On the occasion of the Prime Minister's working session with US businesses, the Industry and Trade Newspaper has an article reviewing some features of Vietnam - US trade.
The United States is Vietnam's second largest trading partner.
According to the General Statistics Office, in January 2025, the two-way trade turnover between Vietnam and the United States reached 11.1 billion USD, of which the United States was Vietnam's largest export market with a turnover of 9.8 billion USD. In the opposite direction, the import turnover from the United States reached 1.3 billion USD. Thus, the trade surplus with the United States in the first month of the year reached 8.5 billion USD, down 3.5% compared to the same period last year.
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| Vietnam has become the 8th largest trading partner and the 4th largest export market of the United States in the ASEAN region (Illustration photo) |
In 2024, the total trade turnover between Vietnam and the United States will reach 134.6 billion USD, up 21.5%; of which, exports will reach 119.6 billion USD, up 23.3%; imports will reach 15.0 billion USD, up 8.8%.
After 30 years of establishing diplomatic relations and more than 20 years of signing the Vietnam - US Bilateral Trade Agreement (BTA), Vietnam - US trade relations have been a bright spot in recent times; total trade turnover between the two countries has quickly surpassed the 100 billion USD/year mark in 2021 with 111.55 billion USD, 247.3 times higher, and 123.91 billion USD in 2022, about 275 times higher than the initial figure of 451 million USD in 1995.
By the end of 2024, Vietnam will become the 8th largest trading partner and the 4th largest export market of the United States in the ASEAN region. In contrast, the United States is the second largest trading partner and the largest export market of Vietnam. The United States remains Vietnam's leading export partner with items such as electronics, textiles, footwear, and agricultural products.
The United States is a key market that many Vietnamese enterprises are targeting to promote import and export activities. In addition, Vietnam is also attracting and receiving high-tech investment capital from the US market, especially in areas such as microchips and semiconductors, to keep up with the world's science and technology era. Vietnam currently plays an important role in the US global supply chain, while US enterprises have made great contributions to the transformation and development of Vietnam's economy.
Promoting cooperation between the two countries to new heights
Most recently, on the afternoon of February 12, 2025, at the headquarters of the Ministry of Industry and Trade, Minister Nguyen Hong Dien had a working session with Ambassador Extraordinary and Plenipotentiary of the United States of America to Vietnam Marc E. Knapper to discuss the contents of enhancing bilateral economic, trade and investment cooperation in the coming time. The two leaders focused their discussions on important areas such as energy and industry.
Speaking with Ambassador Marc E. Knapper, Minister Nguyen Hong Dien said that the complementary nature of the Vietnamese and US 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.
The Minister affirmed that Vietnam always considers the United States 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.
The United States is currently Vietnam's fifth largest import market. Vietnam's policy is to consider the United States as one of its long-term and reliable import sources for energy, machinery, equipment, technology, raw materials, etc.
Regarding agricultural products, Vietnam is currently the 9th largest export market of the United States. Products such as beef, pork, chicken, seafood, milk, soybeans, corn, grapes, apples, cherries, blueberries... from the United States are also very popular with Vietnamese consumers. Vietnam imports more than 2 million boxes of American apples per year.
For his part, Ambassador Marc E. Knapper said that 2025 marks the 30th anniversary of the establishment of diplomatic relations between Vietnam and the United States. The United States hopes that 2025 will be a pivotal year to continue promoting the cooperative relationship between the two countries to a new height, realizing the commitments and contents of the Comprehensive Strategic Partnership, in which the pillar of economic and trade cooperation will play a key role in promoting the overall bilateral relationship.
Both the US public and private sectors are ready to strengthen cooperation with Vietnam in new, potential areas that are in line with development trends such as ensuring energy security, climate security, food security, high technology, etc.
Therefore, the United States wishes to participate more deeply in Vietnam's large and important projects; at the same time, it requests the Vietnamese Government to accelerate the process of completing legal frameworks, creating more favorable conditions to open up US investment capital flows into Vietnam in new fields such as energy, semiconductors, artificial intelligence, aviation, etc.
This morning, March 1, 2025, at the Government Headquarters, Prime Minister Pham Minh Chinh had a meeting with US businesses. Previously, on November 27, 2024, in Hanoi, Prime Minister Pham Minh Chinh attended the Vietnam - US Business Summit. At the conference, the Prime Minister said that Vietnam is focusing on implementing major projects of "state-changing, situation-changing" nature such as nuclear power plants, North - South high-speed railway, airports, major seaports, expressway systems, development of all 5 types of transportation, international transit centers...; ensuring adequate electricity supply; building national data centers; exploiting new development spaces such as outer space, underground space, sea space... The Prime Minister asked US businesses to continue to strengthen cooperation and investment in Vietnam in the above priority areas. As of October 2024, the United States has 1,400 valid FDI projects in Vietnam with a total registered capital of nearly 12 billion USD, ranking 11th out of 148 countries and territories investing in Vietnam. On the other hand, many Vietnamese enterprises such as FPT, Vinfast... are also expanding their operations to the United States, bringing mutual benefits. |
Source: https://congthuong.vn/vai-net-ve-thuong-mai-viet-nam-hoa-ky-nhan-thu-tuong-lam-viec-voi-doanh-nghiep-my-376240.html
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