The United States has become Vietnam's first export market to reach the 100 billion USD mark. There is still a lot of room for exports to this market.
Good news for Vietnamese goods in the US market
According to information from the Plant Protection Department, Ministry of Agriculture and Rural Development, Vietnam and the United States are negotiating phytosanitary measures for fresh passion fruit. It is expected that after this process is completed, Vietnam will have more passion fruit products to export to the US market by 2025.
Previously, in August 2024, the Ministry of Agriculture and Rural Development said it had completed the technical negotiation process and moved on to implementing legal procedures to allow the import of Vietnamese passion fruit to the US market. The Vietnam Fruit and Vegetable Association forecasts that the annual export turnover of passion fruit to the US will reach 50 - 100 million USD. Currently, Vietnam has 8 types of fresh fruits exported to the US market, including: dragon fruit, mango, longan, lychee, rambutan, star apple, grapefruit and coconut.
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| Passion fruit is expected to be exported to the United States in 2025 (Illustration photo: Dam Ha district electronic information page) |
This good news for passion fruit is expected to extend its export achievements to the US market. According to the latest statistics from the General Department of Customs, in the first 11 months of 2024, the United States continued to maintain its position as Vietnam's number one export market with 108.94 billion USD, up 24% (equivalent to an increase of 21.08 billion USD) over the same period last year and accounting for 29.4% of the country's total export turnover. Notably, the United States is also the only export market to date where our country has achieved a turnover of 100 billion USD.
The US market favors most imported products from the Vietnamese market. In particular, for agricultural, forestry and fishery products, the US currently accounts for 21.7% of the total export turnover of Vietnam's largest agricultural, forestry and fishery products after 11 months. Compared to the same period in 2023, the export value to the US market increased by 24.6%. According to the Vietnam Trade Office in the US, in the past three years, the export value of processed fruits and vegetables from Vietnam to this market has increased by 30 - 45% per year. Meanwhile, the growth rate of this item in the EU is an average of 10 - 20% per year. Therefore, the US is truly a potential market for Vietnamese fruits and vegetables.
In addition, the United States also imports many other strong Vietnamese product groups such as wooden furniture, textiles, leather shoes, etc. The advantage of Vietnamese goods is good quality, competitive prices, and meeting the needs of US consumers.
Ready to face trade defense barriers
Along with the increase in turnover, the number of trade defense cases from the United States against Vietnamese exports has also tended to increase. According to the Department of Trade Defense, Ministry of Industry and Trade, the United States is the largest trade defense investigation country in the world, and also the country with the most trade defense investigations against Vietnam. In the first 11 months of 2024 alone, the United States initiated 11 new investigations against Vietnam.
The products investigated by the United States are also increasingly diverse. From items with very large export turnover such as solar panels (export value of 4.2 billion USD), wooden cabinets (2.7 billion USD) to very low-value items such as fiber-membrane molded trays (50 million USD) or paper plates (9 million USD) have also become the subject of trade defense investigations by the United States.
Through the work of supporting businesses in handling US trade defense cases, the Trade Defense Department reported that the number of cases has increased gradually over the years. In 2024 alone, there were 11 cases, nearly double the number of the previous year.
In particular, the United States has investigated many anti-subsidy cases this year. This is a new precedent because they have rarely investigated this issue with Vietnam before. Before 2023, there were only 9 cases investigated, but in 2024 alone, there were 5 cases.
At the online seminar with the topic "Trade defense issues with the US market" recently organized by the Department of European and American Markets - Ministry of Industry and Trade, Mr. Le Thanh Hoa, Deputy Director of the Department of Processing Quality and Market Development, Ministry of Agriculture and Rural Development, said that strict compliance with US regulations is a prerequisite, especially transparency of the production process and building a clear traceability system.
Mr. Hoa emphasized that improving product quality is a key factor, especially for agricultural and food products. Applying modern technology in production not only helps improve business efficiency but also increases product value and improves competitiveness in the international market.
Talking to reporters of the Industry and Trade Newspaper, Dr. Nguyen Minh Phong - Economic expert said that the United States is a large market for Vietnam, but this is also a market that "diligently" applies trade defense measures.
Vietnamese enterprises must pay special attention to the early warning activities that the Ministry of Industry and Trade has carried out in recent times to minimize the risk of goods being subject to trade defense measures by this market. In addition, they must prepare documents to face defense measures from their partners.
“Authorities need to conduct thorough inspections to avoid the illegal transfer of goods into Vietnam to fraudulently identify the origin of the goods. This is one of the key factors to maintain the US market,” shared Dr. Nguyen Minh Phong.
In addition, improving product quality is a key factor, especially for agricultural and food products, which need to ensure compliance with international standards on food safety, plant protection, and the environment. The application of modern technology in production not only helps improve business efficiency but also increases product value and improves competitiveness in the international market. At the same time, businesses need to cooperate closely with authorities and industry associations to promptly grasp changes in US trade policy, thereby building effective response strategies.
Source: https://congthuong.vn/de-hang-viet-bam-re-thi-truong-hoa-ky-365351.html
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