Huge opportunities exist for Vietnam and the United States to enjoy a boost in trade co-operation and build closer linkages in the supply chains of goods in the post-COVID-19 pandemic period, said experts at a seminar on April 28 in Ho Chi Minh City.
Nguyen Huu Tin, director of the HCM City Investment & Trade Promotion Center (ITPC), said that Vietnam's economic co-operation relations with the US in recent years has made impressive progress, with the US now being the nation’s largest export market while Vietnam was the US’ sixth largest importer last year.
During the challenging period caused by the impact of the COVID-19 pandemic, several prestigious international organisations have highlighted the country as a bright spot among emerging economies as they have maintained positive growth due to successful epidemic containment efforts and timely support as businesses restore their operations.
Most notably, the US is keen to shift the import of its goods from traditional suppliers to emerging countries, including the Vietnamese market, which has gradually affirmed its position as an important partner for the world's leading economy.
For the first time in 26 years, the US has become the largest export market for Vietnamese goods, with two-way trade turnover reaching US$25.9 billion, a rise of 33.5% compared to the same period from last year.
Tin affirmed that the country has recently accelerated its economic reform policies and continued with an extensive international integration process, while simultaneously enhancing economic and trade ties with the US for the purpose of mutual benefits.
In response, the US side has also continued to place great importance on its relationship with the nation by encouraging American businesses to establish production chains, expand their investment, and strengthen connectivity between both nations' market.
Following the successful control of the COVID-19 pandemic in comparison to other nations, Tin has advised enterprises to seize on this golden opportunity to improve production capacity and fully tap into the US market as a means of reviving the national economy in the near future.
With regard to prospects for joint co-operation between both sides moving forward, Alexander Tatsis, economic section chief at the US Consulate General in Ho Chi Minh City, emphasized that over the past 25 years, diplomatic and trade relations between the two have made remarkable progress.
Following several changes to the global supply chain caused by the impact of the COVID-19 epidemic, consumers in the US have an increasingly-high demand for Vietnamese quality products, while US businesses also view the country as a safe investment destination as the world moves past the pandemic.
Mary Tarnowka, executive director of the American Chamber of Commerce in Vietnam (AMCHAM), said several typical Vietnamese products, including tropical fruits, rice, and fish sauce, have gone on sale in the US, adding that the two economies have not only been complementary, but also reflect closer linkages when participating in commodity supply chains
She noted that the nation has production capacity in agriculture, fisheries, wood processing, and consumer goods, with plenty of outstanding advantages due to its effective control over the COVID-19 pandemic.
In addition, the US makes up the world's largest supplier of a wide range of raw materials and has significant purchasing power.
Ken D. Duong, managing director of TDL International Law Company, has recommended local businesses, especially small and medium-sized enterprises, to conduct a proper approach when attempting to make inroads into the US market, while advising them to co-operate with popular e-commerce channels in the US to introduce their products to consumers.
He therefore encouraged medium and large-sized enterprise to set up a representative office to gain access to the wholesale market, before developing and registering trademark protection for their products, not only in the US, but also other target markets in the future.