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General Secretary and President To Lam's working visit to the United States coincides with the one-year anniversary of the establishment of the Comprehensive Strategic Partnership between the two countries.

This is also a significant opportunity for both sides to review the achievements brought about by the new framework, as well as discuss major orientations and measures to maintain the positive, stable, and substantive development momentum of the bilateral relationship in the coming years.

On the morning of September 21, General Secretary and President To Lam, his wife and the high-ranking Vietnamese delegation left Hanoi to attend the Summit of the Future.

Strengthening bilateral trade between Vietnam and the United States

Over the years, the United States has been one of Vietnam's largest foreign investors, with nearly 1,150 active projects and a total registered capital of over US$10.3 billion, ranking 11th among 141 economies investing in Vietnam. Notably, the Ministry of Industry and Trade has always considered cooperation among ministries, agencies, and state governments as a key focus in promoting comprehensive cooperation between Vietnam and the United States, contributing to the realization of the high-level leaders' goals and commitments.

Furthermore, the increasing cooperation and connectivity at the state level, such as with Oregon, West Virginia, Maryland, Virginia, and California, has helped establish comprehensive cooperation frameworks, facilitating trade and investment activities in the fields of import-export, commerce, industry, and energy. Additionally, there has been a strengthening of information sharing on potential business opportunities and support for projects and activities of enterprises from both countries.

According to the General Statistics Office, bilateral trade between Vietnam and the United States reached US$87.7 billion in the first eight months of 2024, with strong growth in both exports and imports.

In particular, over the past 8 months, the US has been Vietnam's largest export market with an estimated value of US$77.9 billion. Imports from the US reached US$9.8 billion, up 6.9%. The trade surplus with the US is estimated at US$68.1 billion, a 28.6% increase compared to the same period last year.

Key export items to the US include computers, electronics and components, machinery, equipment, tools, spare parts, textiles, footwear, and agricultural products. Meanwhile, Vietnam also imports a large amount of technology equipment, raw materials, and agricultural products from the US, contributing to the country's industrialization process, and enhancing its domestic production capacity.

According to the Vietnam Trade Office in the US, several factors have contributed to the sustained growth of bilateral trade, even amidst global uncertainties. The bilateral relationship has been steadily strengthening. In 2013, the two countries established a Comprehensive Partnership, and in 2023, this was elevated to a Comprehensive Strategic Partnership.

Moreover, Vietnamese goods have become increasingly popular in the US market due to their improving quality, keeping pace with trends, and competitive pricing. Additionally, changes in supply chains and a wave of investment shifts have bolstered the production capacity of Vietnamese businesses. This has created opportunities and room for Vietnamese goods to increase exports to the global market, particularly the US.

Promoting exports

In recent years, Vietnam has been transforming into a global manufacturing hub. Vietnamese businesses have produced a wide range of products, offering competitive prices and improving quality. However, exports to the US market face challenges due to trade defense measures. To mitigate the risk of investigations and the imposition of trade remedies, Vietnamese enterprises need to enhance their understanding of trade defense regulations, create added value in their products, and maintain detailed export records to cooperate with investigating authorities in case of disputes.

To promote Vietnam's exports to the US, government agencies and businesses need to collaborate on a series of effective measures. First, government agencies should develop and implement clear and practical export support policies, providing tax incentives, information, and legal support to businesses, as well as simplifying export-related administrative procedures.

Furthermore, improving the capacity and quality of logistics infrastructure is crucial to reducing costs and transportation time, thereby enhancing the competitiveness of Vietnamese goods in the US market.

Economy - trade - investment continues to be an important driving force for relations between Vietnam and the United States.

When exporting to the US, businesses need to clearly define their product strategy, partners, and distribution channels, thoroughly understand export regulations, barriers, and the potential for trade remedy cases. Moreover, they should ensure that raw materials have clear origins, do not harm the environment or involve forced labor, gradually upgrade production facilities and factories to meet green production standards.

In addition, businesses need to actively participate in trade promotion activities, trade fairs, and connect with relevant agencies to build trust and credibility with US customers, thereby boosting bilateral trade between the two countries.

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