Vietnamese Businesses Urged to Bolster Capacity for US Market Access

The United States stands as one of Vietnam's largest and most crucial export markets, and to fully capitalize on growth opportunities, Vietnamese businesses are being urged to bolster their capacity in product quality, design, and supply chain management. Major US retail giant Target, for instance, is actively seeking Vietnamese suppliers for household goods, home textiles, children's products, and personal care and beauty items, placing a strong emphasis on companies capable of meeting stringent requirements. Experts underscore that converting these opportunities into tangible growth necessitates Vietnam's continued improvement of its investment climate, upgrading of logistics and energy infrastructure, acceleration of digital transformation, and development of a highly skilled workforce adept at meeting the demands of emerging technology sectors. In the agriculture, forestry, and fisheries sectors, the focus must extend beyond merely increasing export value. It requires a comprehensive restructuring towards modern, ecological, high-value-added, and sustainable development, as articulated by Standing Deputy Prime Minister Pham Gia Tuc. Vietnam is emerging as a market with significant potential for Argentine businesses, owing to its robust economic growth, extensive Free Trade Agreement (FTA) network, and increasingly vital role in regional supply chains. Concurrently, Vietnam is seeking to strengthen financial cooperation with Canada and attract more long-term capital to fuel its economic growth and sustainable development. In maritime logistics, Ho Chi Minh City aims to become a top-tier logistics and international transshipment hub in Asia by 2045. Meanwhile, Hai Phong city solidifies its position as a key marine economic hub, leveraging its strong shipbuilding capacity and high-quality maritime training system. Shrimp exports reached $478.5 million in August, a 4.2% increase year-on-year, bringing the eight-month total to $3.3 billion, up 12%. Conversely, the import value of meat and meat products hit $2.04 billion by mid-September. In the timber and forest products sector, Vietnam has established a relatively comprehensive supply chain, from forest plantations to manufacturing and logistics, creating approximately one million jobs. Furthermore, Vietnam's Halal certification authority is fostering direct cooperation with Malaysia's Department of Islamic Development (JAKIM) to facilitate entry into international Halal markets. In the aviation sector, Vietjet Air plans to introduce high-speed Wi-Fi on its flights through a partnership with Starlink. Vietnamese airlines, including Vietnam Airlines and Vietjet, have also engaged in meetings with Boeing. Vietnam is actively promoting corporate capacity enhancement and domestic infrastructure development to strengthen its access to the US market.