Nghe An businesses seek to 'conquer' the US market
The United States is an important export market for Nghe An province. Despite the geographical distance, export turnover to the United States has been growing steadily every year. However, along with opportunities, there are also more challenges, requiring businesses to plan with many different options to continue trading effectively in this "difficult" market.
Nghe An's 4th largest export market
Currently, the United States is the province's fourth largest export market (after China, Hong Kong, and South Korea). In 2024, Nghe An - US export turnover will reach 256.8 million USD, accounting for 8.6% of the province's total export turnover. Of which, cement is 77.4 million USD; textiles and garments are 59 million USD; shoes and sandals of all kinds are 35.4 million USD; steel and iron of all kinds are 20.37 million USD;...
The current need for connection with the United States focuses on the province's strengths such as: agricultural and aquatic products, various types of stones, plastic beads, construction materials, electronic equipment and components, etc.
Mr. Nguyen Quoc Hung - Assistant General Director of Vilaconic Joint Stock Company said: In 2024, the company will export more than 2,000 tons of rice to the US market. In 2025, we have just signed a contract to distribute 50 tons of ST25 rice under the Vilaconic brand. The Vietnam Trade Office in Houston, Texas is currently supporting the connection with the company, expecting more orders in the near future. Currently, Vilaconic has a distribution channel agent in Texas. In the near future, we will also expand our business in California, New York...
Although the cooperation and export development between the United States and Nghe An in recent times has achieved many remarkable results, however, there are still many difficulties and obstacles arising from many objective and subjective reasons. Due to the geographical location and high logistics costs, the competitiveness of Nghe An enterprises in the US is limited.
The US is considered one of the most demanding markets in the world. Businesses have to face trade barriers, technical barriers, food safety and hygiene standards, etc. Meanwhile, Nghe An province has many small businesses that do not have many skills to do business with demanding markets, so it is difficult to access this market.
Currently, the US has not recognized Vietnam as a market economy, so the application of trade policies to Vietnam is somewhat limited, and businesses have not enjoyed special preferential taxes when exporting to the US. In the context of the US continuing to have many changes in trade policy with partner countries, trade defense measures are increasingly applied, accessing and grasping market information is extremely necessary.
The Head of the Vietnam Trade Office in the United States recommends: Currently, trade defense measures from the United States, requirements to comply with ESG standards (an assessment framework to measure sustainability and responsibility towards the environment and society of businesses) and increasingly fierce competition from rivals such as China, Bangladesh and India require businesses to make large investments in technology and innovation.
To maintain competitive advantage, businesses need to pay close attention to the origin and input materials for production. It is possible to consider importing raw materials and accessories from the United States, thereby balancing the trade balance. In addition, it is also necessary to continue to improve technology, improve product quality, reduce product costs, etc.
Strengthening connections, opening up trade opportunities
Recently, the Department of Industry and Trade organized an online seminar with the topic "Information on the US market, economic and trade development trends in 2025 - US". Here, Nghe An import-export enterprises, the Trade Office, the Consulate General of Vietnam in Houston, Texas (USA) together with overseas Vietnamese, experts and businesses in the United States, exchanged the latest information on the US market after the election.
The event attracted over 120 delegates, including representatives of leaders and officials: Consulate General of Vietnam in Houston, Association of Overseas Vietnamese Entrepreneurs (BAOOV), Consulate General of the United States in Ho Chi Minh City; Association of Mechanical and Electrical Enterprises of Ho Chi Minh City (HAMEE), Vietnam Federation of Commerce and Industry - VCCI, Department of Industry and Trade of Nghe An, VASEP, large corporations and groups such as Thaco, Hapro, Habeco, economic - Trade and Investment experts and leaders of many overseas Vietnamese enterprises doing business in the United States, Vietnamese enterprises and state agencies.
The conference was attended by representatives of the Consulate General, Trade Office in Houston, Texas, USA and market experts sharing information about the US market, economic and trade development trends in 2025.
Updated information on the US market, including new economic, trade and investment policies issued since President Trump returned to the White House. The Vietnamese Government's orientation and the Ministry of Industry and Trade's solutions to support businesses in sustainable development, helping businesses adapt to stable production and import and export in the current situation. Some analysis of the impacts and influences of new policies, including increased taxes on many imported goods, many foreign sources of supply subject to higher import taxes. Some direct impacts on consumers in the United States.
The trade branch also recommends that businesses need to be calm, study more carefully about market trends and needs to find suitable solutions for production and business, adapting to the new situation. Businesses approaching and expanding business in large markets such as the United States should use the opinions and services of professional, experienced, licensed and specialized organizations and consultants to avoid potential risks in import-export and investment business; especially when the market has big fluctuations like today.
The US Trade Offices will always be a reliable contact, accompanying businesses in connecting the needs of Vietnamese businesses with thousands of organizations such as Associations, specialized Chambers of Commerce and Industry, and large businesses in all 50 US states.
The speakers attending the event presented, updated and analyzed the market in depth from the practical perspective of Associations and business owners. Many opinions from scholars and experts with experience in the US market were highly appreciated.
On that basis, many agencies and businesses have raised questions, expressed their desire to connect with the market and immediately received appropriate answers. Some scholars and experts have made assessments on the impact on Vietnamese businesses when US tax policies change; suggesting to the Associations to have more information to serve market analysis activities to better support businesses.
Mr. Le Duc Anh - Deputy Director of Nghe An Department of Industry and Trade and import-export enterprises of the province expressed their desire to find more opportunities for businesses to connect with US partners through Trade Offices, overseas Vietnamese entrepreneurs and businesses in the US; Organize delegations for businesses to the US to promote trade and investment, to expand relations and find partners. At the same time, update market information through online meetings with higher frequency.