Vietnamese businesses' US orders are full until the end of the year

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Despite facing tariff barriers since the previous August, the textile and garment industry has maintained positive growth. Specifically, according to Wigroup, the third quarter business results of this industry reached 15.82% compared to the same period last year. Vinatex's typical profit reached 359.3 billion VND, an increase of more than 56% thanks to actively delivering goods before the tax took effect.

Aquatic products and agricultural products are also key export items of Vietnam. In the third quarter, the growth of the aquatic products industry increased by 90.68%, while crop and livestock growth increased by around 20%.

Before the trade defense measures take effect early next year, many US importers are stepping up purchases from Vietnam to minimize cost risks. Combined with the need to serve the year-end holiday season in strategic markets, many businesses are already fully booked for the rest of the year.

However, in the long term, to create a competitive advantage, businesses said they are focusing on deep processing, increasing their presence in demanding markets, where quality is prioritized over price.

Mr. Vo Van Phuc - General Director of Vietnam Clean Seafood Joint Stock Company said: "Vietnam still has advantages in value-added products, this segment still has quite good consumption. It is necessary to apply science and technology to the farming sector to increase productivity and reduce costs."

Businesses said that on the one hand, they expect the Ministry of Industry and Trade to negotiate preferential and fair tax rates for goods from both sides, but on the other hand, they also choose to increase the value of their product brands to directly reach American consumers and reduce intermediaries.

Ms. Nguyen Thi Thanh Hoa - General Director of EUBIZ Vietnam Joint Stock Company said: "We aim for higher value products, invest heavily in B2B and move from B2B to B2C. That means reaching customers directly to get better profits. But the story of moving from B2B to B2C is also a long-term investment story because it is very difficult, like carrying a bell to strike a foreign land. Therefore, it takes time even though there is an orientation".

Businesses said they are also actively looking for directions with Halal products, diversifying export markets with similar consumption characteristics and geographical locations to the US to expand export space.

Source: https://vtv.vn/don-hang-my-cua-doanh-nghiep-viet-kin-den-cuoi-nam-100251121071516107.htm