ITPC Director Nguyen Huu Tin speaks at the event (Photo: VNA) HCM City (VNA) - Vietnam and the US have huge potential to boost cooperationin trade and supply chains after COVID-19 is brought under control, expertssaid at a conference held by the Investment and Trade Promotion Centre of HoChi Minh City (ITPC) and the American Chamber of Commerce in Vietnam (AmChamVietnam) on April 28.
According to ITPC Director Nguyen Huu Tin, Vietnam and the US have enjoyedimpressive strides forward in economic cooperative ties, with the US being Vietnam’slargest export market and Vietnam being the US’s 6th-largest importer.
The US has shifted to purchasing products from emerging countries, includingVietnam.
Vietnam has affirmed its position as an important trade partner of the world’slargest economy, Tin said.
For the first time in 26 years of relations, the US is Vietnam's largest exportmarket, he said, adding that two-way trade in the first quarter topped 25.9billion USD, up 33.5 percent year-on-year, with Vietnam’s exports estimated at22.2 billion USD.
The two governments and business communities have made efforts in the past tobolster cooperation in a practical fashion and based on the complementarynature of the two economies.
Vietnam is stepping up its economic reform and international integration whileenhancing win-win cooperation with the US. Meanwhile, the US has attached muchimportance to ties with Vietnam and encouraged its companies to set up valuechains with the country and expand investment.
Thanks to the good control of COVID-19 in Vietnam, Vietnamese firms have a huge advantageover foreign rivals struggling to fight the pandemic, Tin stressed, while suggestingthat improving business and production capacity and capitalising on the USmarket will provide opportunities for Vietnam’s economy to develop further inthe time to come.
Evaluating the cooperative potential between Vietnam and the US, AlexanderTatsis, Economic Officer at the US Consulate General in HCM City, said they havewitnessed advancements in their trade and foreign relations over more than twodecades.
He highlighted that the US’s demand for high-quality Vietnameseproducts has been increasing due to changes in the global supply chain, and US firms sees Vietnam as a potential, safe investment destination post-pandemic.
Meanwhile, AmCham Vietnam Executive Director Mary Tarnowka said that Vietnamesestaples like tropical fruit, rice, and fish sauce are now popular in the US.
Pointing to the complementary nature of the two economies, she underscored thatVietnam has good production capacity in the fields of agriculture, seafood, andwood processing, among others, while the US is the world’s leading materialssupplier and has the strongest purchasing power.
Vietnam is an important linkin the global supply chain, and the country’s development has positive impactson the US market, she said.
Ken D. Duong, Director of the TDL International Law Firm, suggested Vietnamesefirms select suitable measures to effectively access the US market, adding thatsmall businesses should export products via popular e-commerce platforms in theUS, as this helps them cut costs at a time when the number of online shoppersis increasing amid COVID-19.
Medium and large-scale firms should establish representative offices or finddistributors in the US, he said.
It is also necessary for enterprises to protect their trademarks by registeringthem not only in the US but also in target markets, he recommended./.
According to ITPC Director Nguyen Huu Tin, Vietnam and the US have enjoyedimpressive strides forward in economic cooperative ties, with the US being Vietnam’slargest export market and Vietnam being the US’s 6th-largest importer.
The US has shifted to purchasing products from emerging countries, includingVietnam.
Vietnam has affirmed its position as an important trade partner of the world’slargest economy, Tin said.
For the first time in 26 years of relations, the US is Vietnam's largest exportmarket, he said, adding that two-way trade in the first quarter topped 25.9billion USD, up 33.5 percent year-on-year, with Vietnam’s exports estimated at22.2 billion USD.
The two governments and business communities have made efforts in the past tobolster cooperation in a practical fashion and based on the complementarynature of the two economies.
Vietnam is stepping up its economic reform and international integration whileenhancing win-win cooperation with the US. Meanwhile, the US has attached muchimportance to ties with Vietnam and encouraged its companies to set up valuechains with the country and expand investment.
Thanks to the good control of COVID-19 in Vietnam, Vietnamese firms have a huge advantageover foreign rivals struggling to fight the pandemic, Tin stressed, while suggestingthat improving business and production capacity and capitalising on the USmarket will provide opportunities for Vietnam’s economy to develop further inthe time to come.
Evaluating the cooperative potential between Vietnam and the US, AlexanderTatsis, Economic Officer at the US Consulate General in HCM City, said they havewitnessed advancements in their trade and foreign relations over more than twodecades.
He highlighted that the US’s demand for high-quality Vietnameseproducts has been increasing due to changes in the global supply chain, and US firms sees Vietnam as a potential, safe investment destination post-pandemic.
Meanwhile, AmCham Vietnam Executive Director Mary Tarnowka said that Vietnamesestaples like tropical fruit, rice, and fish sauce are now popular in the US.
Pointing to the complementary nature of the two economies, she underscored thatVietnam has good production capacity in the fields of agriculture, seafood, andwood processing, among others, while the US is the world’s leading materialssupplier and has the strongest purchasing power.
Vietnam is an important linkin the global supply chain, and the country’s development has positive impactson the US market, she said.
Ken D. Duong, Director of the TDL International Law Firm, suggested Vietnamesefirms select suitable measures to effectively access the US market, adding thatsmall businesses should export products via popular e-commerce platforms in theUS, as this helps them cut costs at a time when the number of online shoppersis increasing amid COVID-19.
Medium and large-scale firms should establish representative offices or finddistributors in the US, he said.
It is also necessary for enterprises to protect their trademarks by registeringthem not only in the US but also in target markets, he recommended./.
VNA
