Vietnam and the US have huge potential to boost cooperation in trade and supply chains after COVID-19 is brought under control, experts said at a conference held by the Investment and Trade Promotion Centre of Ho Chi Minh City (ITPC) and the American Chamber of Commerce in Vietnam (AmCham Vietnam) on April 28.
According to ITPC Director Nguyen Huu Tin, Vietnam and the US have enjoyed impressive strides forward in economic cooperative ties, with the US being Vietnam’s largest export market and Vietnam being the US’s 6th-largest importer.
The US has shifted to purchasing products from emerging countries, including Vietnam.
Vietnam has affirmed its position as an important trade partner of the world’s largest economy, Tin said.
For the first time in 26 years of relations, the US is Vietnam's largest export market, he said, adding that two-way trade in the first quarter topped 25.9 billion USD, up 33.5 percent year-on-year, with Vietnam’s exports estimated at 22.2 billion USD.
The two governments and business communities have made efforts in the past to bolster cooperation in a practical fashion and based on the complementary nature of the two economies.
Vietnam is stepping up its economic reform and international integration while enhancing win-win cooperation with the US. Meanwhile, the US has attached much importance to ties with Vietnam and encouraged its companies to set up value chains with the country and expand investment.
Thanks to the good control of COVID-19 in Vietnam, Vietnamese firms have a huge advantage over foreign rivals struggling to fight the pandemic, Tin stressed, while suggesting that improving business and production capacity and capitalising on the US market will provide opportunities for Vietnam’s economy to develop further in the time to come.
Evaluating the cooperative potential between Vietnam and the US, Alexander Tatsis, Economic Officer at the US Consulate General in HCM City, said they have witnessed advancements in their trade and foreign relations over more than two decades.
He highlighted that the US’s demand for high-quality Vietnamese products has been increasing due to changes in the global supply chain, and US firms sees Vietnam as a potential, safe investment destination post-pandemic.
Meanwhile, AmCham Vietnam Executive Director Mary Tarnowka said that Vietnamese staples like tropical fruit, rice, and fish sauce are now popular in the US.
Pointing to the complementary nature of the two economies, she underscored that Vietnam has good production capacity in the fields of agriculture, seafood, and wood processing, among others, while the US is the world’s leading materials supplier and has the strongest purchasing power.
Vietnam is an important link in the global supply chain, and the country’s development has positive impacts on the US market, she said.
Ken D. Duong, Director of the TDL International Law Firm, suggested Vietnamese firms select suitable measures to effectively access the US market, adding that small businesses should export products via popular e-commerce platforms in the US, as this helps them cut costs at a time when the number of online shoppers is increasing amid COVID-19.
Medium and large-scale firms should establish representative offices or find distributors in the US, he said.
It is also necessary for enterprises to protect their trademarks by registering them not only in the US but also in target markets, he recommended.
Source: Vietnam News Agency