Vietnam, US: Two-way Trade Exceeds USD 100 Billion

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The latest report from the Ministry of Industry and Trade shows that in the first 9 months of 2024, the US was Vietnam's largest export market with an estimated turnover of USD 89.4 billion, accounting for 29.8% of the country's total export turnover and increasing by 27.4% over the same period last year (the same period in 2023 decreased by 17.6%).

The US market is showing signs of stimulating consumer demand and expanding the import-export needs of businesses, which has led to a significant increase in demand for wooden products, seafood, and textiles, the ministry stated.

Textiles and garments are one of the strong export items to the United States (Photo: VNA)

Regarding goods imports, the US is also one of Vietnam's largest import markets with import turnover reaching USD 10.9 billion in the January-September period, up 6.2% compared to last year.

Thus, after 9 months of this year, two-way trade between Vietnam and the US has officially reached $100.3 billion.

According to the Vietnam Trade Office in the US, there are many reasons for the continuous growth of trade between the two countries in recent times, even in the context of many fluctuations in the world. First of all, the relationship between the two countries is increasingly developing. In 2013, the two countries established a Comprehensive Partnership, and in 2023, the two countries officially upgraded to a Comprehensive Strategic Partnership.

In addition, Vietnamese goods are increasingly popular in the US market due to their continuously improved quality, updated trends and competitive prices. On the other hand, changes in supply chains and investment tendencies have enhanced the production capacity of Vietnamese enterprises, creating opportunities for Vietnamese goods to increase exports globally, including to the US.

According to Dr. Nguyen Minh Phong, an economic expert, in the coming time, exports to the US will continue to recover and grow as market demand increases and inventories decrease. The biggest concern when exporting to the US is the country's increasing application of trade defense measures on imported goods.

To mitigate the risk of investigations and the application of these measures, the trade ministry suggests that Vietnamese businesses enhance their understanding of trade defense regulations, create added value in their export products, and maintain export data to cooperate with investigative agencies in case issues arise.

According to the General Department of Customs, Vietnam - US trade reached the USD100 billion mark for the first time in 2021 (reaching USD 111.55 billion). Of which, Vietnam's exports reached USD 96.27 billion and imports reached USD 15.28 billion.

In 2022, despite facing many difficulties due to the impact of the Covid-19 pandemic, Vietnam - US trade still had remarkable growth with a turnover of nearly USD 124 billion.

In 2023, the total import-export turnover between the two countries reached nearly USD 111 billion.

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