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| Workers in a wood factory (Photo: VNA) |
The Ministry of Industry and Trade (MoIT) has requested enterprises and business associations of key exports to continue providing detailed information and data to demonstrate the compliance of Vietnamese goods regarding origin rules and other requirements set by the US side for products produced in Vietnam, in a bid to support the Government and the negotiating team in ongoing bilateral trade talks.
According to the MoIT, the US is now a comprehensive strategic partner and one of Vietnam's largest export markets. Meanwhile, Vietnam ranks as the US's eighth-largest trading partner, and American consumers are familiar with and favour Vietnamese products for their their quality and affordability.
In fact, Vietnamese goods do not directly compete with US-made products and therefore do not undermine the interests of American producers and businesses. On the contrary, they enable US consumers to access quality products at affordable prices.
Moreover, Vietnam's key exports to the US generally comply with American technical standards, including product specifications and origin requirements. Vietnam also stands ready to clarify and address any concerns raised by US importers regarding goods produced in the country.
While the US is a large and important market with substantial scale and solid annual growth and remains a priority market that industry associations and businesses in Vietnam seek to maintain and expand, it is not the only market with potential advantages for Vietnamese goods. With 17 free trade agreements covering nearly 70 major economies, Vietnam enjoys broad opportunities for business cooperation with great countries and economies worldwide.
As Vietnam faces the possibility of the US's unreasonable reciprocal tariffs, the MoIT seeks to gather feedback and positions through letters and petitions from relevant ministries and sectors, as well as from industry associations and exporters in textiles, footwear, electronics, steel, aluminum, cashew nuts, and mechanical engineering.
Besides, the ministry has called for continued coordination with US business and investment partners to raise awareness, thereby garnering support from American consumers and policymakers for maintaining the normal flow of Vietnamese goods into the US market. Vietnam also urges the US to soon open its market to hi-tech American products exported to Vietnam and to consider recognising Vietnam as a market economy on a clear roadmap.
In the long term, the MoIT has also recommended businesses focus on accelerating restructuring efforts, particularly by greening and digitising their production, and driving growth through innovation, science, and technology. Enterprises have been urged to restructure their industries and markets by diversifying export markets, supply chains, and product portfolios to ensure sustainable development./.
