As a key export industry, textiles and garments need to pay attention to origin control to increase export opportunities and value to the US.
An important supply chain of US businesses
An amount of goods worth approximately $94 billion produced in Vietnam's territory was exported out of the border to the US market in the 10 months of 2022, up 21.7% over the same period in 2021. Last year, when the Covid-19 pandemic negatively impacted the global production and supply chain, two-way trade exceeded $111 billion.
The above figures are clear evidence that American businesses attach great importance to the "link" of supply in Vietnam. This has been emphasized by experts at the recent Vietnam - US Trade Forum with the theme "Change - Challenge - Adaptation".
Pamela Phan, Deputy Assistant to the US Secretary of Commerce, in charge of Asia, said that the pandemic period of the past two years has witnessed the supply chain being severely affected. However, Vietnam - US trade still grew above expectations, showing that the US has a great need for trade exchange with Vietnam.
“US importers always have a need to cooperate with Vietnam, but entering a new phase, it is necessary to take action to improve the capacity of each individual in that supply chain to ensure a strong and safe supply chain. , sustainability and transparency to move towards common goals”, emphasized Ms. Pamela Phan.
Having visited Vietnam for the second time during her tenure as Governor of Oregon, Ms. Kate Brown shared that many large US corporations such as Apple, Nike, Dell, Intel... have chosen Vietnam as an investment destination. supply chain development. The more American businesses bring capital to Vietnam, the more opportunities Vietnamese businesses have to participate more deeply in the global supply chain, thereby improving their level and adaptability.
More importantly, American businesses are constantly expanding the scope of their investments. When welcoming many FDI enterprises, Vietnam will become a major production center, creating a basis for receiving more new orders, attracting new capital flows from the US and many other markets.
Mrs. Kate Brown believes in the potential of two-way trade development in the coming period, especially in the field of agricultural products. “Oregon people are increasingly importing cashews, coffee, and seafood from Vietnam and it will increase even more when the Vietnamese agricultural industry moves to the next level with green, clean, safe and quality products for welcome export opportunities from the implementation of FTAs,” said the Governor of Oregon.
Adapting in the new collaborative space
According to Mr. Nguyen Hong Duong, Deputy Director of the European and American Markets Department (Ministry of Industry and Trade), Vietnam has had a clear and deep integration roadmap with major markets, especially the US. In the coming time, when the scale of two-way trade is expanding, the change requirements will be even greater for businesses.
In particular, the requirements of the links in the clean and stable supply chain, towards a more balanced approach, are highly valued by American partners during this period.
Ms. Susan Burns, US Consul General in Ho Chi Minh City, noted that Vietnam has become a key link in the supply chain, playing an important and essential role in the US economy, from manufacturing equipment to selling equipment. LEDs power devices such as phones, cars, solar panels, textiles, shoes, etc.
In return, in the commitment to bring emissions to zero by 2050, Vietnam can import many goods and services in the US energy sector. Currently, many US businesses want Vietnam to take advantage of US-class innovation and technology to accelerate the clean energy transition, thereby creating significant new opportunities for trade in the coming years.
In addition, some advantageous US production areas have room to export more to Vietnam, for example, the US cotton industry provides about 1.5 billion USD of cotton per year for the textile and garment industry. The reciprocal two-way trade will be a fundamental and sustainable foundation that the two sides need to focus on in the coming period.
The areas of increased imports from the US to achieve a balance of trade, in addition to cotton and fiber, also include animal feed, fruit, wood and wood products, plastics, computers and electronic components, and machinery. , device…
The biggest concern for some key export industries such as textiles, seafood or furniture is meeting new US regulations. For example, in the field of textiles, if export shipments do not strictly control the origin of cotton, they will be banned from import by the US side, the damage then is extremely large.
For seafood there are also many challenges. Mr. Nguyen Truong Huy Dat, Deputy Director of the Region 4 Agro-Forestry-Fisheries Quality Center (Agro-Forestry-Fisheries Quality Management Department, Ministry of Agriculture and Rural Development) cited, with catfish products. , the US has required Vietnam in 18 months to perfect the legal system on food hygiene and safety. Thus, businesses and farmers must also have a production transformation from the stage of breeding - farming - processing - export to meet the new standards.
The Hai
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