According to the Ministry of Industry and Trade, the US is a potential export market of Vietnam with export turnover increasing over recent years. However, Vietnam’s export earnings to the US market currently account for only 2% of the US’s total import turnover.
Participants noted that the US market’s attraction is posing fiercer competition to Vietnamese exporters in addition to the country’s strict regulations on food safety set out by the US Food and Drug Administration (FDA) and the Food Safety Modernisation Act (FSMA).
A representative of Vietnam's Trade Office in the US said the agency will continue updating information about the FSMA as well as the US’s economic and trade policy on its portal, while providing legal assistance and export-procedure consultancy, making it easy for Vietnamese exporters to understand more about this market.
It has also assisted businesses of the nations in seeking cooperation opportunities in business, investment and export-import, while working with ministries and sectors to resolve trade disputes concerning Vietnam.
Trade ties between Vietnam and the US have been growing as bilateral relations have witnessed fruitful development in recent years.
The US has remained the largest importer of Vietnamese products, with Vietnam’s export turnover to the market hitting US$38.45 billion last year, and US$34.7 billion in the first 10 months of 2017.
Vietnam currently ranks 16th among the US’ leading trade partners. Bilateral trade grows 20% annually and Vietnam has enjoyed a trade surplus with the US in the past 10 years.