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
Local exporters to the American market should heed some new safety regulations on children's products provided in the U.S. consumer protection law, U.S. experts have warned. Speaking at an international conference in HCMC on Wednesday, they said the rules would take effect next year. The consumer protection law was passed in 2008 after a string of recalls of unsafe Chinese products for children. While some regulations in this law took immediate effect, others will come into force in 2011. Due to public concerns caused by the recalls, the law focuses on children's products, especially sleepwear and apparels with drawstrings, thus impacting on all firms exporting to or producing in the U.S. … [Read more...] about Local firms warned of new U.S. safety rules on children’s goods
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
During his four-day working visit to Vietnam, Senator Max Baucus will focus on solving remaining taxation issues, proposing signing a general preferential tariff system with Vietnam, recommendation on policies on enforcements of laws on labor and intellectual property rights. Senator Max Baucus has tapped this chance to urge Hanoi to lift restrictions on U.S. beef imports from cattle under 30 months old. Max Baucus also told a press briefing in Hanoi, proposing that exports-driven economies including Vietnam switch from exports-based policies to stimulate domestic production and demand. "We also have to address the large imbalance of trade between the United States and Vietnam," Max Baucus said. Prime Minister Nguyen Tan Dung has proposed Max Baucus encourage the U.S. Congress to ease review mechanism of Vietnamese apparels, remove discrimination against tra and basa catfish and soon grant Generalized Systems of Preferences to Vietnam. Mr Dung also wished that newly-elected U.S. … [Read more...] about Vietnam, U.S. Leaders Focusing on Lifting Barriers to Boost Bilateral Trade
The lawmakers approved to scrap the inspection program, which critics have argued is wasteful and unnecessary, in a 55-43 vote. If the House of Representatives agrees and Obama signs on, catfish will likely return to the U.S. Food and Drug Administration (FDA), where only 1 to 2 percent of seafood imports are inspected due to budget restrictions. Critics argued that the USDA, which took over safety oversight of catfish from the FDA under the 2008 Farm Bill, is duplicating work already done by the FDA. However, the USDA delayed putting the program into place for several years so the inspections did not start until April this year. Inspections conducted by the USDA are projected to cost $14 million annually, while the FDA spends less than $700,000 per year to inspect catfish. The USDA is reported to have already spent $20 million on the program's development since the 2008 Farm Bill became law. The vote followed President Barack Obama’s three-day visit to Vietnam, a major … [Read more...] about Good news for Vietnamese catfish farmers as U.S. Senate votes to end inspections
U.S. Defense Secretary Ash Carter and Japanese Minister of Defense Gen Nakatani signed the Reciprocal Defense Procurement Memorandum of Understanding during a meeting Saturday on the sidelines of the Shangri-La Dialogue (SLD) gathering in Singapore. Japanese Prime Minister Shinzo Abe in 2014 lifted a decades-old ban on arms exports. While Japanese off-the-shelf components have been used in defense equipment for years, the removal of the arms export ban meant companies could for the first time supply parts designed specifically for military projects. It has also opened the way for U.S. defense contractors such as Lockheed Martin Corp, Raytheon Co to directly tap Japanese technology companies as suppliers. When procuring military equipment, the United States typically restricts the use of materials from overseas, such as titanium and other metals, imposes a "Buy American" policy and adds tariffs and other duties on foreign parts. The new agreement applies a blanket waiver to those … [Read more...] about U.S. agrees to waive restrictions on Japanese military component imports
Being impacted by the global crisis, U.S. consumers are tightening their belts, therefore Vietnamese seafood, agro-forestry products shipments have teeth and Vietnamese exporters should tap the chances, Le Quoc Hung, head of the Vietnamese general consul in San Francisco has said. “Goods are affordable but not low-quality,” the Vietnamese envoy told the Dau Tu newspaper. Restricted market shares of Vietnamese farm produces in the U.S. are attributed to failures of those goods to meet strict standards of the foreign market, the envoy said. Vietnamese exporters should focus on expanding cooperation ties with U.S. distributors for sales and diplomatic agencies are ready to help, he added. In the first ten months this year, Vietnam’s exports to the U.S. expanded at fastest pace among major economies in East Asia, outperforming rivals such as China. In Jan-Oct, Vietnam shipped US$10.53 billion worth of goods, up 21.3 per cent on year and equaling to the … [Read more...] about Vietnam Envoy: Vietnam Seafood, Farm Produces Have Teeth in U.S. Market