Vietnam-US trade moves closer to 90 billion USD mark

Party General Secretary and State President To Lam (R) receives President of Boeing Global Brendan Nelson. (Photo: VietnamPlus)

Vietnam’s exports to the US totaled approximately 77.9 billion USD during this period, representing 29.4% of the country's total exports, and up 25.4% compared to the same period last year.

The US remained Vietnam’s largest export market. Meanwhile, Vietnam imported 9.78 billion USD worth of goods from the US, up 6.9% year-over-year.

This substantial growth is attributed to several factors, including the thriving relationship between the two nations. Vietnam and the US established their Comprehensive Partnership in 2013 and upgraded their relationship to a Comprehensive Strategic Partnership last year.

Party General Secretary and State President To Lam’s recent US visit marked one year since the two countries issued a Joint Leaders’ Statement on elevating the Vietnam-US ties to a Comprehensive Strategic Partnership.

This development has created a solid foundation for enhanced cooperation, particularly in trade.

Vietnamese goods have gained popularity in the US market due to their improving quality, competitive pricing, and alignment with global trends. Additionally, shifts in global supply chains and an increase in investment in Vietnam have boosted the country’s production capacity. These changes provide more opportunities for Vietnamese exports, not just to the US but to other markets.

The main export products from Vietnam to the US include computers, electronic products, machinery, garments-textiles, footwear, and agricultural goods. In return, Vietnam imports a significant volume of technology, production materials, and agricultural products from the US, which supports the Southeast Asian nation’s industrialisation efforts.

According to Vu Ba Phu, Director of the Vietnam Trade Promotion Agency at the MoIT, the elevation of the relationship to a Comprehensive Strategic Partnership has been instrumental in fostering the bilateral cooperation across pillars, with economic, trade, and investment collaboration maintaining its role as a booster.

The US has been Vietnam’s second-largest trading partner for years, with a wide range of Vietnamese goods entering the US market. Experts predict that the positive trade momentum will continue in the time ahead.

To maintain this growth, they recommended that state management agencies provide more legal and informational support to businesses, streamline export-related administrative processes, and improve logistics infrastructure.

Enhancing logistics capabilities would reduce costs and shorten delivery times, making Vietnamese goods more competitive in the US market, they explained.

Vietnamese goods have gained popularity in the US market due to their improving quality, competitive pricing, and alignment with global trends. (Photo: VietnamPlus)

Furthermore, developing training programmes for businesses to meet US standards and regulations is essential. Vietnamese enterprises must refine their production processes, improve packaging quality, and enhance their marketing strategies to align with US consumer expectations. Participating in international trade fairs and forming relationships with US distributors are also effective ways for Vietnamese companies to expand their presence in the US.

The Vietnam-US trade relationship is poised for continued growth, with both nations benefiting from stronger economic ties and a commitment to further cooperation in key areas. With proactive strategies and government support, Vietnamese businesses can continue to capitalise on opportunities in the US market and drive bilateral trade to new heights./.

VNA

Source: https://en.vietnamplus.vn/vietnam-us-trade-moves-closer-to-90-billion-usd-mark-post300480.vnp