US, Vietnam drive towards sustainable trade balance
US, Vietnam drive towards sustainable trade balance
The US and Vietnam are intensifying efforts to promote export growth and balance trade towards comprehensive and sustainable development.
Fruit from the US is very popular among Vietnamese consumers |
Bilateral trade turnover of US$100 billion
Vietnam is the 16th largest trading partner of the US and seeks to enter the top 10, while the US is Vietnam’s third largest trading partner.
According to the Ministry of Industry and Trade’s European-American Market Department, over the past five years, Vietnam’s exports to the US have increased by 230 percent and imports from the US have grown by more than 175 percent. Total trade turnover between the two countries surpassed the US$90 billion mark for the first time in 2020 with US$90.8 billion.
General Department of Vietnam Customs data show that total trade turnover between the two countries reached US$80.6 billion in the first nine months of the year. Of the total, Vietnam’s exports to the US reached US$68.9 billion, an increase of 26 percent compared to the same period last year, while imports reached US$11.7 billion, a year-on-year increase of 12.5 percent. Despite the complicated developments of the Covid-19 pandemic, the two countries are driving towards the US$100 billion mark in bilateral trade turnover.
Dawn Shackleford, Assistant US Trade Representative (USTR) for the Office of Southeast Asia and the Pacific, said economic and trade cooperation has been the center and key momentum of bilateral ties. With the right development orientation and trade facilitation, the relations between the US and Vietnam will continue to grow stably in the time ahead, Shackleford said.
Garments and textiles are Vietnam’s key exports to the US |
Agricultural trade exchange
In the first 10 months of 2021, Vietnam spent US$3.3 billion to import US farm produce, with the main imports being cotton (US$1.2 billion), animal feed and materials (nearly US$414 million), soybean (US$349 million), timber (US$162 million), fruit and vegetables (US$155 million), milk and dairy products (US$119 million), and wheat (US$45 million).
US Consul General in Ho Chi Minh City Marie C. Damour said agricultural trade exchange has become a crucial part of bilateral relations. The US exported US$3.7 billion worth of agricultural products to Vietnam in 2020 and the figure is expected to increase further in 2021. Many famous US farm produce and seafood, such as king crab, lobster, cod, butter and milk, have increased their presence in the Vietnamese market.
Robert Hanson, agricultural counselor at the US Embassy in Vietnam, said the middle-income class is increasing in Vietnam and using social networking service to catch up with consumer trends. Therefore, US food companies have strengthened connection with Vietnamese consumers through Facebook, Instagram and Youtube in order to introduce their products.
According to the Royal Seafood International Trading Company Limited, US seafood imports into Vietnam have increased over the years thanks to good quality and affordable prices.
US companies in Vietnam have also paid attention to the balance of trade, contributing to developing harmonious and sustainable trade.
