In 2024, Vietnam trade

This is the new figure announced by the General Statistics Office.

With such an increase, two-way trade turnover between Vietnam and the United States could soon exceed 100 billion USD this year.

The Ministry of Industry and Trade assessed that the US market is making moves to cut interest rates, thereby stimulating consumer demand again and expanding import and export needs of businesses. Thanks to that, the demand for wooden products, seafood, textiles, etc. in this market is increasing strongly.

Textiles are one of the main export items to the United States.

Mr. Do Ngoc Hung - Vietnam Trade Counselor in the United States said that there are many reasons for the continuous growth of trade between the two countries in recent times, even in the context of many fluctuations in the world situation. First of all, the relationship between the two countries is increasingly developing. In 2013, the two countries established a Comprehensive Partnership, and in 2023, the two countries officially upgraded to a Comprehensive Strategic Partnership.

In addition, Vietnamese goods are increasingly popular in the US market due to their continuously improved quality, updated trends and competitive prices. On the other hand, changes in the supply chain as well as the wave of investment shifts have contributed to enhancing the production capacity of Vietnamese enterprises. This simultaneously creates opportunities and room for Vietnamese goods to increase exports to the world in general and the US market in particular.

In order to boost exports to the United States, the Ministry of Industry and Trade has just organized a Trade and Investment Promotion Delegation to the United States to support Vietnamese localities and enterprises to promote trade cooperation activities and connect investment and business with the US market.

Mr. Vu Ba Phu - Director of the Trade Promotion Agency - Ministry of Industry and Trade emphasized that the upgrading of bilateral relations between Vietnam and the United States to the level of comprehensive strategic partnership on September 11, 2023 is of great significance, creating a solid foundation, helping the cooperation between the two countries to go deeper and more substantive on all pillars; in which the economic, trade and investment pillar continues to play a central role in promoting the relationship between the two countries. The United States is currently Vietnam's second largest trading partner for many consecutive years and Vietnam's goods exported to the United States are very diverse and abundant. It is forecasted that the trade turnover between the two countries in 2024 will continue to maintain growth momentum and achieve many positive results.

According to Mr. Vu Ba Phu, in the trend of international economic integration, trade and investment promotion organizations are increasingly strengthening their support activities for businesses while also promoting cooperation with each other in the field of trade and investment promotion. Strengthening international cooperation between trade and investment promotion organizations is inevitable and necessary.

During the business trip, Vietnamese enterprises conducted direct B2B trade connection activities with US enterprises, with an estimated 40 business transactions.

It is forecasted that in the coming time, exports to the US will continue to recover and grow as market demand increases and inventories decrease.

The biggest concern when exporting to the United States is the country's increasing application of trade defense measures on imported goods.

To limit the risk of being investigated and having defense measures applied, Vietnamese enterprises need to increase their understanding of the law on trade defense regulations, create added value on exported products, and enterprises need to store export data to cooperate with the investigation agency when an incident occurs.

Source: https://congthuong.vn/nam-2024-thuong-mai-viet-nam-hoa-ky-co-the-vuot-100-ty-usd-329726.html