| RCEP Agreement: Opening opportunities to increase seafood exports to Australia; EVFTA Agreement and its dual impact on coffee exports to the EU. |
Within the framework of the 2023 Rural Industrial Products Exhibition organized by the Industrial Promotion and Development Consulting Center 1 – IPC1, Department of Local Industry and Trade, Ministry of Industry and Trade in Hanoi, the Vietnam-US Chamber of Commerce (VUCC) participated as a consulting and support unit for businesses to access international markets and aim for exporting goods to the US and Asian markets.
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| Mr. Tran Trung Tuan, Standing Vice President of the Vietnam-US Chamber of Commerce (VUCC) |
Reporters spoke with Mr. Tran Trung Tuan, Permanent Vice President of VUCC and Asia Regional President of VUCC, to gain a better understanding of Vietnam's strong products and the potential export opportunities to the United States.
How would you assess the bilateral trade relationship between Vietnam and the United States in recent times ?
According to the General Statistics Office, bilateral trade between Vietnam and the United States increased from $25 billion to over $123 billion in the 10 years from 2012 to 2022. Bilateral trade between the two countries in the first seven months of 2023 is estimated at over $61 billion. I believe these figures provide concrete evidence of the effectiveness of trade between the two nations.
Furthermore, in terms of state-to-state relations, in 2023, the leaders of the two countries met and held talks in Hanoi, strengthening bilateral friendship and cooperation by upgrading the relationship to a Comprehensive Strategic Partnership for Peace , Cooperation, and Sustainable Development. Meanwhile, Vietnam has many potential products that meet the standards for export to the US market. Therefore, this is a favorable opportunity for us to support the Vietnamese business community in increasing value and entering the international arena with the "giants."
Over the years, the United States has been Vietnam's largest export market. Given the potential you've mentioned, how do you think Vietnamese goods can gain even deeper access to the US market?
Currently, VUCC has a specific program to support businesses in achieving this goal. The short-term plan is the first US International Trade Fair organized by the Vietnam-US Chamber of Commerce from March 30 to April 1, 2024, at the Dulles Expo Center, Virginia.
America Expo 2024 will feature 150 businesses from 7 countries, with a focus on Vietnamese businesses, and 200 booths. We expect to attract over 20,000 visitors seeking import opportunities, trade promotion, and investment, with 6 thematic seminars over the 3 days of the event. VUCC has provided this information on its official website and fanpage: www.vucc.net and ibda-expo.com.
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| Many distinctive local products were displayed at the 2023 Rural Industry Exhibition. |
In the long term, VUCC has identified the America Expo program as a biennial event held in the United States, along with seven other strategic activities, to provide overall support for businesses and traders from both countries, giving them more opportunities to meet, trade, and conduct business directly with each other.
In your assessment, Vietnam has many strong products that could be exported to the United States. So, in your opinion, what are those potential products?
Based on research into US consumer trends and the US market by the VUCC advisory group, we propose 10 product categories that can reach and cater to consumers/businesses purchasing goods here, including: Deeply processed agricultural products; fashion and apparel; handicrafts and gifts; health and beauty care; industrial machinery and accessories; tourism services; pet services; outdoor equipment; real estate; information technology... However, for businesses that do not export goods but are looking for service markets in technology, education, finance, overseas study, EB5, EB3, EB2 investments, etc., this is also a good opportunity to participate in promotion.
What is your assessment of the 2023 Rural Industry Exhibition? How can Vietnamese businesses' products/services showcased at the exhibition access the US market?
The 2023 Rural Industrial Products Exhibition aims to honor outstanding national-level rural industrial products, stemming from the government's policy of promoting rural economic development and strengthening global trade in goods, and reflecting the deep concern of the State.
At the fair, many outstanding rural industrial products were honored. The fair also recognized the efforts of businesses, cooperatives, and individual business households in developing the rural economy and striving for sustainable business. However, the biggest concern for business owners remains finding markets for their products. How to access demanding markets to achieve prices that reflect the value of their products is a pressing issue that many businesses are constantly worried about.
I believe that Vietnamese entrepreneurs and business partners I have met and worked with are very skilled in the marketplace and possess a high capacity for international integration. To target the international market in a global, fair competitive environment, Vietnamese entrepreneurs must first and foremost have a strong sense of national identity. Their products/services must be truly excellent, achieved through the development of high-quality personnel, management technologies suitable to the environment, culture, and institutions, and continuous improvement of their management skills and expertise to meet international standards.
In particular, to export Vietnamese products, businesses must understand the standards of the target market and the appropriate market access methods to ensure adequate legal preparation and to leverage the competitive advantages of their products.
The US market has high standards, but if businesses know how to meet and overcome technical and trade barriers, it is truly a potential market for many Vietnamese products.
Thank you very much, sir!
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