The USA is the largest importer of Vietnamese goods in 2023.

According to preliminary statistics from the General Department of Vietnam Customs, in 2023, Vietnam's exports to the US reached USD 97 billion, a 12.4% decrease year-on-year. However, this is still Vietnam's largest export market.

In 2023, there were 12 commodity groups exported to the US market with a turnover of USD 1 billion or more, of which machinery, equipment, tools, and spare parts were leading with USD 18.2 billion; followed by computers, electronic products, and components reaching USD 17 billion; textile and garment ranked third with USD 14.47 billion.

By contrast, Vietnam's imports from the US in 2023 reached USD 13.82 billion, a decrease of nearly USD 700 million compared to 2022. Thus, the total import-export turnover between the two countries reached nearly USD 111 billion this year. This is the third consecutive year that Vietnam-US trade has reached a turnover of more than USD 100 billion. The US is Vietnam's second trade partner to reach USD 100 billion (after China).

Assessing the trade relations between Vietnam and the US, Dr. Le Dang Doanh - a senior economic expert commented that Vietnam and the US have upgraded relations to a comprehensive strategic partnership for peace, cooperation and sustainable development in October 2023, the door-wide open for Vietnamese products to enter US market, as long as the Government has specific policies to support and Vietnamese businesses proactively implement it.

According to Doanh, the US Department of Commerce (DOC) has issued a draft amendment to the regulations to strengthen the enforcement of trade defense measures in the Anti-dumping and Anti-subsidy Law (Tariff Act 1930 of the US) to collect opinions from relevant parties, which is also a difficulty for Vietnamese businesses.

Dr. Le Quoc Phuong - former Deputy Director of the Center for Industry and Trade Information (Ministry of Industry and Trade) said that in the US market, inflation is expected to be controlled in 2024. The US is a country rich in oil and gas, and this market will recover better than the EU.

Besides the advantages, the challenges when exporting goods to the US market are not small. Accordingly, the US has issued many trade protection policies to protect the interests of domestic businesses when products from Vietnam gained market share and competed strongly with US businesses. Non-tariff barriers can limit market access and increase costs for Vietnamese businesses, reducing the competitiveness of Vietnamese goods.

Tran Thanh Hai - Deputy Director of the Import-Export Department (Ministry of Industry and Trade) - said that entering 2024, the world and domestic economy will have many more positive factors for import and export activities. The US Federal Reserve (FED) has issued messages to stop raising interest rates and consider reducing interest rates in 2024. The problem of high inventories in the United States and many markets is gradually being overcome. These are advantages for Vietnamese goods exported to this market.

However, import-export activities in 2024 still face many risks and unpredictable changes. The trend of trade protection appears more and more, many countries have measures to bring investment back to the country, erecting trade barriers to protect and promote domestic production. Developed markets that focus on sustainable development will have an impact on some of our country's key export products. Recent tensions in the Red Sea have caused ship routes to change directions, also increasing time and costs for import-export businesses.

With the challenges and advantages forecast for 2024, to support export businesses in general and exporting to the US market in particular, Deputy Director of the Import-Export Department Tran Thanh Hai said, the Department will continue to support businesses to take advantage of commitments in FTA to boost exports, through propaganda about rules of origin and issuance of Certificates of Origin, as well as opportunities and ways to take advantage of opportunities from FTA.

At the same time, the Department will strengthen activities providing market information on digital platforms for localities, industry associations, and businesses; Support the development and implementation of focused, large-scale, regionally linked trade promotion activities for products and industries with regional strengths in target markets.

In addition, the Department will also promote negotiations and signing of new agreements, commitments, and trade links; implement strategies and action programs on import and export, develop logistics services, develop rice export markets and especially support businesses to overcome new trade barriers in import markets.

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