Two-way trade continues to flourish
The latest report from General Statistics Office shows that in the first 7 months of 2024, export turnover of goods to the US market reached 66.1 billion USD, up 24.4% over the same period; import turnover from this market reached 8.6 billion USD, up 6.2% over the same period. The US is currently the largest market for Vietnamese goods. At the same time, Vietnam is the leading country in Southeast Asia (ASEAN) in exports to the US.
In opposite direction, Vietnam is the 8th largest trading partner of the US and the 6th largest import market of goods of the US.
Vietnam exports to the United States many groups of products such as machinery, equipment, tools, spare parts; computers, electronic products and components; textiles; phones of all kinds and components; wood and wood products; footwear, etc.
In opposite direction, Vietnam imports many products from the United States serving production such as computers, electronic products and components; cotton; machinery, equipment, tools, spare parts; animal feed and raw materials, etc.
According to Mr. Do Ngoc Hung - Commercial Counselor, Vietnam Trade Office in the United States, Vietnamese goods are increasingly popular in the US market due to their continuously improved quality, updated trends and competitive prices. On the other hand, changes in the supply chain as well as the wave of investment shifts have contributed to increasing the production capacity of Vietnamese enterprises. This simultaneously creates opportunities and room for Vietnamese goods to increase exports to the world in general and the US market in particular.
After nearly 30 years of establishing diplomatic relations and 24 years since the signing of the Vietnam-US Bilateral Trade Agreement (BTA), Vietnam-US trade relations have truly been a bright spot in recent times. According to statistics from General Department of Customs, Vietnam-US trade reached the 100 billion USD mark for the first time in 2021 (reaching 111.55 billion USD). Of which, Vietnam's exports reached 96.27 billion USD and imports reached 15.28 billion USD. Since then, two-way trade has reached over 100 billion USD every year.
According to Dr. Vo Tri Thanh - Economic expert, BTA Agreement is a good foundation to help Vietnam be more confident in international integration process. Vietnam has revised and changed dozens of laws, perfecting a strong legal framework. After the BTA, Vietnam confidently promoted deep integration, linking international commitments with domestic reforms, especially economic institutional reforms. BTA promoted a process for Vietnam to gradually build a public, transparent, non-discriminatory legal system to integrate into the world economy. Thanks to that, two-way trade between two countries has grown steadily.
On September 10, 2023, Vietnam - US relationship was upgraded to a Comprehensive Strategic Partnership. This milestone has opened up many opportunities for cooperation in all fields, including economic - trade between Vietnam - the US in the future.
Be cautious with trade defense barriers
Vietnam Trade Office in the United States pointed out that, although it is a potential market, the United States is currently market with the most trade defense investigations on Vietnamese exports and is also a member with the most trade defense investigations among members of the World Trade Organization (WTO) with many other markets. Increased imports mean that domestic competitive pressure on US manufacturing industries is increasingly fierce. In that context, US businesses will increase use of this tool to limit imports and reduce competitive pressure.
Export industries that are sued for trade defense by the United States have turnover ranging from low to high-value items with large market shares and turnover. Typical products include steel products, seafood (shrimp, pangasius), machinery and equipment, wood, furniture, paper bags, plastic bags, aluminum, etc., and recently, paper plates.
Talking to reporters of Industry and Trade Newspaper, Dr. Le Quoc Phuong, former Deputy Director of Industry and Trade Information Center, also said that currently, one of the biggest barriers to Vietnam's import and export goods to markets in general and the US market in particular is trade barriers from anti-dumping measures. However, positive point is that authorities, especially Ministry of Industry and Trade, have always provided timely information to businesses, especially early warning information on trade defense measures of the host country.
Therefore, enterprises need to be cautious and at the same time establish a close relationship with Vietnamese Trade Office abroad, Department of Trade Defense (Ministry of Industry and Trade) to grasp the earliest warning information about trade defense investigations in order to proactively have response solutions and maintain market share in important markets.
Recently, on August 2, US Department of Commerce issued a conclusion, according to which, although it has recorded many positive changes in the Vietnamese economy in recent times, it still has not recognized Vietnam as a country with a market economy. According to Ministry of Industry and Trade, this conclusion means that Vietnamese enterprises exporting goods to the US market will continue to be discriminated against in anti-dumping and anti-subsidy investigations by the US and actual production costs of Vietnamese enterprises will continue to not be recognized but must use the "substitution value" of a third country to calculate dumping margin. In coming time, Ministry of Industry and Trade will study and analyze arguments in Vietnam Economic Assessment Report of US Department of Commerce, to supplement and complete arguments to send a dossier requesting US Department of Commerce to review market economy status for Vietnam in order to concretize Vietnam - US Comprehensive Strategic Partnership, thereby promoting bilateral economic, trade and investment cooperation, bringing practical benefits to businesses and people of the two countries.
In addition, Ministry of Industry and Trade will accompany Vietnamese enterprises exporting to the US market in anti-dumping and anti-subsidy investigations to ensure the highest benefits for Vietnamese business community.

Source: Vitic/ congthuong.vn