Opportunities to promote Vietnam-U.S trade

Logistics companies have the opportunity to diversify their products and services, and to support Vietnamese small and medium enterprises to export goods to the U.S.

This issue was discussed by experts and businesses at the Forum "Promoting Vietnam-US trade in the new context", recently held by Business Forum Magazine in collaboration with Vietnam Airlines.

New cooperation path

The regular direct flights of Vietnam Airlines to the U.S not only help passengers significantly shorten their flight time, but keep them safe during the epidemic because they do not have to transfer at airports. Vietnam Airlines is aimed at passengers with high affordability, who want to save time and keep safe during their travel.

Mr. Charles Ranado, Commercial Counselor, US Embassy in Vietnam, emphasized that Vietnam Airlines' regular non-stop flights connecting Vietnam and the U.S are an important milestone in the cooperation relationship between the two countries. A rise in regular non-stop flights to the U.S will speed up the economic and cultural spheres.

In particular, Mr. Dao Trong Khoa, Vice President of the Vietnam Logistics Service Association (VLA), said that the U.S is currently Vietnam's largest importer that is increasingly demanding for Vietnam’s exports. At the same time, retailers in the U.S have fiercely competed to become preferred brands, creating opportunities for logistics businesses that meet the criteria of speed, flexibility, choice, cost, and customer satisfaction.

“Logistics companies have the opportunity to diversify their products and services, and to support Vietnamese small and medium enterprises to export goods to the U.S”, Mr. Dao Trong Khoa said.

Opportunities and challenges in parallel

However, experts warned that the U.S is tending to increase protection through new regulations and standards on food safety, product origin, and quality, barring Vietnamese exports.

For example, with the wood industry, Mr. Ngo Sy Hoai, Vice president- General Secretary of Vietnam Timber and Forest Product Association (VIFOREST) shared, the US side is very interested in the legality of imported wood materials. “Vietnamese enterprises need to improve their capacity and focus on meeting certifications of raw items. In addition, most of the Vietnamese exports to the United States are raw items. Therefore, businesses must increase deep processing and meet requirements on origin of production materials, to avoid trade defense lawsuits”, Mr. Ngo Sy Hoai said.

On the other hand, Ms. Phan Thi Thanh Xuan, Vice President- General Secretary of the Vietnam Leather - Footwear - Handbag Association recommended, the orders of US customers are so big that they require high social responsibility and qualified certificates, so only qualified enterprises could meet their demand, while most Vietnamese enterprises is small and medium-sized. Besides, Americans only consume branded products, so Vietnamese businesses must participate in large supply chains such as Nike, Skechers...

“It is necessary to support businesses to improve their capacity and build their supply chains and logistics systems. In particular, the operation of regular non-stop flights between Vietnam and the United States would promote trade between the two countries," said Xuan. 

Former Vietnamese Ambassador to the U.S Pham Quang Vinh emphasized that the Vietnam - US cooperation relationship will continue to grow stronger in the future. Therefore, the opportunity for Vietnamese businesses to penetrate deeply into the US market is also increasingly open if we know how to seize the opportunity. It is time to start a new chapter for more substantive cooperation of business communities of the two countries in the new context.