Specifically, in 11 months of 2024, the US is Vietnam's largest export market with a turnover of 108.9 billion USD, up 23.9%; import turnover from the US reached 13.5 billion USD, up 7.3%; trade surplus with the US reached 95.4 billion USD, up 26.7% over the same period last year.
According to Department of European - American Markets - Ministry of Industry and Trade, Vietnam has become the 8th largest trading partner of the US, the fourth largest export market of the US in ASEAN region. In contrast, the United States is Vietnam's second largest trading partner and largest export market. Currently, items in Vietnam's top 15 exports with the best growth in turnover to the United States with turnover in the first 9 months of the year are: Wooden furniture, up 23.9%, reaching a value of 9.57 billion USD; machinery, optical equipment, medical measurement increased 15.6%, reaching a value of 1.18 billion USD; automatic data processing machines, encryption; office machines, printers; hand tools, hydraulic pneumatics... increased 78.5%; reaching a value of 20.6 billion USD; footwear, up 14.0%, reaching a value of 6.7 billion USD;…
At the 2024 Vietnam - US Cooperation Forum, organized by Ministry of Industry and Trade in coordination with Embassy of the United States of America in Vietnam and the American Chamber of Commerce in Vietnam on December 6, 2024, in Ho Chi Minh City, Mr. Ta Hoang Linh - Director of European - American Market Department (Ministry of Industry and Trade) said that the two countries' official announcement to upgrade their relationship to the level of Comprehensive Strategic Partnership in September 2023 has created a solid foundation, helping cooperation activities between two countries to go into depth and substance on all pillars, in which the economic - trade - investment pillar continues to play role of central driving force promoting the relationship between the two countries.
Mr. Do Ngoc Hung - Commercial Counselor, Head of the Vietnam Trade Office in the United States said that with the third largest trade deficit among the total partners of the United States, Vietnam is at risk of having to pay the same tax rate as China in the initial stage (15%) and may gradually increase if trade deficit situation is not improved and Vietnam's agreements with the United States are not implemented. Worrying thing is that it will apply to all exported goods from Vietnam, not just goods related to China (investment, raw materials, labor, etc.). A fact that China is taxed higher may lead to a strong trend of Chinese investment in Vietnam. In some cases, it is possible that Vietnam is being used as a "transit" for trade fraud and tax evasion, leading to transfer of a large number of investment projects from China, which is also a significant risk in the coming time while Vietnam has no measures to limit attracting investment from a specific country in the current policy system.
Therefore, relevant ministries, branches and localities need to strengthen supervision of licensing of new investment projects and screening of investment capital to avoid Vietnam becoming a transit location. In particular, the most affected sectors may be textiles, footwear, seafood, electronics and wooden furniture.
Thus, after 11 months, trade turnover between Vietnam and the United States has exceeded figure of 2023. In 2023, total import-export turnover between the two countries reached nearly 111 billion USD.

Source: Vitic/ congthuong.vn