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Within the framework of the 2023 Rural Industrial Products Exhibition Fair organized by the Industrial Promotion and Development Consulting Center 1 - IPC1, the Department of Industry and Trade, the Ministry of Industry and Trade in Hanoi, the Vietnam - US Chamber of Commerce (VUCC) attended as a consulting and support unit for businesses to access international markets and aim to export goods to the US and Asian markets.
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| Mr. Tran Trung Tuan, Permanent Vice President of Vietnam - US Chamber of Commerce (VUCC) |
The reporter had an interview with Mr. Tran Trung Tuan, Permanent Vice President of VUCC, Asia Regional President of VUCC to better understand Vietnam's strong products as well as potential export opportunities to the United States.
How do you evaluate the two-way trade relationship between Vietnam and the United States in recent times ?
According to the General Statistics Office, the two-way trade turnover between Vietnam and the United States in 10 years (2012-2022) has increased from 25 billion USD to more than 123 billion USD. The bilateral trade turnover of the two countries in the first 7 months of 2023 is estimated to reach over 61 billion USD. I think these are the numbers that practically demonstrate the effectiveness of trade between the two countries.
Furthermore, in terms of state relations, in 2023, the leaders of the two countries met and held talks in Hanoi, strengthening bilateral friendship and cooperation by upgrading the bilateral relationship to a Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development. Meanwhile, Vietnam has many potential products that meet the standards for export to the US market. Therefore, this is a favorable opportunity for us to support the Vietnamese business community to increase value and enter the international game with the "giants".
In recent years, the United States has been Vietnam’s largest export market. With the potential as you mentioned above, in your opinion, how can Vietnamese goods gain further access to the US market?
Currently, VUCC has a specific program to support businesses in achieving this goal. The short-term plan is the first US International Trade Fair organized by the Vietnam - US Chamber of Commerce from March 30 - April 1, 2024 at the Dulles Expo Center, Virginia.
America Expo 2024 is organized with a scale of 150 enterprises from 7 countries, focusing on Vietnamese enterprises, with 200 booths. We expect to attract more than 20 thousand visitors, looking for import opportunities, promoting trade and investment with 6 thematic seminars in 3 days of the event. VUCC has informed these contents on the official website and fanpage: www.vucc.net and ibda-expo.com.
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| Many typical products of localities are displayed at the 2023 Rural Industrial Products Exhibition Fair |
In the long term, VUCC has determined that the America Expo program will be a bi-annual activity held in the United States along with 7 other strategic activities that will provide comprehensive support for businesses and traders of the two countries to have many opportunities to meet, trade and do business directly with each other.
In your opinion, Vietnam has many potential products that can be exported to the United States. So, in your opinion, what are those potential products?
According to the research on US consumer trends and markets by the VUCC advisory group, we propose 10 product groups that can be accessed and met by consumers/businesses purchasing here, including: Deeply processed agricultural products; fashion, apparel; handicrafts and gifts; health care and beauty; auxiliary industrial machinery; tourism services; pet services; outdoor tools; real estate; information technology... However, for businesses that do not export goods but have a need to find a service market in technology, education, finance, study abroad, EB5, EB3, EB2 investment... this is also a good opportunity to participate in promotion.
What is your assessment of the 2023 Rural Industrial Products Exhibition? How can Vietnamese enterprises' products/services within the fair reach the US market?
The 2023 Rural Industrial Products Exhibition aims to honor typical national rural industrial products originating from the policy of promoting rural economic development and enhancing global trade in goods and is of deep concern to the State.
At the Fair, many typical rural industrial products were honored. The Fair also recognized the efforts of enterprises, cooperatives, and individual business households in developing the rural economy and striving for sustainable business. However, we all see that the biggest concern of business owners is still the output for the products. How to approach "difficult" markets to get a price worthy of the value of the product is a burning issue that many businesses are always concerned about.
I think that Vietnamese businessmen and business partners that I have met and worked with are very good in the market and have a very high ability to integrate internationally. To aim for the international market in the global game, fair competition, Vietnamese businessmen must first have a national spirit, products/services must be really good through building good people, management technology suitable for the environment, culture and institutions, and must always improve skills, management level in accordance with international standards.
And especially, to export Vietnamese products, businesses must have an understanding of the standards of the target market, appropriate market approaches to have full legal preparation as well as promote competitive advantages for their products.
For the US market, this is a market with high standards, but if businesses know how to meet and overcome technical and trade barriers, this is truly a potential market for many Vietnamese products.
Thank you very much!
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