Vietnam-US trade turnover reached US$18 billion in the first three quarters of 2012, representing a year-on-year increase of 13.22 percent, according to the Ministry of Industry and Trade (MoIT).
The MoIT says Vietnam’s exports to the US earned US$14.32 billion in the past nine months, up 14.83 percent over the same period last year.
With its export surplus estimated at US$10.75 billion from the US market, Vietnam’s total export turnover is likely to rise to US$20 billion by the end of this year.
Key export items include garment and textiles, footwear, seafood, and timber products.
The Vietnam Association of Seafood Exporters and Producers (VASEP) says tra fish export to the US made up 22 percent of its total earnings in the first eight months of this year.
The says that the association’s early target for US$20 billion in export revenue is within reach, given the promising signs of national economy recovery. In the remaining months of this year, the consumer purchasing power will increase thanks to major festivals.
The MoIT also warns that the US Food and Drug Administration (FDA) has been putting into effect a number of regulations of the Food Safety Modernization Act (FSMA) relating to Vietnam’s food exports.
As of October 1, 2012, all food producers from Vietnamese and other countries have to register for new trading code (two-year validity) from the FDA. As of January 1, 2013, the FDA will inspect all food items imported into the US to see if there are any products coming from unregistered foreign businesses.
Therefore, local businesses should get updated on the US market, regulations and strictly follow them.
(VOV)
