AsemconnectVietnam - In the first 11 months of 2023, the trade turnover between Vietnam and the United States was estimated to reach 100.62 billion USD. The United States maintained its position as Vietnam's largest export market.

The latest statistics figures from the Ministry of Industry and Trade showed that, in the first 11 months of 2023, the United States was Vietnam's largest export market with an estimated turnover of 88.05 billion USD, down by 13.1% over the same period last year, accounting for 27% of the country's total export turnover.
The imports of goods from the United States were estimated at 12.57 billion USD, down by 6.4%. Thus, the trade surplus to this market was estimated at 75.45 billion USD, down by 14.1% over the same period last year.
The two-way import-export turnover has decreased due to the general difficult situation in the world. It is forecasted that in the coming time, the two-way import-export turnover will recover.
According to the Ministry of Industry and Trade, the economic and trade relations between Vietnam and the United States have changed really strongly in recent years. From 1994 until now, the two-way trade turnover has continuously grown at a high level, increasing by more than 275 times, from about 450 million USD to 124 billion USD (by 2022).
The United States has been an important trading partner and a large export market of Vietnam for many years, accounting for nearly 30% of Vietnam's total export turnover to the world. In 2022, Vietnam has become the 8th largest trading partner of the United States.
The export opportunities to the US market are increasingly expanding, as recently, in Luong Son district (Hoa Binh), the Provincial Department of Agriculture and Rural Development, Luong Son District People's Committee, Yen Thuy District People's Committee, Joint Stock Company RYB Agriculture Department organized the first export of grapefruit with a quantity of 16 tonnes, in 3 batches of 48 tonnes of grapefruit to the US market.
According to RYB Agriculture Joint Stock Company, this year, the quality of grapefruit has changed a lot in terms of sweetness, yield, shape of the fruit, etc. to meet the strict requirements of the market. Exported pomelo must go through many stages and be tested to meet the standards of design, Brix level and 900 active ingredients, pesticide residues and other residues related to safety and must be approved for export by a U.S. Testing Laboratory.
Before grapefruit, Hoa Binh also exported sugarcane products to the United States.
Recently, at the plenary meeting of the Vietnam - United States Trade and Investment Council (TIFA), Deputy Minister of Industry and Trade Do Thang Hai affirmed that Vietnam always considers the United States as its most important trading partner. The Deputy Minister emphasized that contents related to intellectual property, digital trade and services, labor and agriculture will be the core contents of the economic and trade cooperation pillar in the coming time, especially in the context that the two countries have agreed to upgrade their relationship to the level of comprehensive strategic partnership.
Deputy Minister Do Thang Hai proposed that the two countries strengthen policy exchange activities, strengthen strategic trust, and create a solid foundation to promote economic, trade and investment relations through the dialogue mechanism of TIFA Council.
Also according to the Ministry of Industry and Trade, in the current difficult and challenging global economic context, consumer needs and tastes in export markets of Vietnam in general and the United States in particular have appeared many new trends, new requirements, especially price, quality and requirements related to environmental protection, sustainable development, "green production" standards, "clean and sustainable" supply chains.
Therefore, Vietnamese businesses are recommended to quickly adapt to those changes. When exporting to the United States, businesses need to clearly define product strategies, partners, and distribution channels.
At the same time, businesses must also carefully study regulations, export barriers, and possibilities related to trade defense cases to ensure input materials have clear origins, do not affect the environment or use forced labor. In particular, businesses must also 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 reputation and build trust with US customers.
To develop the market, in addition to cooperating with large importers and distribution channels, businesses also need to apply a customer diversification strategy and actively search for niche markets to minimize risks.
CK
Source: VITIC/congthuong.vn