Viet Nam 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.
Deputy Minister of Industry and Trade Do Thang Hai suggested the two countries make full use of the policy dialogue mechanism of the Viet Nam-US Trade and Investment Council to form a favourable legal framework for bilateral trade and investment ties.
Bui Huy Son, Minister Counselor and head of Viet Nam Trade Office in the US, said a big population of 333 million along with a large number of Vietnamese people in the country made the US a promising market for Vietnamese goods.
Experts, however, have pointed to barriers regarding food safety and hygiene and technical barriers in labour and environment in the US, which is known as a demanding market.
In addition, Vietnamese goods have to face 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 specialises in fruit for 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 Viet Nam and the US set a new milestone, hitting US$111.56 billion in 2021, up nearly $21 billion over the previous year.
The impressive figure made the US the second foreign trade partner of Viet Nam that has reached the $100 billion mark in two-way turnover after China.
Last year Viet Nam's exports to the US rose 24.9 per cent to nearly $96.3 billion, accounting for 28.6 per cent of the country's total exports.
Among Viet Nam's major export items to the US were machinery, equipment and parts with $17.82 billion, up 46 per cent; textiles and garments ($16.1 billion, up 15 per cent); computers, electronics and components ($12.76 billion; up 23 per cent); handsets and parts ($9.69 billion, up 10.3 per cent); footwear ($7.42 billion, up 18 per cent); and wood and wooden products ($8.8 billion, up 23 per cent).
In January 2022, the US was Viet Nam’s biggest buyer, with revenue reaching some $9 billion.
Last year, the country imported nearly $15.27 billion worth of goods from the US, mainly computers, electronics and components as well as machinery, equipment and parts. — VNS