Looking for ways to increase agricultural imports from the US

According to Mr. Do Ngoc Hung - Head of the Vietnam Trade Office in the United States, Vietnam is currently one of the 10 largest agricultural export markets of the US with a turnover of 3.4 billion USD in 2024. Of which, the items that Vietnam imports a lot include cotton (680 million USD), soybeans (464 million USD), wheat (150 million USD) and vegetables and fruits (540 million USD).

According to assessments, Vietnamese consumers prefer American apples (consuming more than 2 million boxes/year), beef, pork and cherries. Of which, imported beef from the US currently accounts for about 30 - 40% of Vietnam's total beef imports. The US also supplies 325 million USD of timber and 300 million USD of animal feed - second only to Argentina.

A representative of Informa Markets Vietnam - the organizer of many international exhibitions in Vietnam, said that in recent years, exhibitions on food, beverages, baking equipment, restaurants, hotels and service provision held alternately in Hanoi and Ho Chi Minh City have attracted many international businesses and manufacturers. Among them, the active participation of businesses and associations from the United States must be mentioned. At the food exhibition in Hanoi last March, more than 10 agricultural product associations from the United States participated in displaying and introducing products to Vietnamese consumers. "This demonstrates the great interest of US units in the Vietnamese market," a representative of Informa Markets Vietnam affirmed.

Recently, the Conference on “Promoting Trade in Agricultural, Forestry and Fishery Products between Vietnam and the United States” was also organized by the Ministry of Industry and Trade and the Ministry of Agriculture and Environment. The conference aimed to listen to suggestions from corporations, industry associations, businesses and import-export enterprises on the possibility of promoting two-way trade in agricultural, forestry and fishery products, including increasing the import turnover of agricultural, forestry and fishery products from the United States.

Minister of Industry and Trade Nguyen Hong Dien affirmed that the United States is a large consumer market for Vietnam's agricultural, forestry and fishery products, and is also a market with great export potential for cereals, meat, milk, wood, etc. Therefore, importing agricultural, forestry and fishery products from the United States is not only effective in the short term (meeting domestic consumption needs of each side, contributing to trade balance and promoting negotiations to achieve the best results) but also in the long term because this is the basis and foundation for Vietnam and the United States to cooperate more closely in the agricultural, forestry and fishery sector towards high technology, circulation and sustainable development.

At this conference, Minister Nguyen Hong Dien said that in order to increase the import-export turnover in the agricultural - forestry - fishery sector between the two countries, the Government, ministries and functional branches of the two countries need to promptly review and remove trade barriers. In particular, it is necessary to urgently and resolutely remove technical barriers, open the door for US agricultural - forestry - fishery products, simplify administrative procedures so that businesses and industry associations have conditions to increase trade with this market; At the same time, issue strong and feasible incentive mechanisms and policies (such as tax policies, capital incentives, logistics support...) to support businesses, creating development momentum for trade turnover between the two countries.

Minister Dien also requested that businesses and business associations in the field of agricultural, forestry and fishery import and export urgently connect with US partners to seek more import opportunities from this market. Through the import and export of agricultural, forestry and fishery products between the two countries, it is necessary to seek cooperation with US partners in the field of building Vietnam's agriculture towards green, clean, high value and sustainability, in which, focusing on both production and processing and consumption.

Imports of goods from the US increased sharply

According to preliminary statistics just released by the Customs Department, in April, Vietnam spent more than 1.5 billion USD importing goods from the US, an increase of nearly 40.2% over the same period last year. In the first 4 months of this year, the total import turnover of US goods reached 5.6 billion USD, an increase of 25.8%.

Among them, many key product groups imported from the US recorded double-digit growth. Typically, in the group of computers, electronic products and components, Vietnam spent up to 1.8 billion USD, an increase of 44.5% compared to the same period last year.

Agricultural products also saw a sharp increase in imports. For example, Vietnam spent 444.6 million USD on cotton imports from the US in the first 4 months of the year, up 27%; soybeans reached 414 million USD, up 47.3%; animal feed reached 427 million USD, up 0.7%; raw plastic materials reached 346 million USD, up 43.5%...

Notably, Vietnam also imported nearly 203 million USD worth of fruits and vegetables from the US, up 55.6% over the same period last year. The import of US fruits and vegetables to Vietnam has increased sharply thanks to the recent relaxation of our plant quarantine policy and opening of the market to products such as grapes, cherries and Gala apples from the US. Recently, the continued reduction of import tax on these items will have a strong impact on the output of US fruits to Vietnam.

Nhat Thu

Source: https://baophapluat.vn/tim-cach-gia-tang-nhap-khau-nong-san-tu-my-post548072.html