The US has identified Vietnam as one of its priority “Next Tier” markets in the next five years, said the US Department of Commerce in its recently-released National Export Strategy.
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, 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 seek ways to reduce trade barriers on US businesses in these markets.
According to the DOC statistics, US exports of goods and services totalled 1.84 trillion USD in 2010, an increase of nearly 17 percent over 2009 level, and a record high in the recent 20 years./.