Businesses told to improve competiveness to boost exports to US market
VOV.VN - Vietnamese enterprises are required to strive to enhance their competitiveness in a bid to overcome the various trade barriers that exist and meet the relevant food hygiene and safety standards set by the United States, heard a conference on January 31.
Industry insiders pointed out that the US currently is the country’s largest export market, while Vietnam is also the US’ seventh largest trade partner.
However, Vietnamese exports to this market are subject to tough competition from other countries, they said, adding the US has also initiated a number of trade remedy investigations into Vietnamese exports. As of December 2022, the US had launched a total of 52 trade remedy probes into Vietnamese products.
The investigated products are quite diverse, ranging from agricultural, forestry, and fishery items, to industrial products such as trailers, steel, and lawn mowers, they said.
Vietnamese firms are therefore advised to be fully prepared for legal issues and stay updated with the US’ latest regulations if they are seeking opportunities to export goods to the US market.
According to details given by the Vietnamese Trade Office in the US, economic and trade relations between the two countries last year witnessed positive results, with the Vietnamese export turnover to this huge market reaching US$109.38 billion,
Meanwhile, the import of goods from the US to Vietnam dropped by 5.2% to US$14.47 billion, duly bringing the total two-way trade turnover last year to US$123.86 billion, up 11%.
Among Vietnamese goods exported to the US are 13 groups of commodities which gross over US$1 billion each, mainly in the fields of garments and textiles, machinery, equipment, along with tools and other spare parts.
