As Vietnam’s largest export market, the US economy is recovering powerfully, leading to a climb in demand for goods including those imported from the Southeast Asian nation, as the two countries enjoy a heyday in bilateral trade and investment ties.
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Vietnam is the country famous for agricultural products, namely Phu Quoc for fish sauce, Buon Ma Thuot for coffee, Binh Thuan for dragon fruit, and Luc Ngan for lychees. Most of the agricultural brand names have collective characteristics as being originated from a particular geo-graphical location. From a legal perspective, most of these geographically-originated brand names have been registered in Vietnam in the form of geographical indication (GIs), collective trade-mark, or certification trademark.
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Vietnamese agricultural products have now been exported to nearly 200 countries and territories, with many items earning billions of dollars each year.
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Boasting huge production advantages and capitalising on good market opportunities, Vietnam’s furniture sector has stood firm amid COVID-19 and improved its position in the global market and especially in the US.
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On-spot exports are now not subject to duty exemption, possibly derailing the recovery of textile and footwear companies.
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The Covid-19 pandemic has changed the consumption habits of seafood products, disrupting the needs of consumer market segments. However, many Vietnamese seafood enterprises have been flexible in product and market strategies to turn challenges into opportunities.
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A global chip shortage is creating more pressure for manufacturers in Vietnam as they deal with slowed-down production for electronics and tech products, while local and overseas players are racing to prepare new premises for the production of much-needed supply.
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As the leading country in exporting agricultural, forestry and aquatic products, mainly exporting raw materials makes Vietnamese goods lose their advantages. Further promoting deep processing is an important solution to help the whole sector make a breakthrough.
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Talking to press agencies about the case of Mr. Ho Quang Cua wanting to sell the ownership of rice varieties ST24, ST25, Deputy Minister of Agriculture and Rural Development Phung Duc Tien affirmed that MARD is planning to use the funds in the seed development program 2021 - 2025 for acquisition.
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German businesses are optimistic about Vietnam's economic outlook in the medium term and look forward to a year of recovery in 2021/2022, according to AHK World Business Outlook 2021 by GIC/AHK.
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