 27th in terms of those importing goods from the US. It is theAmerican nation’s 16th largest trader.
Former Vietnamese Trade Counselor in the US Dao Tran Nhan saidthat the US is a potential but choosy market, which requires Vietnameseexporters to improve their capacity and take the initiative in cooperation inorder to build a supply chain.
When working with US partners, especially throughe-transactions, if the US side requests for a change in transaction banks, itis necessary for Vietnamese businesses to stop contacting via email and directlycall to ask for the reasons behind this in order to avoid unexpected incidents,Nhan advised.
He also recommended food and beverage firms pay specialattention to the Food Safety Modernisation Act. –VNA
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