Monday, December 5 2016

VietNamNews

US import regulations reviewed

Update: April, 13/2016 - 09:00
Viet Nam is currently the United States' 13th largest exporter, selling primarily apparel, electronic machinery and spare parts, footwear and interior decor. — VNA/VNS Photo Tran Viet

HÀ NỘI Viet Nam News -— Opportunities to export to the US and the US requirements for imported food and pharmaceuticals were discussed during a seminar held in Hà Nội on Monday.

Việt Nam is currently the United States’ 13th largest exporter, selling primarily apparel, electronic machinery and spare parts, footwear and interior décor.

Agro-fisheries and food exporters, however, sustained negative growth last year due to a string of barriers set up by the US, deputy head of the Ministry of Industry and Trade’s Trade Promotion Agency Đỗ Kim Lang said.

According to the ministry, two-way trade between Việt Nam and the US soared from US$452 million in 1995 to $1.51 billion in 2002 when their bilateral free-trade agreement came into effect.

The figure hit $37.9 billion last year, during which Việt Nam rose to 19th place and was among the US’ leading trade partners.

US technical expert David Lennarz said US firms were interested in Việt Nam and were switching to Vietnamese partners from others in the region.

Vietnamese enterprises were, however, facing obstacles caused by the US’ technical barriers and strict food safety requirements.

Moreover, the US had also launched the Container Security Initiative and set requirements for food production, processing and warehousing, which were adding to export costs.

Besides this, the US trade laws were complicated and cumbersome.

Experts suggested Vietnamese firms thoroughly learn about their US partners and their business rules and practices before making any transactions.

The event was hosted by the ministry’s Trade Promotion Agency. — VNS

 

 

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