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 favourable 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 Vietnam ese 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 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.
In January 2022, the US was Vietnam’s biggest buyer, with revenue reaching some 9 billion USD. (Photo: VNA)
Amy Nguyen, founder at Dragonberry Produce that specialises 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 111.56 billion USD in 2021, up nearly 21 billion US D over the previous year.
The impressive figure made the US the second foreign trade partner of Vietnam that has reached the 100 billion USD mark in two-way turnover after China. Last year Vietnam's exports to the US rose 24.9 percent to nearly 96.3 billion USD, 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 17.82 billion USD, up 46 percent; textiles and garments (16.1 billion USD, up 15 percent); computers, electronics and components (12.76 billion USD; up 23 percent); handsets and parts (9.69 billion USD, up 10.3 percent); footwear (7.42 billion USD, up 18 percent); and wood and wooden products (8.8 billion USD, up 23 percent).
In January 2022, the US was Vietnam’s biggest buyer, with revenue reaching some 9 billion USD. Last year, the country imported nearly 15.27 billion USD worth of goods from the US, mainly computers, electronics and components as well as machinery, equipment and parts.
