Opportunity for Vietnamese food products to enter US market

Update: 16:32 | 08/12/2017
The US has been a leading importer of food and agricultural products from Vietnam and the export growth is forecast to reach 11% this year, heard a seminar in Ho Chi Minh City on December 7.
TIN LIÊN QUAN
opportunity for vietnamese food products to enter us market Vietnamese consumers second-most optimistic in Asia-Pacific
opportunity for vietnamese food products to enter us market Vietnamese farm produce seeks path to Middle East

According to the Ministry of Industry and Trade, the US is a potential export market of Vietnam with export turnover increasing over recent years. However, Vietnam’s export earnings to the US market currently account for only 2% of the US’s total import turnover. 

opportunity for vietnamese food products to enter us market
Illustrative image. (Photo: CafeF.vn)

Participants noted that the US market’s attraction is posing fiercer competition to Vietnamese exporters in addition to the country’s strict regulations on food safety set out by the US Food and Drug Administration (FDA) and the Food Safety Modernisation Act (FSMA).

A representative of Vietnam's Trade Office in the US said the agency will continue updating information about the FSMA as well as the US’s economic and trade policy on its portal, while providing legal assistance and export-procedure consultancy, making it easy for Vietnamese exporters to understand more about this market.

It has also assisted businesses of the nations in seeking cooperation opportunities in business, investment and export-import, while working with ministries and sectors to resolve trade disputes concerning Vietnam.

Trade ties between Vietnam and the US have been growing as bilateral relations have witnessed fruitful development in recent years. 

The US has remained the largest importer of Vietnamese products, with Vietnam’s export turnover to the market hitting US$38.45 billion last year, and US$34.7 billion in the first 10 months of 2017.

Vietnam currently ranks 16th among the US’ leading trade partners. Bilateral trade grows 20% annually and Vietnam has enjoyed a trade surplus with the US in the past 10 years.

opportunity for vietnamese food products to enter us market Ample opportunity for Vietnam’s exports to EU market

The EU is now the country’s second largest export market taking key commodities such as seafood, garments and textiles, footwear, and wood and wooden products.

opportunity for vietnamese food products to enter us market A strange business model in Viet Nam

The vast markets of the APEC forum is the target that the multi-sector CHC Group is aiming their products and services at.

opportunity for vietnamese food products to enter us market Improving Labor’s Skills - The key to success

"With a dynamic economy and a population of more than 90 millions, Viet Nam constitutes a large market for APEC economies. The Vietnamese Government and ...

(Source: VNA)