Exports to the US are recovering.

Exports to the US market continued their recovery from the end of last year, bringing in $17.4 billion, contributing significantly to the economy 's export revenue of nearly $60 billion in the first two months of 2024.

Seafood is one of the high-value export items to the United States. Photo: D.T.

Processed and manufactured goods are accelerating.

Nearly $1.8 billion worth of computers, electronic products, and components manufactured in Vietnam were successfully exported to the US in January 2024, an increase of almost 74% compared to the same period last year. This was followed by machinery and equipment, telephones bringing in $1.56 billion and $1.4 billion respectively, and textiles with $1.32 billion.

The recovery in orders in the market of over 340 million people with high consumption has contributed to bringing in $17.4 billion in export revenue in the first two months of the year alone, an increase of nearly 34% compared to the same period last year.

Looking at these results, it can be seen that more than half of Vietnam's export value to the US consists of high-tech products (consumer electronics, smartphones), garments and footwear, with the remainder being other products such as furniture and agricultural products.

For many consecutive years, the US has been an important destination for Vietnamese goods. In 2023, despite the impact of economic downturn, inflation, and people tightening their spending, Vietnam still exported nearly $97 billion worth of goods to the US.

With export values ​​reaching nearly $110 billion and $97 billion in the last two years (2022-2023), the US has become the first export market to reach $100 billion per year and maintains its position as Vietnam's largest export market.

"The US continues to strengthen its strategy of diversifying its supply sources and supply chains, focusing on ASEAN markets, helping Vietnam become an important manufacturing and export hub in the global value chain," said Mr. Ta Hoang Linh, Director of the European and American Market Department ( Ministry of Industry and Trade ).

Bilateral trade is expected to reach $200 billion.

Bilateral trade between Vietnam and the US has increased 300-fold, from $450 million in 1995 to $124 billion by the end of 2022. With the upgrading of Vietnam-US relations to a Comprehensive Strategic Partnership in September 2023, and the implementation of cooperation pillars covering many fields, a foundation is laid for bilateral trade to soon reach $200 billion.

The US-ASEAN Business Council (USABC) announced that an annual high-level business delegation comprising 50 leading US companies operating in various sectors such as technology, energy, aerospace and defense, manufacturing, agriculture and food, financial services, healthcare, and investment funds will visit Vietnam to explore investment opportunities from March 18 to 21, 2024.

According to international trade researchers, with a comprehensive strategic partnership, the US could recognize Vietnam as a market economy, thereby helping both countries reap more economic benefits. In particular, in the context of the US's efforts to promote the Indo-Pacific Economic Framework for Prosperity (IPEF), recognition of market economy status would help Vietnam increase trade and investment with the US.

When the U.S. recognizes Vietnam as a market economy, it may encourage American companies to diversify their supply chains. Additionally, lower import prices and greater market access could allow American companies to increase production and manufacturing in Vietnam.

In return, American companies benefit from increased market access and export opportunities, particularly in agriculture, machinery, aircraft, and pharmaceuticals. All of this contributes to a supply chain aligned with U.S. interests.

More importantly, recognizing Vietnam's market economy status would also help reduce trade barriers, making it easier and cheaper for American businesses to export goods and services to Vietnam.

However, alongside the growth in trade, the number of trade defense lawsuits filed by the US against Vietnamese goods has also increased rapidly, aiming to protect domestic production from the influx of imported goods from other countries.

In 2023, Vietnamese exports were the subject of 16 new trade defense investigations targeting solar panels, wooden cabinets, certain steel products, chemicals, and more, in addition to numerous ongoing investigations and annual and end-of-period reviews. The majority of investigations initiated in 2023 were carried out by the United States. To date, Vietnamese exports have been the subject of approximately 240 trade defense investigations.

The solution for exporting businesses is to proactively maintain records and data of shipments. In each case, they should cooperate with the investigating agency to prove that they are not engaging in dumping or receiving subsidies, etc. They should also regularly monitor the list of goods subject to early warning for trade defense measures.

In fact, in some cases, through appeals, the US has concluded that many of our country's export items do not evade trade safeguard duties.

Source: https://baodautu.vn/xuat-khau-sang-my-dang-phuc-hoi-d210764.html