Domestic business pitch to US market
Ha Noi — Vietnamese enterprises need new trade promotion strategies, such as campaigns to market the country’s image and tourist services, and the establishment of trade centres and wholesale networks, to increase their competitiveness in the US market, reported an official from the Ministry of Trade.
At a seminar held by the ministry’s trade promotion agency (Vietrade) on Wednesday, its deputy head An The Dung said Vietnamese businesses should devise long-term strategic plans, choose quality products, and study data on US market demand before exporting to the US.
"They must bring well-known Vietnamese trademarks into the US market," he added. "Enterprises should invest in establishing distribution systems, branches, and agents in the US so they can supply products faster."
Domestic enterprises should focus on petrochemical products, electronics, foodstuff, rubber products, toys, computers, software, construction materials, automobile parts and bicycles over the next few years, Dung said.
Vietrade reported that Vietnamese exports to the US accounted for a mere 0.36 per cent of the world’s largest economy’s import value in 2003.
"Viet Nam’s exports to the US market hit US$5.2 billion last year, 20 per cent of the country’s total export value, but only 0.4 per cent of the US total annual import value," the report said.
Dung said almost all Vietnamese products can be shipped to the US, which receives annual imports worth around $1,230 billion.
He said in the past few years, trade relations between the two countries have advanced considerably, but the US market remained untapped for many Vietnamese businesses. There are many obstacles hindering the penetration of Vietnamese commodities into the US market, such as the US legal system and information on market demand, he added.
Viet Nam is one of the top countries exporting coffee, pepper, cashew nuts, and frozen shrimp to the US market.
Viet Nam News, April 8, 2005
