Plenty of potential remains to boost local exports to US market
VOV.VN - Boasting a large population and high consumption for Vietnamese products, the United States remains an attractive market for domestic enterprises, according to Minister Counsellor Bui Huy Son, head of Vietnam’s Trade Office in the US.
Son made the statement during a webinar which was held on November 30 by the Vietnam Trade Promotion Agency under the Ministry of Industry and Trade with the aim of boosting exports to the US market.
Le Hoang Tai, deputy director of Vietrade, said the US economy is in the midst of enjoying a strong recovery, with its GDP growth in the third quarter reaching 4.9%.
Most notably, the US imported goods worth US$2.3 trillion last year. Indeed, despite the negative impacts of the COVID-19 pandemic this year, two-way trade has maintained a strong growth rate and is anticipated to hit the US$100 billion mark soon.
Son went on to reveal that the US is currently importing a lot of agricultural products, food, and furniture from the Vietnamese market.
Furthermore, Vietnamese wooden furniture products have secured a firm foothold within the US market, with demand for these products expected to rise in the remaining months of the year due to rising shopping demand during the holiday season.
Son added that by boasting high purchasing power, diverse consumption habits, and a large population of Vietnamese nationals in the US, there are positive signs for promoting exports to the demanding market in the future.
Despite high demand and great consumption, the US remains one of the most fastidious markets in the world, according to experts, adding that local businesses continue to face several challenges, including stringent regulations on food safety and hygiene standards.
Moreover, domestic firms are predicted to encounter barriers in terms of high inflation as a result of tightening spending, environmental and labour issues, trade remedies, and geographical distance.
Furthermore, local firms have been urged to pay attention to upgrading preservation technology, transportation via marine route to reduce costs, and improve the overall competitiveness of products.
Experts also underlined the importance of the emerging trend of online shopping, adding that Vietnamese businesses must be able to take full advantage of large e-commerce channels such as Amazon in order to utilise them as a means of introducing products in the near future.
Participants also emphasized the necessity of differentiating products through design and marketing strategies in a bid to create unique brands while, simultaneously ensuring the origin of raw materials.
This can serve to ramp up trade promotion activities whilst actively connecting with Vietnamese business associations in the US to further introduce their products to this market in the future.
