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In 2023, most of the province's key export products decreased over the same period. With determination to recover the market, businesses are focusing on improving productivity and quality of export products to meet the requirements of customers in the United States (US) with the highest rate of the province’s export market.

Identifying opportunities

Talking to us, Mai Huu Tin, Chairman of provincial Business Federation said that Vietnam and the US upgrading bilateral relations to the level of comprehensive strategic partnership in September 2023 is extremely meaningful and important, creating a solid foundation, helping cooperation between the two countries go deeper and more substantive. Particularly, trade and investment sector has continued playing a driving role.

Preparing goods for export at Danh Tung Production, Trading and Service Company in Thuan An city

The US continues being the number 1 importer of Vietnam, especially for export goods such as footwear, textiles, furniture, computers, components, electronics, seafood…that are Vietnam’s advantages. It is expected to ensure stable growth in this market. Binh Duong businesses need to clearly know the local advantages to seize opportunities and increase exports to the US market.

Danny Vo, Vice President of the Business Association of Overseas Vietnamese (BAOOV) said that Vietnamese products are increasingly penetrating into the international market and export capacity is being improved. Especially, Vietnamese products are increasingly trusted by the world’s consumers. Particularly, the United States is a market with very large consumption power. In the coming time, ministries, sectors and associations need to support businesses with market information, trade policies, solutions, investment development trends of the US as well as sharing experience in developing export markets, thereby helping businesses be proactive to set up their business plans that are appropriate and effective in the long term.

“To promote exports, businesses need to actively participate in trade promotion programs, exhibitions, connecting with relevant agencies, creating reputation and building trust with US customers while applying the digital economy, directly connecting with US businesses and partners via the value chain, improving reliability, cooperating effectively. Particularly, it is necessary to take advantage of Vietnamese businesses in the US to introduce goods", said Mr. Danny Vo.

Potential market

Forecasting the market situation as well as export prospects to the US market in 2024, Phan Thi Thanh Xuan, Vice President of the Vietnam Leather, Footwear and Handbag Association (LEFASO) said: "The US continues to be the potential and traditional market of Vietnam's leather and footwear industry, accounting for a large proportion of total export turnover. Market signals show that footwear orders will return, especially in the months coinciding with holidays in the US. Statistics show that inventory in the US has decreased, creating conditions for distribution chains to add new orders".

Nguyen Thanh Danh, Director of Danh Tung Production, Trading and Services Company in Thuan An city said that by 2023, the US market will decrease by about 90% of customers, but the company will still try to retain 10% of remaining customers with hope to prosper in 2024. Since late October 2023, the company has quoted prices and made samples for US partners. It is expected that in 2024, the US market will prosper again and the company plans to increase its capacity by 30%.

Phan Thi Khanh Duyen, Deputy Director of provincial Department of Industry and Trade (DoIT) said that in order to promote exports and find new markets for businesses, provincial DoIT has advised the province on some solutions. First of all, the province should coordinate with the Ministry of Industry and Trade and Overseas Trade Counselors to implement many trade promotion programs, thereby supporting trade connection, expanding markets, signing new export orders, promoting domestic consumption to reduce inventory for businesses. Businesses also need to actively and proactively participate in trade promotion programs of the province and the Ministry of Industry and Trade while promoting investment and product diversification.

Reported by Tieu My-Translated by Kim Tin