Experts gathered at a forum in Ho Chi Minh City on January 4 to seek ways for domestic firms to effectively exploit the US market as the two countries have upgraded their ties to a comprehensive strategic partnership.

Participants at the forum. (Photo: VNA)

According to Phan Thi My Yen, Director of the Centre for Vietnamese Trademark Research and Development under the Vietnam Union of Science and Technology Associations (VUSTA), US demand for Vietnamese farm produce is high, but the majority of the products are being sold in the market under foreign brands, which is a difficulty for both farm produce businesses and those involving in branding activities in Vietnam.

Yen said that the upgrade of the Vietnam-US relations has provided a good opportunity for Vietnamese firms to access the US market for higher export revenue and better reputation.

However, she said that to effectively exploit this market, Vietnamese agricultural and food businesses should pay greater attention to building their trademarks in a scientific manner, while systematically investing in their production to enhance the quality of their products, thus enhancing their reputation and competitiveness.

Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that the US is a large market and a target of many exporters, but entering this market is still a challenge for Vietnamese businesses.

He advised domestic firms to strengthen the application of science and technology in the processing stage.

Economist Dr. Le Dang Doanh stressed the need to design policies and solutions to exploit the US market, to which the door has opened wide. He recommended that domestic firms actively participate in trade promotion activities and fairs, while connecting with relevant agencies, building trust among US consumers, and optimising digital technology to seek partners.

The economist pointed out that US trade defence remedies, tariff barriers and competition from South American, Asian and African rivals have been among greatest difficulties for Vietnamese exporters in the US.

Huynh Minh Triet from the Trade Office of the US Consulate General in HCM City said that Vietnam and the US are heading together toward sustainable and balanced cooperation.

The US has encouraged Vietnamese firms to expand investment and business in many areas of the country from consumer goods, garment and textile, energy, bio-pharmaceuticals, automobiles, machinery and equipment, hotel and tourism.

The US is not only a "launching pad" for Vietnamese businesses to export to other American markets, but also a good production venue thanks to abundant material sources and abundant financial resources with various private investment funds that are ready to support foreign investors, he underlined.