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UNITED STATES OPPOTURNITY FOR VIETNAMESE ENTERPRISES MR. TRAN DUY DONG DEPUTY DIRECTOR GENERAL OF THE AMERICAN MARKET DEPARTMENT MINISTRY OF INDUSTRY AND TRADE US GDP World: 74.899.882 ml USD US: 16.800.000 ml USD (22,4%) 2013 - World Bank Structure of GDP 2013 - CIA Factbook 19.50 % GDP 22.40% 1.10% 79.40 % 78.60% US Others Services Agriculture Industry LIST OF COUNTRIES BY IMPORTS Top 10 import countries in the world (Year 2013– Unit: Billion USD) Source: CIA FACTBOOK LIST OF COUNTRIES BY EXPORTS Top 10 import countries in the world (Year 2013– Unit: Billion USD) Source: CIA FACTBOOK Proportion of US total imports and Vietnamese major exports (Year 2013– Unit: Billion USD) Vietnam Total import Textiles 8,034 80,430 Footwear 2,901 24,624 Wood Products 2,627 47,555 Seafood 935 13,914 Coffee 662 6,063 Leather & handbag 737 12,695 Source: The United States International Trade Commission US IMPORT BY YEARS Source: The United States International Trade Commission VIETNAM – US TRADE RELATION 25,000.00 20,000.00 Vietnam Export 15,000.00 10,000.00 US Export 5,000.00 0.00 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Source: The United States International Trade Commission 2013 EXPORT STRUCTURE TO US Export to US in the first six months of 2014 Textiles Footwear Wood Products Electronic Components Seafood Machinery and Parts thereof Handbag, Suitcase, Hat & Umbrella Fruit & nut Metals and metal products Minerals Processed Food, Drinks Intrument & Optical Equipment Others Source: The United States International Trade Commission SOME KEY ISSUES IN VIETNAM – US TRADE RELATION • • • • • • • GSP TPP Anti-dumping and subsidies Regulation of non-market economy Rights of workers Child labor Intellectual Property TPP OPPORTUNITIES • • • • 12 TPP countries Vietnam – Japan FTA Vietnam – Chile FTA Vietnam, Brunei, Singapore, Malaysia are members of AFTA • FTA ASEAN – Australia – New Zealand • No FTA with the United States, Mexico, Canada and Peru • TPP has a significant impact on US- Vietnam trade relation OPPOTURNITY FOR U.S. MARKET BY TPP OPPOTURNITY FOR U.S. MARKET BY TPP TEXTILES • In 2013, 8 billion USD of textiles exported to U.S., accounted for 43% of the turnover. • Import tax 17.3 - 32% reduced to 0% • “Yarn Forward” rule: cotton - fiber - weaving - dyeing – finished textile products - tailoring - designing marketing – distributing OPPOTURNITY FOR U.S. MARKET BY TPP • Footwear (reaching 10.3 billion USD in 2013) in which the U.S.total turnover is 3.462 billion USD, accounted for 33.6%; tax rate reduced from 12% to 0%; main competitors in the United States: China and India which are not members of TPP. Need to increase the local content percentage. • Agricultural products (TPP will replace GSP) • The wave of new export investment to the United States KEY ISSUES • • • • • • • • Customs procedures (CBP) Tax (USITC) Establish or maintain relationships with distributors Labels Tariff quota (sugar product, meat) Foreign Corrupt Practices Act Verifying partners Attorney (Dun & Bradstreet www.dnb.com) KEY ISSUES (Technique Methods) - Food and Drug Administration - FDA: administrating therapeutic and aquatic products, etc. - Bureau of Alcohol, Tobacco, Firearms and Explosives - ATF: alcoholic beverages, tobacco, etc. - Department of Agriculture - USDA: fruit, meat, poultry and egg, etc. - Consumer Product Safety Commission - CPSC and Nationally Recognized Testing Laboratories - NRTL: toys, electronics, plastics, clothing (flammable fabrics), etc. - National Marine Fisheries Service (NMFS), Fish and Wildlife Service (FWS), Public Health Service (PHS), and Centers for Disease Control and Prevention (CDC): living animals, processed food, etc. Solutions to boost exporting to U.S. • Improving the competitiveness of key export commodities to the U.S. market such as apparel, footwear, wood product and seafood. Although these items have gained a foothold in U.S, they remains under intense pressure from competitors such as China, India, Brazil, Indonesia, Thailand. • Promoting exports to U.S. such as power cable, plastics, some Vietnamese tropical crops: dragon fruit, lychee, longan, pineapple, mangosteen ... • Amending legislation relating to import, export, investment, intellectual property in order to attract more foreign investment and trade facilitation. • Continuing to work with the relevant U.S. agencies for Vietnam’s GSP preferential tariff . Solutions to boost exporting to U.S. • Improving the managerial capacity of the state agencies in the field of commerce and that of the exporters. • Strategies to build the plants providing the materials for major industries such as textiles, footwear and wood products. • Training of skilled workers and the new production line to manufacture high-end products with higher added value to U.S. market. • Investing in infrastructure for production and goods circulation for export such as investing to build a deep water port for cargo handling and a new airport with greater scale... UNITED STATES OPPOTURNITY FOR VIETNAMESE ENTERPRISES Contact info: MR. TRAN DUY DONG DEPUTY DIRECTOR GENERAL OF THE AMERICAN MARKET DEPARTMENT MINISTRY OF INDUSTRY AND TRADE 54 Hai Ba Trung, Ha Noi Tel: 04-22205483; Mobile: 0975606868 E-mail: [email protected]