The US has been a target market for many Vietnamese businesses. Yet the300 million-strong market is also a demanding market in terms ofquality standards, requiring firms to exert efforts to penetrate,reported the Thoi bao Kinh te Viet Nam (Vietnam Economic Times).
The newspaper quoted Truong Thuy Linh, VietnameseTrade Counsellor in Houston , as saying that the US market isdiverse in its demands with strict requirements, a major obstacle forVietnamese enterprises.
According to US statistics,Vietnam is now the 13 th largest supplier of goods to the US . Themarket share of Vietnamese products is predicted to expand once theTrans-Pacific Partnership is signed, given the stipulated series of taxcuts for Vietnamese firms.
At the same time, a largenumber of US firms are expected to increase partnerships withVietnamese enterprises to explore each others’ markets, said Linh.
The US has been a key market for many Vietnamese products recently, including cashews and peppercorn.
According to a representative from the Vietnam Cashew Association, thesector views the US market as a priority. The sector hasimplemented a number of promotion activities to engage the promisingmarket.
Peppercorn producers and exporters haveexerted a number of efforts to seek technology solutions to improvequality and value, targeting high-class segments of the US market.Recently, the sector announced that it succeeded in producing highquality products that meet the US market’s demand.
Other strong Vietnamese export products to the US market includeapparel, footwear, wood and wooden products and seafood. Particularly,half of garment and textile exports are bound for the US .
Statistics of the Vietnam Customs showed the US continues to be thelargest consumer of Vietnam ’s garments and textiles in the firstfive months of this year with total revenue of 4.05 billion USD, up 10.5percent year on year and accounting for 49.7 percent of the sector’stotal exports.
At the same time, the footwear sectoralso earned 1.63 billion USD in the market, a rise of 30.6 percentannually, while electronics and accessories exports also enjoyed 1.09billion USD in revenue.
Agriculturally, Vietnameselychee and longan have been accepted into the US market since theend of 2014. It is forecast that Vietnam will ship 600 tonnes oflychee and 1,200 tonnes of longan to US every year, accounting for 17percent and 69 percent of the market share, respectively.
According to Linh, Vietnam currently has three representativeagencies in the US that are ready to support businesses inapproaching the market.
Experts said that along withstrict technical barriers and foot safety requirements by the USmarket, Vietnamese firms are also facing problems in poorcompetitiveness and high transport fees as well as long shippingdurations when exporting goods to the market.
Statistics show that in 2014, trade between Vietnam and the US was35 billion USD with 28.66 billion USD in Vietnamese exports, equivalentto 11.7 percent of Vietnam’s total exports.
In the first five months of this year, Vietnam shipped 12.77 billion USD worth of goods to the US.-VNA
The newspaper quoted Truong Thuy Linh, VietnameseTrade Counsellor in Houston , as saying that the US market isdiverse in its demands with strict requirements, a major obstacle forVietnamese enterprises.
According to US statistics,Vietnam is now the 13 th largest supplier of goods to the US . Themarket share of Vietnamese products is predicted to expand once theTrans-Pacific Partnership is signed, given the stipulated series of taxcuts for Vietnamese firms.
At the same time, a largenumber of US firms are expected to increase partnerships withVietnamese enterprises to explore each others’ markets, said Linh.
The US has been a key market for many Vietnamese products recently, including cashews and peppercorn.
According to a representative from the Vietnam Cashew Association, thesector views the US market as a priority. The sector hasimplemented a number of promotion activities to engage the promisingmarket.
Peppercorn producers and exporters haveexerted a number of efforts to seek technology solutions to improvequality and value, targeting high-class segments of the US market.Recently, the sector announced that it succeeded in producing highquality products that meet the US market’s demand.
Other strong Vietnamese export products to the US market includeapparel, footwear, wood and wooden products and seafood. Particularly,half of garment and textile exports are bound for the US .
Statistics of the Vietnam Customs showed the US continues to be thelargest consumer of Vietnam ’s garments and textiles in the firstfive months of this year with total revenue of 4.05 billion USD, up 10.5percent year on year and accounting for 49.7 percent of the sector’stotal exports.
At the same time, the footwear sectoralso earned 1.63 billion USD in the market, a rise of 30.6 percentannually, while electronics and accessories exports also enjoyed 1.09billion USD in revenue.
Agriculturally, Vietnameselychee and longan have been accepted into the US market since theend of 2014. It is forecast that Vietnam will ship 600 tonnes oflychee and 1,200 tonnes of longan to US every year, accounting for 17percent and 69 percent of the market share, respectively.
According to Linh, Vietnam currently has three representativeagencies in the US that are ready to support businesses inapproaching the market.
Experts said that along withstrict technical barriers and foot safety requirements by the USmarket, Vietnamese firms are also facing problems in poorcompetitiveness and high transport fees as well as long shippingdurations when exporting goods to the market.
Statistics show that in 2014, trade between Vietnam and the US was35 billion USD with 28.66 billion USD in Vietnamese exports, equivalentto 11.7 percent of Vietnam’s total exports.
In the first five months of this year, Vietnam shipped 12.77 billion USD worth of goods to the US.-VNA
