The seminar was jointly organized by the Viet Nam Chamber of Commerce and Industry (VCCI), in coordination with WBS and Citizen Pathway. Speakers at the event focused on changes in the trade environment, legal requirements and issues businesses need to consider when accessing the U.S. market.
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The seminar in Hanoi on September 25 |
They noted that businesses should move beyond export activities by strengthening governance capacity, building partnerships and gaining a deeper understanding of the U.S. market.
In his opening remarks, VCCI Vice Chairman Hoang Quang Phong said the U.S. is a large market with stringent requirements for standards, legal compliance and corporate governance.
To operate efficiently in the market, businesses need to proactively update themselves on policies, learn local regulations and strengthen risk management in trade transactions, he recommended.
Besides exports, businesses could pursue longer-term development strategies such as building brands, expanding partner networks, increasing product value and participating more deeply in supply chains in the U.S., Phong added.
At a session on the trade environment, Tran Thanh Hai, Deputy Director General of the Agency for Foreign Trade under the Ministry of Industry and Trade (MoIT), discussed Viet Nam–U.S. economic and trade relations, cooperation opportunities and prospects for expanding investment and business activities.
An The Dung, former Trade Counselor in the U.K. and the U.S. and former Director and Chief of the Office of the National Committee for International Economic Cooperation under the MoIT, analyzed changes in Viet Nam–U.S. relations since the two countries upgraded their ties to a Comprehensive Strategic Partnership.
The elevation has created additional conditions for economic cooperation, but businesses also need to gear up themselves to meet market and partner requirements, he said.
Legal risks in trade were another topic discussed at the event. Lawyer Tran Quoc Bao, Managing Partner of Pantheon Law, highlighted several legal provisions and issues businesses should consider when dealing with U.S. partners, including contract review and risk identification during transactions.
The seminar also covered approaches to market entry and distribution expansion. Hoang Diep Truc, CEO of Citizen Pathway Investment Co., Ltd., shared experience in seeking partners, building networks and developing business activities in the U.S.
At a panel discussion themed “Viet Nam–U.S. trade in a new context,” speakers and VCCI representatives discussed challenges businesses may face in entering the market, ranging from legal and product-standard requirements to partner selection and distribution channels.
According to VCCI, updating themselves on market information, trade policies and relevant regulations will provide businesses with a stronger basis for developing plans for the U.S. market.
The chamber said it will continue organizing business networking and information-sharing activities to support companies in exploring and expanding international markets.
Source: VNA