At the event, Vietnamese and U.S. businesses discussed and learnt about market demands and how to deal with procedures related to importing Vietnamese products into the U.S. This was also a good chance for businesses of the two countries to seek new cooperation channels on agriculture and farm produce imports and exports.

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At the event (Photo: VUFO)

Actually, agriculture is the field that both Vietnam and the U.S. have potential, strengths, and needs to enhance cooperation.

According to the Department of Agricultural Product Processing and Market Development under the Vietnamese Ministry of Agriculture and Rural Development, the export revenue of Vietnamese farm produce to the U.S. is increasing sharply. In the first quarter of this year, Vietnam achieved USD 2.04 billion in export revenue of agricultural produce to the U.S., up 57.3 percent year on year and accounting for 33.05 percent of the market share in the value of export revenue of agro-forestry-fishery products. Notably, the U.S. surpassed China to become the largest customer of Vietnamese farm produce.

Meanwhile, information from the U.S. Department of Agriculture showed that Vietnam was the seventh largest agriculture market of the U.S. with a total value of USD 3.3 billion in 2020. The U.S. is the second largest supplier of farm produce for Vietnam, after China. U.S.’s key exports to Vietnam are soybeans, wheat, cereals, nuts, dairy products and cotton.

Alongside economic purposes, the webinar also targeted to boost people-to-people exchange between the two nations, contributing to strengthening Vietnam-U.S. comprehensive partnership in a more substantive and intensive manner and towards a new level.

Source: PANO/dangcongsan

Translated by Mai Huong