AsemconnectVietnam - Vietnam is going to develop a system of suppliers deeply involved in the US value chain, aiming to promote trade exchange between Vietnam and the US.

This is also the topic of the discussion organized by the Department of European - American Markets (Ministry of Industry and Trade) on July 31, in Ho Chi Minh City.
At the seminar, Mr. Nguyen Hong Duong, Deputy Director of the European - American Market Department (Ministry of Industry and Trade) emphasized that for many years, the United States has always been Vietnam's number 1 important export market, but at the same time, it is also a market with high standards and increasingly applying trade defense measures to goods exported from Vietnam.
In 2023, export turnover to the United States decreased sharply due to the impact of economic recession, inflation, people tightening spending, high interest rates, etc. In the first half of 2024, Vietnam's goods exports to the United States have basically recovered and gradually regained stable growth momentum.
Citing data from the International Trade Commission, US Department of Commerce (USITC), Mr. Nguyen Hong Duong said that by the end of May of 2024, Vietnam was the 9th largest trading partner of the United States. The two-way trade turnover between Vietnam and the United States reached 54.8 billion USD (up by 15.1% over the same period of 2023), of which exports reached 50.4 billion USD (up by 16% over the same period of 2023), and imports reached nearly 4.4 billion USD (up by 4.9% over the same period last year) and the trade deficit was at 46.1 billion USD, ranking third after China and Mexico; up by 18% over the same period of 2023.
This is a positive growth rate when most countries directly competing with Vietnam such as China, India, Thailand, Malaysia, all have much lower growth rates.
Meanwhile, according to the General Department of Customs, in the first 6 months of 2024, the total bilateral trade turnover reached about 62.2 billion USD (up by 21.4% over the same period of 2023), of which Vietnam exported 55.1 billion USD worth of goods to the US (up by 24.1% over the same period of 2023; accounting for 28.9% of total exports); and imported 7.1 billion USD worth of goods from the US (up by 3.4% over the same period of 2023, accounting for 3.97% of total imports).
In a direct discussion with the business community at the seminar, experts said that in the coming time, in order to boost the export of goods as well as participate more deeply in the value chains of the US, businesses need to continue to develop export products in the direction of specialization and modernization; improve product structure, focus on developing products with high added value; apply advanced quality management standards and regulations to enhance the competitiveness of the industry; promote investment in the production of raw materials, auxiliary materials, and supporting industries; accelerate the localization process to increase the value content of Vietnam.
In addition, it is necessary to actively participate in promotional activities, fairs, and appropriate exhibitions; increase the introduction of Vietnamese export products on major US media as well as connect with Vietnamese enterprises in the host country to support and expand access to product distribution channels, thereby creating spillover and connectivity between states, regions, and localities.
CK
Source: VITIC /haiquanonline.com.vn