Challenges abound for exports to U.S. By Thuy Dung - The Saigon Times Daily HCMC – Two-way trade between Vietnam and the U.S. has recorded impressive growth since their Bilateral Trade Agreement (BTA) became effective in December 2001, but local exporters will face challenges ahead to compete in the U.S. market. The export turnover of Vietnam to the U.S. has recorded an average annual growth of 20% over the past 10 years, said Dao Tran Nhan, minister resident in charge of trade affairs at the Vietnamese Commercial Section in the U.S. He was speaking to the Daily at the Commercial Counselor Conference 2011 held by the Ministry of Trade and Industry on Wednesday in Hanoi. Last year, the country’s export turnover to the U.S. amounted to US$14.8 billion, or a 14-fold rise against 2001. Meanwhile, export turnover of the U.S. to Vietnam also surged 8-fold, Nhan said. However, he stressed Vietnamese enterprises would face multiple barriers when exporting to the U.S. The … [Read more...] about Challenges abound for exports to U.S.
U s export restrictions
Vietnamese textile exporters to the U.S. will enjoy much lower fees in obtaining export quotas as of Jan. 1, 2005, according to a new scheme by the Trade Ministry. The ministry, which is authorized to grant export quotas to businesses for a fee, announced the new fee scheme on quota exports to the U.S. Dec. 30. It will abolish fees on all but nine of 25 cats of Vietnamese garments subject to U.S. quota restrictions. The new fee scheme is three times lower than that of last year, said garment exporters. … [Read more...] about Vietnam lowers quota fees on garment exports to U.S.
Ho Chi Minh City's U.S. Consul General Seth D. Winnick talked about the new direct air flights between the two countries and their trade prospects. What do you think about the launch of direct flights from Vietnam to San Francisco? Ho Chi Minh City's U.S. Consul General Seth D. Winnick … [Read more...] about Vietnam-U.S. trade is “blooming”: US Consul General
The U.S. House of Representatives on Thursday reversed course, approving "fast-track" legislation central to President Barack Obama's trade deal with Pacific Rim nations and sending it back to the Senate. The close vote in the House, which last week rejected a related bill, kept alive Obama's goal of bolstering U.S. ties with Asia through a 12-nation Trans-Pacific Partnership (TPP), the economic element of a foreign policy shift aimed in part at countering the rising influence of China. The House voted 218-208 to give Obama the fast-track authority to speed trade deals, including the TPP, to conclusion with reduced interference from Congress. The TPP would encompass 40 percent of the global economy and is close to completion. But the outlook in the Senate for fast-track, seen by Japan as crucial to sealing the deal on TPP, was uncertain. Senate aides said support among Democrats hinged on another trade issue, the Export-Import Bank, which may have to close at month's end. The House's … [Read more...] about Obama’s Pacific trade pact revived in U.S. House, heads to Senate
The European Union, the United States and Japan on Wednesday requested a dispute settlement panel at the World Trade Organization (WTO) after failing to resolve a battle over China's export restrictions on rare earth minerals. The move followed a complaint the three trade powers took to the WTO in March, the first they have launched jointly, and comes amid a series of clashes with China over economic issues, including the value of the Chinese currency. "China's restrictions on rare earths and other products are violating its WTO commitments and continue to significantly distort global markets to the disadvantage of our companies," EU Trade Commissioner Karel De Gucht said in a statement. "We regret that we are left with no other choice but to solve this through litigation." After the March complaint, the parties talked in April to try to find a solution. But De Gucht said the Chinese response had not been adequate. "We had consultations with them, they didn't lead us anywhere," … [Read more...] about EU, U.S., Japan seek further WTO steps over China rare earths