The latest report from Ministry of Industry and Trade shows that in the first 9 months of 2024, the United States is Vietnam's largest export market with an estimated turnover of 89.4 billion USD, accounting for 29.8% of Vietnam's total export turnover and an increase of 27.4% over the same period last year (the same period in 2023 decreased by 17.6%). Ministry of Industry and Trade assessed that the US market is showing signs of stimulating consumption again, expanding import and export needs of businesses. Thanks to that, demand for wooden products, seafood, textiles, etc. is increasing strongly.
Regarding import of goods, the United States is also one of Vietnam's largest import markets with a turnover of 10.9 billion USD after 9 months, an increase of 6.2%.
Thus, after 9 months, two-way trade between Vietnam and the United States has officially exceeded threshold of 100 billion USD with a specific figure of 100.3 billion USD.
According to Vietnam Trade Office in the United States, there are many reasons for continuous growth of trade between two countries in recent times, even in the context of many fluctuations in the world situation. First of all, relationship between the two countries is increasingly developing. In 2013, two countries established a Comprehensive Partnership and by 2023, the two countries officially upgraded to a Comprehensive Strategic Partnership.
In addition, Vietnamese goods are increasingly popular in the US market due to their continuously improved quality, updated trends and competitive prices. On other hand, changes in the supply chain as well as wave of investment shifts have contributed to increasing 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.
According to Dr. Nguyen Minh Phong - Economic expert, in the coming time, exports to the US will continue to recover and grow when market demand increases and inventories decrease. The biggest concern when exporting to the US is that this country is increasing application of trade defense measures on imported goods.
To limit risk of being investigated and applying defense measures, Vietnamese enterprises need to increase their understanding of law on trade defense regulations, create added value on exported products and enterprises need to store export data to cooperate with the investigation agency when an incident occurs.
According to General Department of Customs, Vietnam - US trade reached 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.
Entering 2022, despite facing many difficulties due to impact of the Covid-19 pandemic, Vietnam - US trade still had remarkable growth with a turnover of nearly 124 billion USD.
In 2023, total import-export turnover between two countries reached nearly 111 billion USD.

Source: Vitic/ congthuong.vn