Number 1 market for Vietnamese exports
According to statistics from the General Department of Customs, Vietnam's export turnover of goods to the US in the first 7 months of 2023 reached 53.09 billion USD, ranking first compared to other markets.
This has been a solid position for decades, making the US the most important export market for Vietnamese goods.
Total bilateral trade turnover in 2022 reached approximately 123.9 billion USD, up 11% compared to 2021. Of which, Vietnam exported 109.4 billion USD to the US, up 13.6% compared to 2021, accounting for 29.5% of Vietnam's total export turnover.
Since 2011, the US has always been a key export market for Vietnam. The proportion of goods exported to this market accounts for approximately 30% of Vietnam's total export turnover, up from 17.5% in 2011.
The increase in exports to the US is mainly due to the impact of the implementation of the Vietnam-US Trade Agreement (BTA). This superpower quickly became the largest recipient of Vietnam's exports, immediately after the BTA took effect, with the main export items being textiles, footwear, furniture, seafood, agricultural products, etc.
On the other hand, Vietnam is also increasing its imports of goods from the US, not only machinery for production but also agricultural products.
According to statistics from the General Department of Customs, in 2022, the country imported 1.84 million tons of soybeans, worth nearly 1.28 billion USD, of which imports from the US were 408 million USD, accounting for 32% of the total volume and total soybean import turnover of the country, second only to Brazil.
In 2022, Vietnam also imported 128.19 million USD of wheat from the United States, up 37.9% in volume, 100.9% in value and 45.6% in price compared to 2021, accounting for 7% of the total volume and 8.5% of the total wheat import turnover of the country.
Animal feed imports from the US in 2022 also reached 772.8 million USD, accounting for 13.8% of total import turnover and being the second largest import market of Vietnam.
Notably, the US also ranked second in fruit and vegetable imports, with a turnover of 356.3 million USD, an increase of 15.6% over the previous year, accounting for 17.2% of the total fruit and vegetable import turnover.
Among the main markets from which Vietnam imports computers and electronic components is the United States, with a turnover of up to 3.3 billion USD last year.
Along with that, Vietnam also spent nearly 1 billion USD to import machinery and equipment from this country.
However, this is one of the countries that regularly uses trade defense measures (TMDs).
By the end of December 2022, the US had investigated 52 trade remedy cases against Vietnamese exports, accounting for about 23% of the total number of foreign investigations against Vietnamese exports.
In 2022, the country initiated 12 new investigations, mainly anti-dumping tax evasion investigations (11 cases). The investigated items include steel products, solar panels, wooden cabinets, staples, steel wire, etc. In addition, the US also reviewed a number of previously applied anti-dumping measures, such as administrative reviews of anti-subsidy taxes on tires and administrative reviews of anti-dumping taxes on tra and basa fish.
Opportunity to attract American "eagles"
Data from the Foreign Investment Agency (Ministry of Planning and Investment) shows that by the end of 2022, US businesses had invested in 1,216 projects in Vietnam, with a total investment capital of 11.4 billion USD. The United States ranked 11th among the countries and territories investing the most in Vietnam.
The opportunity for Vietnam to attract investment capital from large US corporations is still very positive.
Sharing at the online discussion "Vietnam - Strategic location in the global supply chain: Opportunities and challenges", Mr. Nguyen Thang Vuong, Department of European - American Markets (Ministry of Industry and Trade), said that recently, the trend of shifting global supply chains has been taking place strongly.
For example, the US Apple Corporation has so far completed the transfer of 11 factories producing audio-visual equipment to Vietnam. Intel Corporation also expanded the second phase of its chip testing factory in Ho Chi Minh City with a total investment value of 4 billion USD...
A series of large American corporations such as Boeing, Google, and Walmart have also announced that they are looking to expand their network of suppliers and develop production facilities in Vietnam after a long period of studying and researching the investment and business environment here.
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