Trade With US Likely to Exceed US$100 Billion in 2024

In the first 6 months of 2024, exports to the United States reached US$54.3 billion, an increase of 22.1%. Imports from the United States reached US$7.1 billion, up 2.8%. Trade surplus is estimated at US$47.2 billion.
July 05, 2024 | 09:53
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Two-way trade turnover between Vietnam and the US may soon exceed US$100 billion this year.

The Ministry of Industry and Trade assesses that the US market is making moves to cut interest rates, thereby stimulating consumer demand, and increasing import-export needs of businesses. Thanks to that, consumer demand for wooden products, seafood, and textiles in this market is increasing strongly.

Textiles are one of the main export products to the United States.
Textiles are one of the main export products to the United States.

Do Ngoc Hung, Vietnam trade counselor in the United States, said that there are many reasons for the two countries' trade to grow continuously in recent times, even in the context of volatile world situations.

Relations between the two countries are increasingly developing. In 2013, the two countries established a comprehensive partnership, and by 2023, the two countries officially upgraded to a comprehensive strategic partnership.

Vietnamese goods are increasingly popular in the US market due to improved quality and competitive prices. On the other hand, changes in the supply chain as well as the wave of investment shifts have contributed to strengthening the production capacity of Vietnamese enterprises. This also creates opportunities and space for Vietnamese goods to increase exports to the world in general, and the US market in particular.

In order to promote exports to the United States, the Ministry of Industry and Trade organized a trade and investment promotion delegation in the United States to support Vietnamese localities and businesses in promoting trade cooperation and investment-business connections with the US market.

Vu Ba Phu, director general of the Vietnam Trade Promotion Agency, Ministry of Industry and Trade, said that Vietnam and the United States upgrading bilateral relations to the level of comprehensive strategic partnership on September 11, 2023 is of great significance.

It creates a solid foundation, helping to strengthen cooperation between the two countries on all pillars.

The economic, trade and investment pillar continues to play a central driving force in promoting relations between the two countries.

Photo: VNN
Photo: VNN

The United States is currently Vietnam's second largest trading partner for many consecutive years, and Vietnam's goods exported to the United States are diverse and abundant. It is forecasted that the two countries' trade turnover in 2024 will continue to maintain growth momentum, and achieve many positive results.

According to Vu Ba Phu, with the trend of international economic integration, trade and investment promotion organizations have increased support activities for businesses.

They also boost cooperation with each other in the field of trade and investment promotion. Strengthening international cooperation between trade and investment promotion organizations is inevitable and necessary.

Within the framework of the business trip, Vietnamese businesses carried out direct B2B trade connection activities with US businesses, with an estimated number of more than 40 business transactions.

It is forecast that in the coming time, exports to the United States will continue to recover and grow as market demand increases and inventories decrease.

The biggest concern when exporting to the United States is the country's increasing application of trade defense measures on imported goods.

To limit the risk of being investigated and applying defensive measures, Vietnamese businesses need to increase legal research on trade defense regulations, creating added value on export products. Enterprises need to store export data to cooperate with investigation authorities when an incident occurs.

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