According to the General Statistics Office, after 11 months of 2024, two-way trade between Vietnam and the United States reached 122.4 billion USD, with strong growth in both exports and imports.
Specifically, in the first 11 months of 2024, the United States was Vietnam's largest export market with a turnover of 108.9 billion USD, up 23.9%; import turnover from the United States reached 13.5 billion USD, up 7.3%; trade surplus with the United States reached 95.4 billion USD, up 26.7% over the same period last year.
According to the Department of European and American Markets under the Ministry of Industry and Trade, Vietnam has become the 8th largest trading partner of the United States and the fourth largest export market of the United States in the ASEAN region. In contrast, the United States is the second largest trading partner and the largest export market of Vietnam.
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| Footwear is one of the main export items to the United States (Photo: VNA) |
Currently, the items in the top 15 of Vietnam's exports with the best growth in turnover to the United States with turnover in the first 9 months of the year are: Wooden furniture, up 23.9%, reaching a value of 9.57 billion USD; machinery, optical equipment, medical measurement increased 15.6%, reaching a value of 1.18 billion USD; automatic data processing machines, encryption; office machines, printers; hand-held tools, hydraulic pneumatics... increased 78.5%; reaching a value of 20.6 billion USD; footwear, up 14.0%, reaching a value of 6.7 billion USD;...
At the 2024 Vietnam - US Cooperation Forum, organized by the Ministry of Industry and Trade in coordination with the Embassy of the United States of America in Vietnam and the American Chamber of Commerce in Vietnam on December 6, 2024, in Ho Chi Minh City, Mr. Ta Hoang Linh - Director of the Department of European - American Markets (Ministry of Industry and Trade) said that the two countries' official announcement to upgrade their relationship to the level of Comprehensive Strategic Partnership in September 2023 has created a solid foundation, helping the cooperation activities between the two countries to go deeper and more substantive on all pillars, in which the economic - trade - investment pillar continues to play a central role in promoting the relationship between the two countries.
Mr. Do Ngoc Hung - Commercial Counselor, Head of the Vietnam Trade Office in the United States said that with the third largest trade deficit among the total partners of the United States, Vietnam is at risk of having to pay the same tax rate as China in the initial stage (15%) and may gradually increase if the trade deficit situation is not improved and Vietnam's agreements with the United States are not implemented. The worrying thing is that it will apply to all exported goods from Vietnam, not just goods related to China (investment, raw materials, labor, etc.).
China being taxed higher may lead to a strong trend of Chinese investment in Vietnam. In some cases, it may be with the purpose of using Vietnam as a "transit" for trade fraud and tax evasion, leading to the transfer of a large number of investment projects from China, which is also a significant risk in the near future while Vietnam has no measures to limit attracting investment from a specific country in the current policy system.
Therefore, relevant ministries, sectors and localities need to strengthen supervision of licensing of new investment projects and screening of investment capital to avoid Vietnam becoming a transit location. The most affected sectors are textiles, footwear, seafood, electronics and wooden furniture.
Thus, after 11 months, Vietnam - US trade turnover has surpassed the figure of 2023. In 2023, the total import-export turnover between the two countries reached nearly 111 billion USD.
Source: https://congthuong.vn/11-thang-nam-2024-thuong-mai-viet-nam-hoa-ky-vuot-ket-qua-cua-nam-2023-363006.html
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