Viet Nam has potential to boost exports to US

Update: 15:09 | 07/05/2021
Viet Nam and the US have huge potential to boost cooperation in trade and supply chains after COVID-19 is brought under control, which opens up many opportunities for Vietnamese firms to increase exports to this major market.
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Viet Nam has affirmed its position as an important trade partner of the world’s largest economy.

Director of the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) Nguyen Huu Tin said Viet Nam and the US have enjoyed impressive strides forward in economic cooperative ties, with the US being Viet Nam’s largest export market and Viet Nam being the US’s 6th-largest importer.

According to Tin, Viet Nam has affirmed its position as an important trade partner of the world’s largest economy.

Thanks to the good control of COVID-19 in Viet Nam, Vietnamese firms have a huge advantage over foreign rivals struggling to fight the pandemic, he said, while suggesting that improving business and production capacity and capitalising on the US market will provide opportunities for Viet Nam’s economy to develop further in the time to come.

Iin the first quarter of this year, two-way trade between the two countries topped 25.9 billion USD, up 33.5 percent year-on-year, with Viet Nam’s exports estimated at 22.2 billion USD.

The two governments and business communities have made efforts in the past to bolster cooperation in a practical fashion and based on the complementary nature of the two economies.

Experts said the US’s demand for high-quality Vietnamese products has been increasing due to changes in the global supply chain, and US firms sees Viet Nam as a potential, safe investment destination post-pandemic.

They noted the complementary nature of the two economies, with Viet Nam having good production capacity in the fields of agriculture, seafood, and wood processing, among others, while the US is the world’s leading materials supplier and has the strongest purchasing power.

However, they advised Vietnamese firms to select suitable measures to effectively access the US market, and strictly follow quality requirements of the US.

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(Source: VNA)