AsemconnectVietnam - The two-way trade between Vietnam and the United States reached 74.4 billion USD in the first 7 months of the year, with strong growth in both exports and imports.

With such an increase, the two-way trade turnover between Vietnam and the United States could soon exceed 100 billion USD this year.
Many commodities have growth prospects
The latest report from the General Statistics Office showed that in the first 7 months of 2024, the export turnover of goods to the US market reached 66.1 billion USD, up by 24.4% over the same period last year; the import turnover from this market reached 8.6 billion USD, up by 6.2% over the same period last year. The United States is currently the largest market for Vietnamese goods. At the same time, Vietnam is the leading country in the Southeast Asian region (ASEAN) in terms of exports to the United States. Vietnam is the 8th largest trading partner of the United States and the 6th largest import market of goods of the United States.
According to Mr. Do Ngoc Hung, Trade Counselor of Vietnam in the United States, it is forecasted that in the coming time, the exports to the United States will continue to recover and grow as market demand increases and inventories decrease.
The representative of the Vietnam Trade Office in the United States also said that many key export items have great potential to expand exports to this market, such as textiles and garments.
It is forecasted that Vietnam's textile and garment exports to the United States may continue to increase in the coming time when the Fall-Winter season is coming and suppliers are actively purchasing goods for stockpiling before the election in November of 2024. Therefore, Mr. Do Ngoc Hung suggested that the industry continue to pay attention to the US regulations on the UFLPA (preventing forced labor of Uyghurs), coordinate with the Ministry of Industry and Trade, the Trade Office to promptly report to the US Customs and Border Protection to promptly handle shipments stopped at the border gate; coordinate with the Trade Promotion Agency to actively and effectively participate in the Magic Show International Textile and Footwear Fair held in Las Vegas in the near future.
Continue to innovate, increase product value
Electronics and components are assessed to have high export potential to the US market because the export of electronics, computers and components has become a key export item, contributing to stabilizing the macro economy, creating jobs, improving the living standards and income of workers, directly increasing production value, spreading the impact to the development of related industries, improving labor skills, domestic production to meet the increasingly high demands of the international market. Realizing the importance of this, investors, including the United States, are increasingly investing in this field. Therefore, according to Mr. Hung, businesses need to continue to meet quality requirements, increase added value and ensure compliance with rules of origin.
In addition, the representative of the Vietnam Trade Office in the United States also recommended that businesses in the industry continue to promote innovation, strongly apply scientific and technological advances, increase the localization rate and technology content in each product; constantly improve production capacity and competitiveness to participate more deeply in the global supply chain and value chain.
Mr. Hung said that from the perspective of the Trade Office, they will continue to promote the export of Vietnamese products to the United States such as textiles, footwear, wooden furniture, agricultural products and many other products to increase the export turnover of these products to the US market, through propaganda, promoting positive information and introducing and connecting partners for Vietnamese export enterprises.
CK
Source: VITIC/ haiquanonline.com.vn