VN-US bilateral trade exceeds US$100 billion
VN-US bilateral trade exceeds US$100 billion
Two-way trade between Việt Nam and the United States reached $100.3 billion after nine months of the year, according to the latest statistics from the Ministry of Industry and Trade.
Pomelo grown in the southern province of Bến Tre are packed and labelled for exports. Việt Nam's pomelo was granted access into the US market in 2022. — VNA/VNS Photo |
The US is the largest export market for Vietnamese goods, with Việt Nam’s export turnover to the US reaching $89.4 billion by the end of September.
This was a 27.4 per cent increase compared to the first nine months of 2023, accounting for 29.8 per cent of Việt Nam’s total exports.
The US is also one of the countries that Việt Nam imports most from, with import turnover reaching $10.9 billion in the January-September period, up 6.2 per cent compared to last year.
The US market is showing signs of stimulating consumer demand and expanding the import-export needs of businesses, which has led to a significant increase in demand for wooden products, seafood, and textiles, the ministry stated.
According to the Việt Nam Trade Office in the US, there are three reasons for the continuous trade growth between the two countries amidst global uncertainties.
The first reason is because the relations between the two nations have been in development increasingly since 2013, and upgraded to the highest level of Comprehensive Strategic Partnership in 2023.
Second, Vietnamese goods are becoming more favoured in the US market due to the improved quality, adaptation to trends, and competitive pricing.
Furthermore, changes in supply chains and investment tendency have enhanced the production capacity of Vietnamese enterprises, creating opportunities for Vietnamese goods to increase exports globally, including to the US.
Việt Nam’s exports to the US are expected to grow in the future as market demand rises and inventories decrease, according to the trade office.
However, trade defense measures against imports implemented by the US is the biggest concern for countries that export to this country.
To mitigate the risk of investigations and the application of these measures, the trade ministry suggests that Vietnamese businesses enhance their understanding of trade defense regulations, create added value in their export products, and maintain export data to cooperate with investigative agencies in case issues arise.
