A few days before President Donald Trump came to Vietnam, Vietnamese mangoes were officially allowed to export to the United States after nearly 10 years of waiting. And after a quarter of century of relation normalization, two-way trade turnover has increased by nearly 120 times, reaching over USD 60 billion in 2018....

A few days before President Donald Trump came to Vietnam, Vietnamese mangoes were officially allowed to export to the United States after nearly 10 years of waiting. And after a quarter of century of relation normalization, two-way trade turnover has increased by nearly 120 times, reaching over USD 60 billion in 2018....

President Donald Trump's working visit to Vietnam on February 28 is considered an opportunity to promote trade and investment between two countries. According to the agreement between Deputy Prime Minister and Foreign Minister Pham Binh Minh and the US Secretary Mike Pompeo on February 26, two sides will continue to consider trade and investment cooperation as the impetus for bilateral relations.

After the meeting between the General Secretary and State President Nguyen Phu Trong and the US President Donald Trump at the Presidential Palace in February 27 morning, the two leaders witnessed the signing ceremony of cooperation documents of tens of billions USD between businesses on both sides.

In fact, trade and investment cooperation between Vietnam and the United States has been continuously developing, not only by great contracts worth billions of dollars but also by specific agreements, such as the events of Vietnamese mango being granted the "visa" to the US market.

According to Mr. Hoang Trung, Director of Plant Protection Department, Vietnam has officially submitted a dossier to export fresh mango to the US market since 2009. Up to now, after nearly 10 years, all procedures have been completed to export mango to the US. This is the sixth fruit of Vietnam (after dragon fruit, rambutan, longan, lychee and star apple) allowed to be exported to the US market.

Not only mangoes, many other Vietnamese agricultural products are also making their way to the world's largest market. For example, Tien Giang province aims to export 300 tons of star apples meeting the standards of food hygiene and safety, raising the volume exported to the US market in the period of 2018 - 2019 to 400 tons of fruits which are 3 times higher than the previous year.

Currently, enterprises buy export star apples in the garden at  the price of  VND 30,000 to 35,000 per kilo which is higher than the market price by VND 7,000 - 10,000 VND per kilo and this is clearly good news to farmers.

Overall, statistics show that the export turnover of goods to the United States in January 2019 reached more than USD 5,151 billion, up 42.1% which is equivalent to an absolute figure of USD 1.527 billion compared to the same period in 2018. Therefore, the growth rate of commodity exported to the United States is 4.7 times higher than the national average growth.

According to the Department of European and American Market (Ministry of Industry and Trade), by January, the United States accounted for 23.3% of the total export turnover of the whole country and continued to maintain its position as Vietnam's key market. Also in January, the total import turnover of the whole country from the US market reached USD 1.076 billion, bringing Vietnam's trade surplus with this leading partner to more than USD 4 billion.

In 25 years since relation normalizing, the two-way trade turnover between Vietnam and the US has increased nearly 120 times, from USD 450 million in 1994 to over USD 60 billion in 2018. Currently Vietnam ranked the 16th among the top US trading partners and the annual growth in trade between two countries reached 20%.

Mr. Bui Huy Son - Counselor of the Ministry of Industry and Trade who is in charge of Vietnam Commercial Affair in the United States said that 2018 could be considered as "the year of fluctuations" with the most unpredictable and multidimensional happenings ever in the US international trade policy.

"With the largest total import value in the world, reaching over USD 2,400 billion in 2018, the United States continues to be the Vietnam's key export market in the coming years, but this is also a fierce competitive market." Mr. Bui Huy Son expressed.

According to experts, the Vietnam - US trade relations in 2019 will likely see important changes, even in terms of quality. Because the United States is capable of recognizing Vietnam's market economy after July 1, 2019, and bilateral trade relations will be placed on the important legal ground which is a series of international commitments.

In order to support businesses to boost exports to the US market, Minister of Industry and Trade Tran Tuan Anh affirmed that in addition to the general programs and orientations to strengthen the support to build national competitiveness through branding, tax dismantling, removing technical barriers . The Ministry of Industry and Trade also has major projects to enhance competitiveness for export products, especially industrial products and processing industry.

However, in addition to assistance policies, according to the Minister, enterprises must actively develop markets to improve domestic production capacity and integrate further into global supply chains.

In addition, businesses need to build and implement effective business strategies to penetrate further into this market and tighten the Vietnam-US trade relation in the future.
 

Nguồn trích dẫn: baochinhphu.vn