Vietnam holds important share of US import market

A former US Trade Representative said she was impressed by the rapid growth of Vietnam’s share of the US import market.

At an international seminar on trade and export in Hanoi on December 1, Susan Schwab said that in 2008, Vietnam’s exports to the US reached 12 billion USD, ten times higher than 2001. In the first nine months of this year, the figure was 8.2 billion USD, accounting for 1.15 percent of the total US import turnover.

Affirming that there are great opportunities for Vietnamese businesses to boost sales to the US , she noted that the country’s exporters should diversify their markets to increase the effectiveness of their business.

This will help Vietnamese businesses avoid trade barriers when their products undergo rapid growth on the US market, she stressed.

According to the former US Trade Representative, in a 2009 report estimating the value of trade between the US and 58 other countries, the US government concluded that Vietnam has actively engaged in protecting the benefits of its economic growth for the nation and business.

However, to become an integral part of the world’s goods supply chain, Vietnam should strengthen its bilateral and multilateral cooperation, she said.

Concurring with Schwab’s views, Deputy Minister of Industry and Trade Le Danh Vinh said that Vietnam is facing some 40 lawsuits as many countries implement protectionist policies through anti-dumping, anti-subsidy and other measures. Thus, the best solution for the country now is to diversify its markets and products, he added.

According to the Ministry of Industry and Trade, trade relations between Vietnam and the US in recent years have seen sharp improvement, especially after the Bilateral Trade Agreement (BTA) between the two countries took effect in late 2001. At present, the US is Vietnam’s largest export market, accounting for 21 percent of the Southeast Asian country’s total export turnover.

This year, Vietnam’s export turnover to the US is expected to reach 12.7 billion USD, up 5.8 percent against last year.

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