Vietnam, US Achieves US$75 Billion in Trade Volume

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Bilateral trade continues to flourish

The latest report from the General Statistics Office shows that in the first seven months of 2024, the export turnover of goods to the US market reached US$66.1 billion, up 24.4% compared to the same period, import turnover from this market reached US$8.6 billion, up 6.2% compared to the same period. The US is currently the largest market for Vietnamese goods.

Vietnam is the leading country in Southeast Asia (ASEAN) in terms of exports to the US. Vietnam is the 8th largest trading partner of the US, and the 6th largest import market for US goods.

Textile is the main export product to the United States. Photo: Can Dung

Vietnam exports a variety of products to the United States, including machinery, equipment, tools, and spare parts, computers, electronics, and components, textiles, telephones and components, wood products, and footwear.

Vietnam imports goods from the United States, primarily products for production such as computers, electronics, and components, cotton, machinery, equipment, tools, spare parts, animal feed, and raw materials.

According to Do Ngoc Hung, commercial counselor of the Vietnamese Trade Office in the United States, Vietnamese goods are becoming increasingly popular in the US market due to continuous quality improvements, trend updates, and competitive pricing. Moreover, changes in the supply chain and the wave of investment relocation have contributed to enhancing the production capacity of Vietnamese enterprises. This simultaneously creates opportunities and room for Vietnamese goods to increase exports to the world in general and the US market in particular.

After nearly 30 years of establishing diplomatic relations, and 24 years since the signing of the Vietnam-US Bilateral Trade Agreement (BTA), the Vietnam-US trade relationship has been a bright spot. According to statistics from the General Department of Vietnam Customs, Vietnam-US trade reached the US$100 billion milestone for the first time in 2021 (US$111.55 billion). Of which, Vietnam's exports reached US$96.27 billion, and imports reached US$15.28 billion. Since then, bilateral trade has exceeded US$100 billion every year.

According to Dr. Vo Tri Thanh, an economist, the BTA has served as a solid foundation for Vietnam to confidently engage in international integration. Vietnam has amended and revised dozens of laws, perfecting a robust legal framework. After the BTA, Vietnam confidently promoted deep and comprehensive integration, linking international commitments with domestic reforms, especially economic institutional reforms. The BTA has fostered a process for Vietnam to gradually build a transparent, non-discriminatory legal system to integrate into the world economy. Thanks to this, bilateral trade between the two countries has seen steady growth.

On September 10, 2023, the Vietnam-US relationship was upgraded to a Comprehensive Strategic Partnership. This milestone has opened up many opportunities for cooperation in all areas, including the economic and trade relationship between Vietnam and the United States in the future.

Trade defense barriers

The Vietnamese Trade Office in the United States has highlighted a significant challenge for Vietnamese exporters. While the US market presents substantial opportunities, it is also the most active in initiating trade defense investigations against Vietnamese exports.

Furthermore, the US is the most frequent initiator of trade defense investigations among World Trade Organization (WTO) members. US businesses are increasingly resorting to trade defense measures to limit imports, and alleviate competitive pressures.

Photo: congthuong.vn

Dr. Le Quoc Phuong, former deputy director of the Industrial and Commercial Information Center said that trade defense measures, particularly anti-dumping duties, are currently one of the most significant barriers for Vietnamese goods entering both the US and other international markets.

However, he noted that government agencies, especially the Ministry of Industry and Trade, have been proactive in providing timely information to businesses, including early warnings about potential trade defense investigations in foreign markets.

Therefore, businesses should exercise caution and maintain close relationships with the Vietnamese Trade Office abroad and the Trade Remedies Administration (Ministry of Industry and Trade) to receive the earliest warning information about trade defense investigations. This proactive approach will enable businesses to develop effective countermeasures and safeguard their market share in key markets.

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