Vietnam-US trade excels in comprehensive strategic partnership
Vietnam-US trade excels in comprehensive strategic partnership
Vietnam and the U.S. saw their two-way trade in the first eight months of 2024 soar 22 percent from a year earlier, a fruitful outcome of the comprehensive strategic partnership set up by the two countries last year, according to the Ministry of Foreign Affairs.
Employees process seafood for export in Vietnam. Photo: Buu Dau / Tuoi Tre |
The General Statistics Office of Vietnam reported that bilateral trade with the U.S. reached US$87.7 billion from January to August.
Vietnamese exports made up $77.9 billion, marking a 24.5-percent year-on-year spike, while U.S. imports totaled $9 billion, reflecting a 5.3-percent climb.
Topping the list of key exports to the U.S. were computers and electronic products with a turnover of $13.19 billion, up 50.82 percent over the same period in 2023, accounting for 19.87 percent of Vietnam's total shipments to the U.S..
Other major export items included machinery, equipment, tools, spare parts, garments and textiles, footwear, and agricultural products.
Currently, Vietnam is the eighth-largest trade partner and the sixth-biggest importer of the U.S. Top items for imports include technological equipment, production materials, and farm produce.
According to the General Department of Vietnam Customs, 2023 trade with the U.S. neared $111 billion, representing 16.27 percent of Vietnam’s total trade value, marking the third consecutive year that bilateral trade exceeded the $100-billion threshold.
Besides trading, investment portfolios have also gone up with the U.S. having 1,340 investment projects worth over $11.8 billion in Vietnam and ranking 11th out of 108 countries and territories investing in the Southeast Asian country.
In the first half of 2024, Vietnamese businesses invested $18.7 million in the U.S..
Vietnamese investors now have 230 projects totaling $1.3 billion, including those developed by tech giant FPT and electric vehicle maker VinFast.
In addition to trade and investment, the two countries have expanded cooperation in many other spheres.
Since early this year, Vietnam and the U.S. have had several important bilateral dialogues following the establishment of their comprehensive strategic partnership.
Vietnam and the U.S. bonded their diplomatic relations in July 1995 and entered a comprehensive partnership in July 2013.
The two sides lifted their ties directly to a comprehensive strategic partnership on September 10, 2023, during U.S. President Joe Biden’s official visit to Vietnam.
