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| Shrimp process for export - Photo for illustration (Source: vnbusiness.vn) |
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the US has always been the largest consumer market for Vietnamese seafood. With increasingly improved quality and high demand from the US market, Vietnamese seafood has affirmed its position. Seafood export turnover to the US in the past five years has reached an average of 1.5 - 2.1 billion USD/year, an impressive figure showing the great potential of this market.
In addition, the US is also the largest export market of Vietnamese textiles. In the peak year of 2022, the US imported 17.4 billion USD worth of textiles and garments from Vietnam. However, Mr. Truong Van Cam, Vice President of the Vietnam Textile and Apparel Association (VITAS), noted that businesses need to understand US regulations on banning the use of Xinjiang cotton to ensure that their goods are exported smoothly.
Mr. Dick Grove, CEO of INK Inc Public Relations, said that the US, with a population of more than 340 million people, is a huge consumer market. This is a great opportunity for Vietnamese businesses that want to expand their market.
At the Vietnam - US Cooperation Forum, Mr. Hoang Anh Tuan, Consul General of Vietnam in San Francisco, affirmed that the cooperative relationship between the two countries is growing. Vietnam is creating a favorable and open business environment for US businesses, while the US also considers Vietnam an important trade partner.
However, to succeed in the US market, Vietnamese businesses need to flexibly adapt to changes in trade policy. Mr. Do Hung Viet, Vietnamese Ambassador, Permanent Representative of Vietnam to the United Nations, said that there will be many major adjustments in tax policies, origin of goods and trade protection.
Enterprises need to pay special attention to trade barriers such as anti-dumping and anti-subsidy taxes. Mr. Do Ngoc Hung, Vietnam's Trade Counselor in the US, advised enterprises to be transparent about the origin, self-sufficient in raw materials and avoid massive exports of a certain item.
The US is still a potential market for Vietnamese goods. However, to be successful, businesses need to constantly improve product quality, comply with market regulations, and flexibly adapt to changes. With careful preparation and support from the Government, Vietnamese businesses can completely conquer this demanding market./.