Exports to the US market continued to recover since the end of last year, bringing in 17.4 billion USD, contributing significantly to the economy's export revenue of nearly 60 billion USD in the first two months of 2024.
 |
| Seafood is one of the high-value export items to the US. Photo: D.T. |
Processing and manufacturing goods accelerate
Nearly 1.8 billion USD worth of computers, electronic products and components manufactured in Vietnam were successfully exported to the US in January 2024, up nearly 74% over the same period last year. Next were machinery, equipment and telephones, bringing in 1.56 billion USD and 1.4 billion USD respectively, and textiles and garments, 1.32 billion USD.
The recovery of orders in the market of more than 340 million people, with high consumption, contributed to bringing in export revenue of 17.4 billion USD in just the first two months of the year, an increase of nearly 34% over the same period.
Looking at this result, it can be seen that more than half of Vietnam's export value to the US is high-tech products (consumer electronics, smartphones), garments and footwear products, the rest are other products such as furniture and agricultural products.
For many consecutive years, the US has been an important destination for Vietnamese goods. In 2023, despite being affected by economic downturn, inflation, and people tightening their spending, Vietnam still exported nearly 97 billion USD worth of goods to the US.
With export goods worth nearly 110 billion USD and 97 billion USD in the last 2 years (2022 - 2023), the US became the first export market to reach the milestone of 100 billion USD/year and maintained its position as Vietnam's largest export market.
“The US continues to promote the strategy of diversifying supply sources and supply chains, focusing on ASEAN markets, helping Vietnam become an important production and export center in the global value chain,” said Mr. Ta Hoang Linh, Director of the Department of European and American Markets (Ministry of Industry and Trade).
Expected bilateral trade of 200 billion USD
Vietnam-US bilateral trade has increased 300 times, from 450 million USD in 1995 to 124 billion USD by the end of 2022. With the event of upgrading Vietnam-US relations to Comprehensive Strategic Partnership in September 2023, implementing cooperation pillars covering many fields, is the foundation for bilateral trade to soon reach 200 billion USD.
The US-ASEAN Business Council (USABC) said that an annual high-level business delegation of 50 leading US companies operating in many fields such as technology, energy, aviation and defense, manufacturing, agriculture and food, financial services, healthcare, investment funds, etc. will visit Vietnam to explore investment opportunities from March 18 to 21, 2024. 
According to international trade researchers, with the Comprehensive Strategic Partnership, the US can recognize Vietnam as a market economy, thereby helping the two countries enjoy more economic benefits. In particular, in the context of the US's efforts to promote the Indo-Pacific Economic Framework for Prosperity (IPEF), being recognized as a market economy will help Vietnam increase trade and investment with the US.
When the US recognizes Vietnam as a market economy, it could encourage US companies to diversify their supply chains. In addition, lower import prices and greater market access could allow US companies to increase production and manufacturing in Vietnam.
In return, US companies benefit from increased market access and export opportunities, particularly in agriculture, machinery, aircraft and pharmaceuticals, all of which contribute to a supply chain aligned with US interests.
More importantly, recognizing Vietnam's market status will also help reduce trade barriers, making it easier and cheaper for US businesses to export goods and services to Vietnam.
However, along with trade growth, the number of trade defense lawsuits filed by the US against Vietnamese goods has also increased rapidly, with the aim of protecting domestic manufacturing industries from the influx of imported goods from other countries.
In 2023, Vietnam's export goods will be the subject of 16 new cases initiated against solar panels, wooden cabinets, some steel products, chemicals, etc., in addition to many cases that are continuing to be investigated and annual and final reviews. Most of the cases initiated in 2023 will be conducted by the US. To date, Vietnam's export goods have been the subject of about 240 trade defense investigations.
The solution for exporting enterprises is to proactively store records and data of shipments. In each case, they should cooperate with the investigating agency to prove that they are not dumping, not receiving subsidies, etc. Regularly pay attention to the list of items subject to early warning of trade defense.
In fact, in a number of cases, through appeals, the US has concluded that many of our country's export products do not evade trade defense taxes.
Source
Comment (0)