Vietnam - US Trade: Many Bright Spots Throughout 2024

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Hung stressed that the US officials have highly valued Vietnam through the elevation of their ties to a comprehensive strategic partnership, which is developing in a deeper fashion. The two countries see each other as top-tier strategic partners, with increasingly significant roles and positions in the region and the world.

Vietnam - US Trade experience many bright spots throughout 2024 (Photo: VNA)

In 2024, two-way trade of 10 months from January to October reached US $112 billion, in which Vietnam enjoying a trade surplus of US $102 billion, a year-on-year increase of 26%. The US exports to Vietnam grew by nearly 30% to US $10 billion quoted statistics from the US International Trade Commission.

Also, Hung believed the two countries has been built on multiple levels, encompassing both multilateral mechanisms like the World Trade Organization and the Asia – Pacific Economic Cooperation and bilateral agreements such as the Trade and Investment Framework Agreement and Bilateral Trade Agreement. Additional cooperation channels have been operated between ministerial-level agencies, inter-ministerial working groups, industry associations and enterprises, among others, Vietnamplus reported.

On the other hand, insiders forecast that 2025 will present challenges for the US economy, with potentially low growth rates and persistent high inflation that could result in the US consumers’ tightening of the belt. Beyond long-term economic cooperation goals, Hung underscored the immediate need to handle trade deficit, which could trigger the US Department of Commerce’s initiation of anti-dumping, anti-subsidy, and origin fraud investigations.

Businesses should pay due attention to imported material sources, particularly those from the US, while continuing to improve technology and quality as well as reduce costs to gain competitive edge even in cases where tariffs are applied.

Hung advised that since both nations will celebrate their 30th anniversary of diplomatic relations in 2025, cooperation in traditional energy and rare earth mineral exploitation will open up new opportunities. For example, the largest export market for Vietnam's agro-forestry-fishery products, the US market is expected to continue creating motives for Vietnam's export growth next year.

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