Bright prospects for trade surplus with the US
(VOV) - Vietnam posted a trade surplus of US$19 billion with the US in the first ten months of the year, according to the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade (MoIT).
The information was shared at a seminar to discuss prospects and challenges in the Vietnam-US trade ties when the Trans-Pacific Partnership (TPP) Agreement is signed in the coming time. Accordingly, tariffs will be reduced to zero %while highly competitive products will help Vietnam elevate its image in the international arena.
Vietrade reported the US has so far had 107 investment projects capitalized at over US$20 billion in Vietnam. Garments and textiles take the lead in export turnover, followed by footwear, wood products, interior decoration, mechanical products and electronics.
Nguyen Hong Duong, MoIT’s American Market Department Deputy Head said with entry to TPP, Vietnamese businesses will have to face many trade barriers when exporting goods to the US market.
Therefore, businesses should invest in production technologies to meet the requirements for international labour and environmental standards.
Stuart Schaag, commercial counsellor at the US Embassy in Hanoi said local businesses need to conduct a market survey, identify target customers, and inquire into information on tax, materials, and standards for product quality through the US websites.