President Joe Biden’s visit coincides with the 10th anniversary of the two countries’ comprehensive partnership. This is the first time that both the US President and Vice President have visited Vietnam in the same term. The visit is therefore a continuation of the tradition of nearly 30 years of Vietnam-US relations, when incumbent US Presidents have all visited Vietnam.
After 28 years since the two sides normalized relations, bilateral trade turnover has increased from 450 million USD in 1995 to more than 120 billion USD in 2022; from January to July it reached more than 61 billion USD. Compared to when the two countries established a comprehensive partnership in 2013, bilateral trade turnover has increased about 4 times.
According to the Ministry of Planning and Investment, as of June 20, 2023, US businesses have invested in 1,270 projects in Vietnam, with a total registered capital of over 11.73 billion USD, making the world's No. 1 economy rank 11th among countries and territories "pouring" capital into Vietnam.
The following is some information about the recent cooperative relationship between Vietnam and the US according to sources from the General Statistics Office (Ministry of Planning and Investment).
Value of Vietnam's goods exports to the US
Value of US goods imported into Vietnam
Number of Americans entering Vietnam from 2013 - 2022
US FDI capital registered in Vietnam by year
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