Vietnam-US trade links look to expand

According Nguyen Duy Khien, Director of the America Market Department under the Ministry of Industry and Trade, the two countries committed to work closely to solve arising issues in economic cooperation, in the spirit of creating optimal conditions for their enterprises and strictly abiding by international regulations and commitments, thus furthering the promoting of bilateral economic-trade links. 

It is realiable to affirm that Vietnam-US trade turnover will remain in strong growth over the next ten years, he said. 

With its advantages, Vietnam is focusing on seven key groups of goods to export to the US market, including textiles and garment, footwear, wood and timber products, computers, electronics and spare parts, farm and aquatic products, telephones and spare parts. 

In a recent reception for US Trade Representative Michael Froman, Minister of Industry and Trade Tran Tuan Anh highlighted the strong development in the Vietnam-US relations in many fields, especially in economics and trade. 

According to the America Market Department, the US was Vietnam’s second largest trade partner in the first four months of this year, with export-import turnover hitting US$13.92 billion, representing a 13.5% year-on-year increase. 

Vietnam posted a trade surplus of US$8.98 billion with the US in the period, up US$1.48 billion compared to the same period last year. 

Vietnam’s participation in new the generation free trade agreements (FTAs), especially the Trans-Pacific Partnership (TPP) Agreement, will bring great advantages to the country’s exports, especially farm produce. 

The US side is committed to giving necessary support to Vietnam, enabling the Southeast Asian country to enforce the multilateral FTA, Khien said. 

TPP will be a foundation to further foster trade growth among its member nations, Khien said, noting that Vietnam should adjust its export structure and join global supply chains early, towards increasing value for its goods. 

Vietnam’s export value to the US is forecast to surge 20 percent when the TPP officially takes effect. 

The US Chamber of Commerce predicts that garment exports from Vietnam to the US can reach US$22 billion by 2020. 

To promote exports to the US market, Vietnamese enterprises have been advised to devise and take specific business strategies based on accurately analysing and evaluating their strengths and weaknesses, and taking advantage of opportunities.