Vietnam - US trade towards harmonious and sustainable development

Two-way trade turnover between Vietnam and the United States has grown strongly in recent times. The complementary nature of the two economies is an important feature that helps economic and trade cooperation between the two countries develop increasingly strongly, in a harmonious and sustainable direction, ensuring important foundations and maintaining national interests in bilateral cooperation.

Vietnam always considers the United States as a leading important partner; at the same time, it wishes to promote economic, trade and investment relations with the United States in a comprehensive and sustainable manner, contributing to enhancing understanding and strategic trust between the two countries. Vietnam-US bilateral trade turnover in 2024 will reach nearly 150 billion USD, an increase of 20.4% compared to 2023. The United States will become Vietnam's second largest trading partner and largest export market. Over the years, USA has always been one of the major investment partners in Vietnam, with more than 1,150 active projects, total registered investment capital of more than 10.4 billion USD, ranking 11th out of 139 economies investing in Vietnam. Most of the major US corporations are present and have effectively invested in Vietnam. In addition, the US is gradually becoming a source of machinery, equipment, science-technology, and energy products for Vietnam. Regarding agricultural products, Vietnam is currently the 9th largest export market of the US. Products such as beef, pork, chicken, seafood, milk, soybeans, corn, grapes, apples, cherries, blueberries, etc. from the US are also very popular with Vietnamese consumers. Vietnam imports more than 2 million boxes of US apples per year alone.

Exporting hot rolled steel coils at Hoa Phat Group Joint Stock Company.

The potential for cooperation between Vietnam and the United States is still very large, especially in the fields of science and technology, innovation, research and development; development of the chip industry, semiconductors, artificial intelligence (AI), Internet of Things (IoT); new energy, renewable energy; finance, financial centers; biotechnology, healthcare... According to Mr. Do Ngoc Hung, Head of the Vietnam Trade Office in the United States, Ministry of Industry and Trade, the difference in development level as well as foreign trade structure between Vietnam and the United States is complementary rather than a direct competitive factor. Vietnamese goods do not compete directly with US goods, while helping consumers access quality goods at reasonable prices. Vietnam hopes that the United States will continue to create conditions and support businesses of the two countries to expand cooperation, invest and do business effectively, especially in science-technology and innovation projects.

In addition to the advantages, according to Mr. Do Ngoc Hung, the biggest difficulty at present is that Vietnam is not considered a full market economy, leading to disadvantages in anti-dumping and anti-subsidy investigations by the United States, and concerns about the trend of shifting production and investment from some countries to Vietnam to take advantage of labor costs and competitive environment. In the face of US import tax policies, Mr. Do Ngoc Hung recommends that businesses need to monitor trade developments to make timely adjustments. Along with that, businesses need to carefully consider production and business plans because countries subject to taxes may increase trade protection measures, causing greater competitive pressure on the Vietnamese market.

The Vietnamese Government is proactively implementing many specific groups of solutions to promote comprehensive, harmonious and sustainable economic, trade and investment relations with the United States; requesting the technical level of the two countries to continue to exchange information so that the United States can soon recognize Vietnam's market economy status; believing that this will be an important decision, commensurate with the stature of the current comprehensive strategic partnership between the two countries. The Ministry of Industry and Trade has also proactively developed export scenarios to the United States in 2025; coordinated with industries to prepare to respond to different scenarios. However, to continue to develop in the context of volatile world trade, in addition to efforts from the Government and ministries, sectors, it is also necessary to rely on the acumen of businesses. Accordingly, businesses need to prioritize two-way trade cooperation, aiming to harmonize long-term interests for both countries' businesses.

Source: https://baolangson.vn/thuong-mai-viet-nam-hoa-ky-huong-toi-phat-trien-hai-hoa-ben-vung-5041754.html