US considers Vietnam its potential market

The US Department of Commerce (DOC)’s 2011 National Export Strategy has added Vietnam to its list of “next tier” market.

Garment and textile are key export items to the US.

According to the strategy, the designated “next tier” markets of Colombia, Indonesia, Saudi Arabia, South Africa, Turkey, and Vietnam are a group of countries having high growth rates, favorable business climate, and opportunities for large incremental gains for US exporters.

These countries have significant populations and represent considerable markets for a wide range of products and services.

To tap these markets, the US will focus on enhanced export promotion, including trade missions and commercial advocacy activities; increased export financing; technical assistance; and market development to create optimal policies and regulations in the Next Tier markets to drive growth in key and emerging sectors, such as clean energy.

In addition, the US will try to reduce trade barriers for US businesses operating in these markets. According to the DOC, the country’s export revenues rose 17 percent against 2009 to reach US$1.84 trillion, the highest increase in 20 years.

Translated by VNA

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