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Official Gazette

Monday, May 23, 2022

Ample space for Vietnam to boost exports to US: experts

Updated: 11:30’ - 14/02/2022
Vietnam and the US should enhance connectivity and work to ensure continuity of supply chains and prevent adverse impacts on the production sector, which has already been affected by the COVID-19 pandemic, an official has said.

In January 2022, the US was Vietnam’s biggest buyer, with revenue reaching some USD 9 billion.__Photo: VNA

Deputy Minister of Industry and Trade Do Thang Hai suggested the two countries make full use of the policy dialogue mechanism of the Vietnam-US Trade and Investment Council to form a favorable legal framework for bilateral trade and investment ties.

Bui Huy Son, Minister Counselor and head of Vietnam Trade Office in the US, said a big population of 333 million along with a large number of Vietnamese people in the country make the US a promising market for Vietnamese goods.

Experts, however, have pointed to barriers regarding food safety and hygiene and technical barriers in labor and environment in the US, which is known as a demanding market.

In addition, Vietnamese goods have to face a fierce competition with products made in the US, and other nations in Asia, South America and even Africa, they said.

Therefore, Vietnamese enterprises need to learn about the US culture, while improving product quality, with attention to product legitimacy and safety, they suggested.

Amy Nguyen, founder at Dragonberry Produce that specializes in fruit export and import, said Vietnamese businesses, particularly agricultural exporters, should observe US regulations on plant and animal quarantine, and upgrade preservation technologies.

According to the General Department of Customs, trade between Vietnam and the US set a new milestone, hitting USD 111.56 billion in 2021, up nearly USD 21 billion over the previous year.

The impressive figure made the US the second foreign trade partner of Vietnam that has reached the USD 100 billion mark in two-way turnover after China.

Last year Vietnam's exports to the US rose 24.9 percent to nearly USD 96.3 billion, accounting for 28.6 percent of the country's total exports.

Among Vietnam's major export items to the US were machinery, equipment and parts with USD 17.82 billion, up 46 percent; textiles and garments (USD 16.1 billion, up 15 percent); computers, electronics and components (USD 12.76 billion; up 23 percent); handsets and parts (USD 9.69 billion, up 10.3 percent); footwear (USD 7.42 billion, up 18 percent); and wood and wooden products (USD 8.8 billion, up 23 percent).

In January 2022, the US was Vietnam’s biggest buyer, with revenue reaching some USD 9 billion.

Last year, the country imported nearly USD 15.27 billion worth of goods from the US, mainly computers, electronics and components as well as machinery, equipment and parts.- (VNA/VLLF)
 

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