VIETRADE - After the US – Vietnam Bilateral Trade Agreement has been signed and come into force, Vietnam exports to America have grown rapidly. According to the US Statistics Office, Vietnam exports valued at 821.3 million USD in 2000, shot up to 12.901 billion USD in 2008. Though the year 2009 saw big impact of the global economic crisis, Vietnam exports still maintained at 12.290 billion USD, the slightest slip compared to those of other exporters to America.
The US is the largest goods exchange market in the world. In recent years, its export value came to about 1,300 billion USD while its import value hit 2,400 billion, roughly equaling those of the 27 member countries of EU taken together. On account of its size, the American market exhibits 2 typical features. Firstly, any minor eventor mishap will immediately affect world markets-secondly the most ruthless competition occurs among foreign competitors as well as among foreign and domestic competitors. Competition for market share occurs every day, every hour, very fiercely.
By late access to American market, Vietnamese enterprises have been facing unfair challenges. Staking against nearly 200 business counterparts of various sizes to the US, Vietnam remain sthe tardiest entrant, hence Vietnamese enterprises have experienced rough sailing at first, the most trying task being how to conquer the market. It started at the beginning of the 90s of the previous century, after the US. proclamation of diplomatic relations normalization with Vietnam (July 11, 2005). The US presents vast geographical territory, variance in custom, business practice, management practices in different states, stringent import-export control, changing regional customer tastes. Everything is uncharted land to Vietnamese exporters who have first set foot on the American market in the way of discovery exploration. By determination, perseverance, good will, modesty and sincerity, Vietnamese enterprises have increasingly won the hearts of American counterparts and consumers. From a cipher in American business statistics interiorly, to a modest, tiny figure of a few hundred million dollars export worth, Vietnam has ushered it self into US market. As of July 13, 2000, the US-Vietnam trade agreement was signed in Washington DC by representatives of both countries, ushering a new era, a strategic turning point in bilateral business relations.
Vietnamese and American enterprises have long anticipated this event; they seized the opportunity to take action doing negotiations and transactions. Vietnam’s 2001export value at 1 billion USD plus jumped dramatically by more than 2-fold, reaching a new high of 12.901 billion in 2008. In 2009, the global financial crisis hit hard, depressing trade all over the world as well as in American market. Prime exporters to the US such as Germany, Japan, Canada, Italy suffered from 25-30% contraction. Living by the motto “strive to withhold the customer base at any price”, Vietnamese enterprises once again have proven their determination to rise. Their total export earning from America reached almost 12.290 billion USD, a little less than that of 2008, however, in overall consideration, Vietnam scored the least depression among exporting countries and territories to America.
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