According to the Department of European and American Markets, Ministry of Industry and Trade, by the end of June 2023, Vietnam was the 11th largest trading partner (in the same period last year, Vietnam was the 7th largest trading partner) of the United States with a total import-export turnover of about 57.6 billion USD, accounting for 2.3% of the total import-export turnover of the United States.
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| Vietnam is the 11th largest trading partner of the United States with total import-export turnover reaching about 57.6 billion USD. |
Vietnam's exports to the United States reached 52.8 billion USD (accounting for approximately 3.47% of total US imports); imports from the United States reached 4.9 billion USD, Vietnam maintained a trade surplus with the United States and currently reached 47.9 billion USD, ranking 3rd among countries with the largest trade surplus with the United States (after China with 130.4 billion USD and Mexico with 75.5 billion USD) (according to US Customs data).
However, the European - American Market Department said that most Vietnamese enterprises still export to the United States through traditional trading channels and currently this trade channel has tended to decline, especially during the pandemic and after the Covid-19 pandemic.
According to data from Statista, while global traditional retail trade has been continuously declining recently (since 2012), e-commerce has been continuously increasing and online retail trade is forecast to increase by 6.29% from the period (2021 - 2025).
According to the organization's data, the United States is the main driving force behind the rise of global e-commerce, with total e-commerce sales in the United States in 2022 reaching 1.03 trillion USD, surpassing 1 trillion USD for the first time, second only to China, with the average number of internet access hours per person being more than 7 hours/day and the percentage of Internet users for weekly shopping reaching 57.8% (according to the White Book - Department of E-commerce and Digital Economy, Ministry of Industry and Trade 2022).
Furthermore, online shopping is considered to be the future shopping trend in the United States because it is more convenient and easier as well as becoming a habit in people's lives. Therefore, there is still a lot of room for online sales opportunities in this market in the coming time, and Vietnamese businesses need to grasp this trend to develop exports, creating a more competitive export channel for goods and services through online platforms, in addition to traditional channels to US customers.
With this approach, Vietnamese businesses can find and understand new customers in the United States, penetrate this market at low cost, conduct business 24/7, build brand awareness, track sales in real time, better understand the needs that customers in this market are looking for through online tools, low cost is not the only competitive advantage but it is a deep understanding of customers through data analysis, strengths in warehousing, logistics and computing infrastructure capacity, business activities do not only revolve around products or competitors but must revolve around customers....
To do this, Vietnamese businesses must change their mindset, invest in technology, digitally transform based on online platforms, have an understanding of e-commerce needs, trends, and regulations related to US e-commerce, and especially have an appropriate and effective approach.
To better understand this content, the European - American Market Department organized a seminar on "Penetrating the US market through online platforms".
View the discussion content here
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