The US could be a more promising market for Vietnamese firms if the TPP is implemented.
Vietnamese firms introduce their products
The issue was discussed at a conference about exports to North and South American markets in HCM City on November 17.
Under Trans-Pacific Partnership commitments, the US would remove 55.4% of agricultural tariff lines. Canada is committed to eliminating 94.9% of tariff lines and Mexico will remove 77.2% if the TPP takes effect. According to the Ministry of Industry and Trade, total trade turnover with the US reached USD36.3bn last year and there is a lot of room for Vietnamese enterprises to expand into the US market.
Le Ben, deputy director of Tri Tin Company, said they had been exporting sea grapes to the US for two years with good results. The company is preparing for business chances that will come from TPP.
Nguyen Duy Khien, director off the American Market Department, said key export industries of Vietnam such as textiles, shoes and coffee beans were not in direct competition with domestic products. Moreover, Vietnam has more advantages with TPP and free trade agreements as only a few countries exporting the same products have free trade agreements with the US, he said.
However, Khien also said Vietnamese firms should diversify their products to improve their competitiveness.
"Some firms can join the global supply chains of multinational corporations or become spare part suppliers for major companies. It's also a way to export," he said.
