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According to preliminary statistics from the General Department of Customs, in September, Vietnam's export turnover to the United States reached 8.11 billion USD, thereby raising the export turnover by the end of September to 70.23 billion USD.
Since the beginning of the year, exports to the United States have faced difficulties due to declining market demand. Although down about 15 billion USD compared to the same period last year (the same period reached 85.2 billion USD), the United States is still Vietnam's largest export market.
Among the groups of goods exported to the US, the group with the largest turnover is machinery, equipment, tools and spare parts with 12.5 billion USD. Next is computers, electronic products and components reaching 11.82 billion USD; textiles and garments reaching more than 11 billion USD...
In contrast, by the end of September, import turnover from the United States reached 10.26 billion USD, down about 900 million USD compared to the same period last year.
With total import-export turnover between the two countries reaching nearly 80.5 billion USD in the past 9 months, the United States continues to be Vietnam's second largest trading partner.
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| Textiles and garments are the main export item to the United States (Photo: Ministry of Industry and Trade's Electronic Information Portal) |
The Department of European and American Markets - Ministry of Industry and Trade stated: The United States is one of the important import markets for input materials for Vietnam's production, providing source products such as: Cotton, animal feed, corn, soybeans, chemicals, machinery, technology... Therefore, increasing the import of these source products from the United States creates an important advantage in helping to "clean up" the supply chain when there are input materials for production with certification and clear origin.
Furthermore, Vietnam and the United States have complementary economies. Because the United States has a large demand for importing typical agricultural products or products in which Vietnam has strengths based on favorable natural economic conditions and advantages in young labor such as: textiles, footwear, machinery and electronic equipment, etc.
In addition, Vietnam has a large demand for importing many types of machinery, high-tech equipment, aviation and telecommunications equipment, and agricultural products as inputs for production activities to meet the high growth rate and rapid expansion of the economy.
It is forecasted that from now until the end of the year and early 2024, export turnover to the United States will improve as market demand increases and inventories decrease.
On the other hand, with an average gross domestic product (GDP) growth rate of nearly 7% per year and a population of nearly 100 million people, Vietnam is expected to be a potential market for US companies operating in all fields.
The Ministry of Industry and Trade recommends that, in the current difficult and challenging global economic context, the demand and consumer tastes in the export markets of Vietnam in general and the United States in particular have seen many new trends, especially in terms of prices. Along with that, quality and requirements related to environmental protection and sustainable development, green production standards, clean and sustainable supply chains. This requires Vietnamese enterprises to quickly adapt to these changes. Therefore, when exporting to the United States, enterprises need to clearly define their product strategies, partners, and distribution channels.
In addition, businesses must carefully study regulations, export barriers, and the possibility of being involved in trade defense cases; ensure that input materials have clear origins, do not affect the environment or use forced labor; and gradually research and upgrade production facilities and factories according to green production standards.
In addition, businesses need to actively participate in trade promotion programs, exhibitions, connect with relevant agencies, create prestige and build trust with US customers.
Over 10 years (2012 - 2022), two-way trade turnover between Vietnam and the United States has increased continuously, from 25 billion USD to over 123 billion USD.
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