Vietnam, US two-way trade posts robust growth

SGGP
Figures by the Vietnam Chamber of Commerce and Industry showed that two-way trade between Vietnam and the US has climbed by 120 times from US$450 million in 1994 to $60 billion in 2018.

Vietnamese mangoes have officially been allowed to be exported to the US. (Photo: SGGP)

Vietnamese mangoes have officially been allowed to be exported to the US. (Photo: SGGP)

This year, export turnover of Vietnam to the US market grew at lightning speed. In January alone, it exceeded $5.15 billion, up 42.1 percent compared to the same period last year. With such figures, export growth rate of Vietnam to the US market was 4.7 times higher than average growth rate of all other export markets. Noticeably, garment and textile got the highest export turnover with $1.59 billion, up 34.1 percent, followed by footwear and wood products. 
Especially, Vietnamese mangoes have officially been allowed to be exported to the US after waiting for 10 years. This is the sixth kind of Vietnamese fruits after dragon fruit, rambutan, longan, lychee and star apple allowed to be exported to this market.

In order to advertise Vietnamese products in the US market, the US company Grand Aster will collaborate with the Vietnam Chamber of Commerce and Industry - Ho Chi Minh City Branch to organize an international exhibition of Vietnamese products at the Global Expo 2019 at Anaheim Convention Center in the US in September this year. This is considered as an opportunity to help made-in-Vietnam products to enter the world’s largest market.
The representative of American Chamber of Commerce Vietnam said that changes in new trade policy of the US will affect greatly to export of many key export products of Vietnam. In order for export of Vietnamese products into the US market to be smoothly and face no risks, Vietnamese firms should cooperate with US service companies or their US partners in Vietnam to understand regulations and laws set by the US. At the same time, they have to ensure that their products meet requirements about food safety in accordance with new regulations of this country.

By Minh Hai – Translated by Thuy Doan

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