| Prime Minister Pham Minh Chinh attends Vietnam - US Business Forum Upcoming Vietnam - US Trade Forum 2023 |
According to the latest statistics from the Ministry of Industry and Trade, in the first 11 months of 2023, the United States was Vietnam's largest export market with an estimated turnover of 88.05 billion USD, down 13.1% over the same period last year, accounting for 27% of the country's total export turnover.
Imports from the US were estimated at 12.57 billion USD, down 6.4%. Thus, the trade surplus with this market was estimated at 75.45 billion USD, down 14.1% over the same period last year.
The decline in two-way import-export turnover is due to the general difficult situation in the world. It is forecasted that in the coming time, two-way import-export turnover will recover.
According to the Ministry of Industry and Trade, economic and trade relations between Vietnam and the United States have undergone a truly dramatic transformation in recent years. Since 1994, two-way trade turnover has continuously grown at a high level, increasing more than 275 times, from about 450 million USD to 124 billion USD (in 2022).
The United States has been an important trading partner and a major export market for Vietnam for many years, accounting for nearly 30% of Vietnam's total export turnover to the world. In 2022, Vietnam became the 8th largest trading partner of the United States.
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| Hoa Binh exports first batch of Dien grapefruit to the United States (Photo: Duc Phuong) |
Opportunities for exporting to the US market are increasingly expanding when recently, in Luong Son district (Hoa Binh), the Department of Agriculture and Rural Development of the province, the People's Committee of Luong Son district, the People's Committee of Yen Thuy district, and RYB Agriculture Joint Stock Company organized the first export of Dien pomelos with a quantity of 16 tons, in 3 batches of 48 tons of pomelos to the US market.
According to RYB Agricultural Joint Stock Company, this year, the quality of grapefruit has changed a lot in terms of sweetness, yield, fruit shape... meeting the strict requirements of the market. Exported grapefruit must go through many stages and inspections to meet the standards of appearance, Brix level and 900 active ingredients for pesticide residues and other residues related to food safety by the Testing Laboratory accepted by the United States for export.
Before grapefruit, Hoa Binh also exported sugarcane products to the United States.
Recently, at the Plenary Session of the Vietnam - US Trade and Investment Council (TIFA), Deputy Minister of Industry and Trade Do Thang Hai affirmed that Vietnam always considers the US as a leading important trade partner. The Deputy Minister emphasized that issues related to intellectual property, digital trade and services, labor and agriculture will be the core contents of the pillars of economic and trade cooperation in the coming time, especially in the context that the two countries have agreed to upgrade their relationship to the level of Comprehensive Strategic Partnership.
Deputy Minister Do Thang Hai suggested that the two countries increase policy exchanges, consolidate strategic trust, and create a solid foundation to promote economic, trade and investment relations through the dialogue mechanism of the TIFA Council.
According to the Ministry of Industry and Trade, in the current difficult and challenging global economic context, the demand and consumer tastes in Vietnam's export markets in general and the United States in particular have seen many new trends and new demands, especially in terms of price, quality and requirements related to environmental protection, sustainable development, "green production" standards, and "clean and sustainable" supply chains.
Therefore, Vietnamese businesses are advised to quickly adapt to these changes. When exporting to the United States, businesses need to clearly define their product strategy, partners, and distribution channels.
At the same time, carefully study the regulations, export barriers, and the possibility of being involved in trade defense cases. Ensure that input materials have clear origins, do not affect the environment or use forced labor. In particular, gradually research and upgrade production facilities and factories according to "green production standards".
In addition, businesses need to actively participate in trade promotion programs, exhibitions, connect with relevant agencies, create prestige and build trust with US customers.
To develop the market, in addition to cooperating with importers and large distribution channels, businesses also need to apply a customer diversification strategy and actively seek niche markets to minimize risks.
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