Vietnam-US trade on the rise, with strong growth in both exports and imports

Statistics from the Ministry of Industry and Trade show that in the first 8 months of 2024, two-way trade turnover between Vietnam and the United States reached 87.7 billion USD, with strong growth in both export and import of goods.

In the first eight months of 2024, two-way trade turnover between Vietnam and the United States reached 87.7 billion USD, with strong growth in both exports and imports of goods. (Source: VNA)

Trade between Vietnam and the United States has grown strongly in recent times. Statistics from the Ministry of Industry and Trade show that in the first 8 months of 2024, Vietnam's exports to the United States reached about 77.9 billion USD, accounting for 29.4% of total export turnover and increasing by 25.4% over the same period last year (the same period last year decreased by 19%).

“The United States continues to be our country’s largest export market with turnover in the past 8 months,” a representative of the Ministry of Industry and Trade informed, adding that Vietnam’s imports from the United States reached 9.78 billion USD, up 6.9% over the same period last year.

Thus, in the first 8 months of 2024, two-way trade between Vietnam and the United States reached nearly 87.7 billion USD, with strong growth in both export and import of goods.

The representative of the Vietnam Trade Office in the United States analyzed 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.

Some of the most exported items from Vietnam to the US market include: computers, electronic products and components; machinery, equipment, tools, spare parts; textiles, footwear, agricultural products... In the opposite direction, Vietnam also imports a large amount of technological equipment, production materials and agricultural products from the US, contributing to promoting the industrialization process and improving domestic production capacity.

Mr. Vu Ba Phu, Director of the Trade Promotion Agency (Ministry of Industry and Trade), said that the upgrading of bilateral relations between Vietnam and the United States to the level of comprehensive strategic partnership is extremely important, creating a solid foundation, helping cooperation activities 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 relations between the two countries.

“The United States is currently Vietnam’s second largest trading partner for many consecutive years and Vietnam’s exports 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,” said Mr. Vu Ba Phu.

To boost Vietnam's export of goods to the United States, according to experts, state management agencies need to step up the provision of information and legal support to businesses, as well as simplify administrative procedures related to exports, along with solutions to improve the capacity and quality of logistics infrastructure to help reduce costs and time for transporting goods, thereby enhancing the competitiveness of Vietnamese goods in the US market.

In addition, establishing and maintaining training programs and supporting businesses in improving product quality and complying with US standards and regulations also plays an important role. Businesses need to be provided with tools and knowledge to meet the increasing demands of this market, from improving production processes to improving packaging and marketing quality.

Experts also noted that businesses need to proactively build effective export strategies by researching and understanding market trends, understanding the needs and preferences of US consumers, and participating in international trade fairs and events is also an opportunity for Vietnamese businesses to promote their brands and establish relationships with partners and distributors in the United States.

Source: https://baoquocte.vn/thuong-mai-viet-nam-hoa-ky-tren-da-phat-trien-ruc-ro-tang-truong-manh-ca-xuat-khau-va-nhap-khau-287386.html