Businesses must embrace new trends to promote exports to US
Trade cooperation between Vietnam and the US presents both vast opportunities and significant challenges, as the latter enters a new phase with major adjustments to its economic and foreign policies, which are expected to have a wide-reaching impact on global trade and investment activities.
Latest
 |
| Products showcased at the Investment & Trade Promotion Centre of Ho Chi Minh City. (Source: nhandan.vn) |
Currently, the US is a leading trade partner of Vietnam, while Vietnam continues to attract high-tech investment from the US, particularly in sectors like microchips and semiconductors.
According to statistics, in 2024, their two-way trade reached approximately 132 billion USD. Of this, Vietnam’s exports to the US amounted to almost 119 billion USD, up 23.3%, and its imports exceeded 13 billion USD, up 7.3%. As of November, the US had over 1,400 investment projects in Vietnam, with total capital nearing 12 billion USD.
Chairman of the US-Vietnam Business Council Kevin Morgan said with the new US administration (the second term of President Donald Trump), while the specifics of the new trade and tariff policies remain uncertain, it is prudent for businesses to prepare and plan for various scenarios to continue operating effectively in the market.
Experts argue that the changes in US trade policies will present both opportunities and challenges for Vietnam whose participation in numerous free trade agreements (FTAs) has been a key factor in enhancing the competitiveness of its exports.
However, the US complex legal framework means that the market poses inherent risks. To increase exports, Vietnamese firms should collaborate with importers and distributors in the US to explore flexible payment methods and risk-sharing mechanisms, particularly in the early stages of market entry.
For agricultural and food products, businesses should consider investing in cold storage facilities to establish distribution centres at major US ports able to handle various product categories. This approach would help them reduce costs and have greater control over the supply chain when exporting to the market.
Moreover, experts predict that the new trade policies might impact Vietnamese businesses in areas such as trade, tariff, technology, finance, and investment. As such, domestic enterprises, especially small- and medium-sized ones, need to stay abreast of emerging trends, develop appropriate plans, and strengthen connections to foster future business collaborations.
(Source: VNA)
Tags:
