Vietnam and the US have huge potential to boost cooperation in trade and supply chains after COVID-19 is brought under control (Illustrative photo: VNA)
HCM City (VNA)
Vietnam and the US have huge potential to boost cooperation in trade and supply
chains after COVID-19 is brought under control, which opens up many
opportunities for Vietnamese firms to increase exports to this major market.
Director of the Investment and Trade
Promotion Centre of Ho Chi Minh City (ITPC) Nguyen Huu Tin said Vietnam and the
US have enjoyed impressive strides forward in economic cooperative ties, with
the US being Vietnam’s largest export market and Vietnam being the US’s
According to Tin, Vietnam has affirmed its
position as an important trade partner of the world’s largest economy.
Thanks to the good control of COVID-19 in
Vietnam, Vietnamese firms have a huge advantage over foreign rivals struggling
to fight the pandemic, he said, while suggesting that improving business and
production capacity and capitalising on the US market will provide
opportunities for Vietnam’s economy to develop further in the time to come.
In the first quarter of this year, two-way
trade between the two countries topped 25.9 billion USD, up 33.5 percent
year-on-year, with Vietnam’s exports estimated at 22.2 billion USD.
The two governments and business communities
have made efforts in the past to bolster cooperation in a practical fashion and
based on the complementary nature of the two economies.
A factory of Samsung in Vietnam (Illustrative photo: VNA)
Experts said the US’s demand for high-quality
Vietnamese products has been increasing due to changes in the global supply chain,
and US firms sees Vietnam as a potential, safe investment destination
They noted the complementary nature of the two
economies, with Vietnam having good production capacity in the fields of
agriculture, seafood, and wood processing, among others, while the US is the
world’s leading materials supplier and has the strongest purchasing power.
However, they advised Vietnamese firms to select
suitable measures to effectively access the US market, and strictly follow
quality requirements of the US./.