According to preliminary statistics from General Department of Customs, in 2023, Vietnam's goods exports to the United States reached 97 billion USD, down 12.4 billion USD compared to 2022. However, this is still the largest export market of Vietnam.
In 2023, there were 12 commodity groups exported to the US market with a turnover of more than 1 billion USD. Out of which, machinery, equipment, tools, and spare parts are leading with 18.2 billion USD; following by computers, electronic products and components reached 17 billion USD; textile and garment ranked the third with 14.47 billion USD.
In opposite direction, Vietnam's imports of goods from the United States in 2023 reached 13.82 billion USD, down nearly 700 million USD comparing to 2022. Thus, in 2023, total import-export turnover between two countries reached nearly 111 billion USD. This is the third consecutive year that Vietnam - US trade has reached a turnover of more than 100 billion USD. The United States is Vietnam's second trade partner to reach an objective of 100 billion USD (after China).
Assessing trade relations between Vietnam and the United States, Dr. Le Dang Doanh - senior economic expert commented that Vietnam - the United States has upgraded their relationship to a comprehensive strategic partnership for peace, cooperation and sustainable development in October 2023, the door to entry. The US market has expanded, as long as the Government has specific policies to support and Vietnamese businesses proactively implement it.
According to data from Ministry of Agriculture and Rural Development, in 2023, agricultural, forestry and fishery exports to the United States reached 11.1 billion USD, accounting for 21% of Vietnam's total agricultural, forestry and fishery export turnover. Dr. Le Dang Doanh also commented that the opportunity for Vietnamese agricultural products to export to the United States is huge. Many typical agricultural products of Vietnam such as coffee, pepper... but the United States does not have strength to produce them. "In particular, with 2 million Vietnamese Americans, these will be very willing customers for Vietnamese agricultural products", Dr. Le Dang Doanh commented.
According to Dr. Le Quoc Phuong - former Deputy Director of Vietnam Industry and Trade Information Center (Ministry of Industry and Trade), for the US market, inflation in 2024 is expected to be controlled soon. The United States is a country rich in oil and gas and this market has recovered better than the EU.
Besides advantages, challenges when exporting goods to the US market are not small. Accordingly, the United States issued many trade protection policies to protect interests of domestic businesses when products from Vietnam gained more market share and competed strongly with US businesses. Non-tariff barriers can limit market access and increase costs for Vietnamese businesses, reducing competitiveness of Vietnamese goods.
According to Dr. Le Dang Doanh, the US Department of Commerce (DOC) has issued draft amendments to strengthen enforcement of trade defense measures in the Anti-dumping and Anti-subsidy Law (Tariff Act 1930 of the United States) to get opinions from relevant parties, which is also a difficulty for Vietnamese businesses.
Mr. Tran Thanh Hai - Deputy Director of Import-Export Department (Ministry of Industry and Trade) - said that in 2024, the world and domestic economic context has many more positive factors for import and export activities. The US Federal Reserve (FED) has issued messages to stop raising interest rates and consider reducing interest rates in 2024. Problem of high inventories in the United States and many markets is gradually being overcome. These are advantages for Vietnamese goods exported to this market.
However, import and export activities in 2024 still face many risks and are difficult to predict. Trend of trade protection appears more, many countries have measures to bring investment back home, erecting trade barriers to protect and promote domestic production. Developed markets that focus on sustainable development will have an impact on some of our country's key export products. Recent tensions in the Red Sea that have caused ship routes to change directions, also increase time and costs for import-export businesses.
With difficulties and advantages forecast for 2024, to support export businesses in general and exporting to the US market in particular, Mr. Tran Thanh Hai said, Import-Export Department will continue to support export activities in general and export to the US market in particular. Support businesses to take advantage of commitments in FTA Agreements to promote exports, through propaganda about rules of origin and issuance of Certificates of Origin, opportunities and ways to take advantage of opportunities from the agreements. At the same time, strengthen activities providing market information on digital platforms for localities, industry associations and businesses; Support development and implementation of focused, large-scale, regionally linked trade promotion activities for products and industries with regional strengths in target markets. In addition, Vietnam will promote negotiations and signing of new agreements, commitments and trade links; implementing strategies and action programs on import and export of goods, develop logistics services, rice export markets and especially support businesses to overcome new trade barriers in import markets…

Source: Vitic/ congthuong.vn