The United States is the largest market for Vietnam’s exports in the first five months of this year, generating an export revenue of US$22.6 billion, up 28% year-on-year. Some exports with the highest growth are smart phones and parts, with 109.2%; electronics, computers and parts 58.4%; and textiles and garments 9.8%. (Photo: Saigon Times) Under the impact of the U.S.-China trade war, Chinese goods are subject to high U.S. tariffs, leaving room for enterprises from other countries, including Vietnam, to penetrate the U.S. market. At present, Chinese leather products, shoes and handbags are not yet put in the group of commodities subject to a 25% U.S. tariff. However, Diep Thanh Kiet, vice chairman of the Vietnam Leather, Shoe and Handbag Association (Lefaso), said many big international footwear companies have contacted Lefaso members for a shift of U.S.-bound orders from China. Vietnam currently exports US$4 billion worth of footwear to the U.S. after China, with … [Read more...] about Potential risks for exports to U.S.
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U.S. Federal Reserve Chairman Jerome Powell said Wednesday that crosscurrents such as trade tensions and concerns about global growth have been weighing on the U.S. economic activity and outlook. U.S. Federal Reserve Chairman Jerome Powell prepares to testify before the House Financial Services Committee on the state of the U.S. economy on July 10 - Source: Xinhua In his prepared remarks to lawmakers at the House Committee on Financial Services, where he testified on the Semiannual Monetary Policy Report, Powell said many participants of the Fed's Federal Open Market Committee (FOMC) "saw that the case for a somewhat more accommodative monetary policy had strengthened." Powell said Fed officials were mindful of ongoing crosscurrents from global growth and trade at the May FOMC meeting, adding that since then "these crosscurrents have re-emerged, creating greater uncertainty." "Apparent progress on trade turned to greater uncertainty, and our contacts in business and … [Read more...] about Fed”s Powell says trade tensions weigh on U.S. economy
While the visiting U.S. delegation was led by Assistant Secretary of State for Energy Resources Francis R. Fannon, the Vietnamese delegation was headed by Ministry of Industry and Trade (MOIT) Vice Minister Dang Hoang An. Assistant Secretary Fannon meets with Vice Minister Dang Hoang An The two delegations underscored their shared interest in deepening and expanding ongoing technical cooperation on energy between the United States and Vietnam and highlighted outcomes of the U.S.-Vietnam Energy Security Dialogues held in Hanoi, Vietnam on March 30, 2018, and Washington D.C. on April 12, 2019. Assistant Secretary Fannon and PetroVietnam Chairman Tran Sy Thanh toast to the first shipment of U.S. crude oil to Vietnam The United States and Vietnam had positive discussions on possible collaboration on activities under the Asia EDGE (Enhancing Development and Growth through Energy) initiative to support the implementation of sound electricity and natural gas … [Read more...] about Vietnam, U.S. expands energy cooperation
Rising labor costs in China are forcing U.S. apparel and accessories retailers, such as AnnTaylor Stores Corp. and Coach Inc., to consider relocating at least some of their production to countries with cheaper work forces. But doing so could risk increasing other expenses, such as shipping. … [Read more...] about U.S. apparel retailers turn their gaze beyond China
Illustration photo The U.S. Department of Agriculture reported that the country spent US$ 2.35 billion to import 1.04 million tons of avocados in 2018. Over 51% of U.S. households consume avocados and they spend US$ 24.5 per year. The Viet Nam Commercial Branch in San Francisco (the U.S.) said that avocados are consumed in big markets with high quantity and require high standards. Enterprises were asked to extremely attach importance to food hygiene as avocados are instant fruits. To enter the U.S., avocados must meet regulations on ripeness, color, and weight. Viet Nam has various types of avocados with year around harvesting cultivation. However, commercial value of Vietnamese avocados remains modest due to the lack of technological application and geographical indication trademarks, and fragmented production scale. By Kim Loan … [Read more...] about Avocados look to U.S. market