Seminar seeks ways to support Vietnamese suppliers engaging in the US value chain

The Ministry of Industry and Trade (MoIT) commenced a seminar in Ho Chi Minh City on July 31 under the theme ‘Developing Vietnamese suppliers to engage intensively in the US value chain’.

The event gathered representatives from the American Chamber of Commerce in Vietnam (AmCham) and major US corporations and companies, such as Deloitte, UPS, and Target Sourcing, as well as major associations of Vietnam, namely Vietnam Textile and Apparel Association - VITAS, Binh Duong Timber Association - BIFA, Vietnam Association of Seafood Exporters and Producers - VASEP, and Vietnam E-commerce Association – VECOM.

It also drew the participation of economic experts and import and export enterprises of Vietnam and the US.

This is the first in a series of three seminars being hosted by the MoIT in 2024 to collect information from the business community, update the Vietnam - US bilateral trade situation, assess policy and market trends of the US in the coming time, and recommend solutions for Vietnamese agencies and policy-makers.

Delegates at the event discussed ways for Vietnamese enterprises to boost exports and better engage in the US value chain, such as actively participating in trade promotion events, advertising Vietnamese products through US media, and expanding distribution channels in the US.

According to the General Department of Vietnam Customs, in the first half of 2024, the total two-way trade between Vietnam and the US reached about 62.2 billion USD (up 21.4% year-on-year).

Of which, Vietnam’s exports to the US reached 54.3 billion USD, accounting for 28.6% of the country's total export turnover and increasing by 24.1% over the same period last year.

Source: Nhan Dan News