Vietnam taps opportunities to thrust exports to US
The US is the largest export market of Vietnam, with export turnover hitting US$39 billion in the first ten months of 2018, representing a year-on-year increase of 12.8%.
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| Processing tra fish for export |
According to the General Statistics Office (GSO), the export of main products to the US recorded strong rise in the period.
Particularly, the export of tra fish to the US has sharply surged in the first three quarters of 2018, totalling US$369.1 million, up 42.9% against the same period last year.
Representatives from Vinh Hoan - one of the leading firms in catfish processing and exporting, said if the US imposes tax on tra fish and tilapia products from China, Vinh Hoan will have more opportunities to occupy the market share in this large market.
Nguyen Xuan Thanh from Fulbright Vietnam University said Vietnamese enterprises must mostly compete with Chinese firms when exporting to the US.
With the taxation imposition on Chinese goods exported to the US, Vietnam's processed and fresh seafood will have a competitive advantage in this market.
Apart from the seafood sector, other sectors of Vietnam such as wood processing, machinery, electronic and electrical equipments, handbags, plastic, rubber, metal products and sport equipment are also benefiting from the US-China trade war.
According to Dr. Su Ngoc Khuong, investment director of Savills Vietnam, said the war is one of the agents causing the biggest change to the global economy in 2018. It is creating great opportunities for many types of exports from Vietnam in the US market.
Khuong noted that it is necessary to have specific orientations and policies to support Vietnamese enterprises in improving the quality of their products, meeting the requirements in terms of quality and price, towards increasing the market share of Vietnamese goods in the US market.
