Vietnam - US two-way trade officially exceeds 100 billion USD

Two-way trade between Vietnam and the United States exceeded 100 billion USD after the first 9 months of the year. The United States remains the largest market for Vietnamese goods.

Latest report of Ministry of Industry and Trade shows that, in the first 9 months of 2024, USA is Vietnam's largest export market with an estimated turnover of 89.4 billion USD, 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 Ministry of Industry and Trade assessed that the US market is taking steps to stimulate consumption again, expanding the import and export needs of businesses. Thanks to that, the demand for wooden products, seafood, textiles, etc. is increasing strongly.

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

Regarding goods imports, the United States is also one of Vietnam's largest import markets with a turnover of 10.9 billion USD after 9 months, an increase of 6.2%.

Thus, after 9 months, two-way trade between Vietnam and the United States has officially surpassed the 100 billion USD threshold with the specific figure reaching 100.3 billion USD.

According to the Vietnam Trade Office in the United States, 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 situation. 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 the supply chain as well as the wave of investment shifts 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.

According to Dr. Nguyen Minh Phong - Economic expert, in the coming time, exports to the United States will continue to recover and grow as market demand increases and inventories decrease. The biggest concern when exporting to the United States is that this country is increasing the application of trade defense measures on imported goods.

To limit the risk of being investigated and having defense measures applied, Vietnamese enterprises need to increase their understanding of the law on trade defense regulations, create added value on exported products, and enterprises need to store export data to cooperate with the investigation agency when an incident occurs.

According to the General Department of Customs, Vietnam-US trade reached the 100 billion USD mark for the first time in 2021 (reaching 111.55 billion USD). Of which, Vietnam's exports reached 96.27 billion USD and imports reached 15.28 billion USD.

Entering 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 124 billion USD.

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

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