Vietnam - US trade grows at an average of 16% per year

The United States maintains its position as Vietnam's largest export market, with bilateral trade turnover between the two countries recording an average growth rate of 16% per year.

Information at the Vietnam - US Cooperation Forum: Innovation towards sustainable development held on the morning of November 15 showed that in recent years, the United States has continued to maintain its position as Vietnam's largest export market, while Vietnam has become the 8th largest trading partner of the United States and the most important trading partner in the ASEAN region.

The Vietnam – US Cooperation Forum with the theme Innovation towards sustainable development took place on the morning of November 15. Photo: NH

Specifically, according to Associate Professor, Dr. Dao Thanh Truong - Vice President of Hanoi National University: For nearly 30 years, trade, cooperation and investment between Vietnam and the United States have grown rapidly and sustainably.

“From 1995 to 2023, bilateral trade increased from 450 million USD to more than 100 billion USD, despite challenges such as the pandemic and global economic instability,” informed Associate Professor, Dr. Dao Thanh Truong.

Bilateral trade turnover between the two countries recorded significant growth, averaging 16% per year. In the first 8 months of 2024, bilateral trade turnover between Vietnam and the United States reached nearly 88 billion USD, up 22% over the same period in 2023. Of which, Vietnam's exports to the United States reached 77.9 billion USD, up 24.5%, while imports from the United States to Vietnam were 9.8 billion USD, up 5.3%.

In particular, the United States became for the first time the largest market for Vietnam's agricultural, forestry and fishery products, with a turnover of 8.58 billion USD, accounting for 21.4% of the total export turnover of this group of products.

In terms of investment, the United States is currently the 11th largest foreign investor in Vietnam, with more than 1,340 projects with a total investment capital of more than 11.8 billion USD. Leading US corporations such as Boeing, SpaceX, Coca-Cola, Pacifico Energy... are increasingly increasing their presence and expanding their investment in Vietnam, affirming their belief in the potential of Vietnam's investment environment.

At the same time, large Vietnamese enterprises such as FPT and VinFast are also actively expanding their investments in the United States. This connection brings great economic benefits, opens up opportunities for sustainable cooperation and strengthens the strategic relationship between the two economies of Vietnam and the United States in the coming time.

According to economic experts, the achievements of Vietnam-US economic cooperation in recent times could not have been achieved without the contributions of the business communities of both sides. In the context of Vietnam-US relations continuing to develop positively, most notably the two countries upgrading their relationship to a Comprehensive Strategic Partnership for Peace, Cooperation and Sustainable Development during the visit of the US President to Vietnam in September 2023, this will open up cooperation opportunities for businesses of both sides in the coming time.

The Vietnam-US Cooperation Forum was jointly organized by the University of Economics (Vietnam National University, Hanoi); the Vietnam Union of Friendship Organizations and Troy University (USA). This is an important event to promote bilateral cooperation in the context of the Comprehensive Strategic Partnership reaching its one-year milestone, as well as to review the 30-year journey from normalization of relations to the Comprehensive Strategic Partnership between Vietnam and the United States, thereby emphasizing the extensive and sustainable development in the fields of investment, trade, innovation and education.

Source: https://congthuong.vn/thuong-mai-viet-nam-hoa-ky-tang-truong-trung-binh-16-moi-nam-358991.html