US to help Vietnamese businesses trade globally

The U.S. will help smaller Vietnamese businesses join global markets, said a U.S. trade official who already views the Southeast Asian nation as an integral part of his country’s supply chain.

U.S. Consulate General economic section chief Alexander Tatsis told a forum in HCMC Thursday that Vietnam continues to play an increasingly important role in international commerce by supplying the U.S. with a spectrum of valuable products, from semiconductors used to manufacture smartphones and cars, to solar panels bolstering the clean energy revolution.

At the same time, Vietnam imports computers, wood, cotton, and animal feed from the U.S., he said.

Over the first 11 months of 2022, the U.S. was Vietnam's largest export market, with an estimated turnover of %101.5 billion, up 18% year-on-year, according to the General Statistics Office.

This two-way trade helps Vietnam develop its domestic economy while bolstering exports to markets worldwide, said Tatsis, noting that the U.S. wants to invest in assisting Vietnam to strengthen its long-term presence in the global supply chain.

He added that improving the adaptability of supply chains is a top priority of the Biden-Harris Administration.

The U.S. will facilitate trade and support the enhancement of the competitiveness of the private sector in Vietnam, especially among small and medium enterprises, he said.

U.S. agencies will also help Vietnam's small and medium enterprises improve production capacity, access to financial resources, and digital transitioning.

Tatsis said these efforts would help businesses better participate in the global supply chain for the mutual benefit of the two countries.

Over the last several years, Vietnam has been one of the biggest beneficiaries of the supply chain shift away from China. But this shift has also put pressure on Vietnam's infrastructure and customs operations.

To remedy this, the USAID Trade Facilitation Program, a $21-million five-year project, is working with Vietnam Customs to adjust border clearance procedures and reduce congestion at major ports, including Cat Lai Port in Ho Chi Minh City, the largest container shipping hub in Vietnam.

Source: https://e.vnexpress.net/news/economy/us-to-help-vietnamese-businesses-trade-globally-4546284.html