June 20, 2022 | 19:05 GMT+7

Trade between Vietnam and Americas short of potential

Vũ Khuê -

Though the Americas is one of Vietnam’s most important markets, trade can sometimes be problematic.

Photo: Illustration
Photo: Illustration

Despite the positive developments in trade relations between Vietnam and countries in the Americas, there remain challenges that hinder two-way trade from truly breaking through, according to the Ministry of Industry and Trade.

Exports of Vietnamese products with added value and high technology content to the market are still quite low.

Vietnamese enterprises continue to face difficulties in accessing distribution networks in host countries because of issues surrounding quality standards. They also increasingly face challenges in anti-dumping and origin of goods.

Moreover, the sheer geographical distance greatly affects transportation costs and time, limits the export of agricultural products, and eats into price competitiveness.

Meanwhile, the global economic situation is volatile, inflation affects consumer spending in many countries, and rising production, energy, and logistics costs also reduce Vietnam’s competitiveness.

To overcome such challenges, the Ministry has suggested solutions in promoting free trade agreements, perfecting and enhancing cooperative frameworks, increasing information provision, boosting opportunities for businesses in the Americas, and researching the market in terms of demand, laws, and policies.

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