The United States remains Vietnam's largest export market.

Vietnam becomes the 7th largest trading partner of the United States

Over the years, the United States has maintained its position as Vietnam's largest export market, while Vietnam has become the United States' 7th largest trading partner and the largest trading partner in the ASEAN region.

Statistics show that bilateral trade turnover increases by an average of about 16% per year, increasing by more than 550% from 21.8 billion USD in 2011 to more than 123 billion USD in 2022. Since the normalization of relations in 1995, trade growth between the two countries has increased 360 times, from 450 million USD in 1995 to more than 123 billion USD in 2022.

Along with that, the bilateral trade turnover statistics in the first 10 months of 2023 reached more than 90.1 billion USD, of which exports reached more than 78.6 billion USD, imports reached 11.5 billion USD. In 2023, the United States was the 11th largest foreign investor out of 108 countries investing in Vietnam with diverse investment forms (about 1,200 projects, total capital reaching nearly 11.4 billion USD).

In 2022, US direct investment in Vietnam reached 748 million USD, ranking 8th out of 108 countries and territories with FDI in Vietnam. In the first 2 months of 2023 alone, total US direct investment in Vietnam was about 11.68 million USD. By 2023, Vietnam had 230 investment projects in the United States with a total registered capital of 1.264 billion USD. The United States ranked 7th out of 80 countries and territories receiving investment from Vietnam.

The United States is still a large and important export market for Vietnam (Illustration photo)

In addition, large US enterprises continue to be interested in and invest long-term in the Vietnamese market, expressing their desire to promote cooperation with Vietnamese partners in areas of interest to Vietnam, including infrastructure development, supply chains, energy transition and digital transformation, high-tech investment and innovation.

Also in 2023, many large US corporations expressed interest in new investments or planned to expand and increase investment capital in Vietnam (P&G Group plans to invest an additional 100 million USD to expand the production line of the Ben Cat factory, AES plans to invest in renewable energy development; many US states said that in the coming time, they will increase cooperation in the fields of auto parts manufacturing).

In addition, the two sides maintained regular exchanges to enhance cooperation and discussed prospects for expanding cooperation in new areas of interest to each side, including the semiconductor industry. The two sides also held frank, substantive and constructive dialogues to resolve outstanding issues and cases in trade relations.

Accordingly, in the coming time, the Ministry of Industry and Trade will continue to promote exchanges with the United States, proposing the possibility of applying the Generalized System of Preferences (GSP) for Vietnam, helping Vietnamese export goods to be treated more fairly, similar to what US strategic partners are currently enjoying, bringing legitimate benefits to the business communities of the two countries.

Vietnam and APEC create new growth momentum

Starting from November 12 to November 17 (local time), the Asia-Pacific Economic Cooperation (APEC) Summit Week will take place in San Francisco, USA. According to the Vietnamese Ministry of Foreign Affairs, at the invitation of US President Joe Biden, President Vo Van Thuong and his wife will lead a high-ranking Vietnamese delegation to attend the APEC Summit Week, combined with bilateral activities in San Francisco from November 14 to 17.

It can be said that in 25 years of being an active and proactive member of APEC, Vietnam's mark stands out through two successful hosting roles, proposing more than 100 projects in many fields, playing the role of managing many important activities and notably proactively initiating and participating in leading the building of the APEC vision with the title "People and Prosperity: APEC Vision to 2040".

For Vietnam, APEC is the leading economic linkage mechanism in the Asia-Pacific region, the leading regional forum, promoting multilateral efforts in economic recovery and preparing for sustainable, inclusive and resilient growth.

The United States has chosen the APEC Forum theme as “Creating a Resilient and Sustainable Future for All”

On the other hand, APEC is important for both Vietnam's security and economy, because this forum brings together 15 out of 30 strategic partners, comprehensive partners and the most important economic and trade partners, accounting for more than 77% of trade, nearly 81% of direct investment and more than 85% of Vietnam's tourism.

In 2023, hosting the APEC Forum for the third time, the United States has chosen the theme "Creating a resilient and sustainable future for all" based on three priorities: Connectivity - building a resilient and connected region that promotes inclusive economic prosperity; Innovation - promoting an innovative environment for a sustainable future; and Inclusion - strengthening an equitable and inclusive future for all people. This year's theme and priorities continue with the themes and priorities of APEC hosts in recent years, with a special focus on promoting cooperation on sustainable and inclusive development, connectivity, innovation, and promoting new growth drivers.

With these highlights, Vietnam continues to actively support and closely coordinate with the host, the United States, key APEC members and ASEAN members in APEC to maintain the Forum's principles of free and open trade and investment, promote the momentum of regional economic cooperation and connectivity, promote economic recovery efforts and sustainable, inclusive growth in the long term, ensure the success of APEC Year 2023; promote solidarity and enhance the role of ASEAN.

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