Trade turnover grows about 300 times
July 11 is an important milestone in Vietnam-US relations as the two countries celebrate 30 years of normalization of relations. The development of relations between the two countries in recent years can be considered a rare journey in international relations.
Over the past 30 years, the relationship between the two countries has been continuously promoted on the basis of respect for each country's independence, sovereignty, territorial integrity and political institutions; mutual understanding, equal cooperation, mutual benefit and in the spirit of overcoming differences, promoting similarities, looking towards the future; in line with the wishes and aspirations of the people of the two countries.
Notably, over the past 30 years, economic and trade cooperation has been a bright spot in the relationship between the two countries. Currently, the United States has become one of Vietnam's largest trading partners and is Vietnam's first export market to surpass the 100 billion USD mark.
In fact, in 1995, two-way trade turnover only reached about 450 million USD, by 2024, the total two-way trade turnover reached nearly 150 billion USD, of which Vietnam's exports to the United States are estimated to reach nearly 130 billion USD. Thus, from 1995 to 2024, the growth of trade between the two countries has increased about 300 times.
Vietnam's main export items to the US market have a positive growth rate, including: machinery, electronic equipment; audio and video recording equipment; footwear; leather products; handbags, wallets, umbrellas; plastics and plastic products; toys, games and sports equipment.
On other hand, imports from the United States to Vietnam also recorded strong growth, especially aircraft, equipment and spare parts; chemicals; plastics and plastic products.
According to the leader of Department of Foreign Market Development, Ministry of Industry and Trade, the United States is an important market providing input materials for Vietnam's production activities. The main items include cotton, animal feed, corn, soybeans, chemicals, machinery and technology. Increasing the import of products from the United States helps "clean up" the supply chain thanks to certification standards and clear origin of raw materials.
In addition, Vietnam has a large demand for importing many types of machinery, high-tech equipment, aviation and telecommunications equipment, agricultural products as input for production activities to meet the high growth rate and rapid expansion of the economy. With an average gross domestic product (GDP) growth rate of nearly 7%/year and a population of nearly 100 million people, Vietnam is forecast to be a potential market for US companies operating in all fields.
Leader of Foreign Market Development Department also emphasized that bilateral cooperation does not stop at trade but also extends to many other areas, from security, defense to overcoming the consequences of war, education - training, people-to-people exchange, in handling regional and global issues such as climate change, anti-terrorism, participating in the United Nations peacekeeping force...
Vietnam - a reliable and responsible partner of the United States
Sharing with the press about this special and rare relationship, Vietnamese Ambassador to the United States Nguyen Quoc Dung said that 30 years of normalization of Vietnam - US relations is a very meaningful milestone. From two former enemies after the war, the two countries have overcome differences to become comprehensive strategic partners. This can be said to be a rare journey in international relations. For Vietnam, this is the result of a consistent foreign policy: independence, self-reliance, multilateralization, deep integration for peace and development.
According to Ambassador Nguyen Quoc Dung, the Vietnam-US relationship has developed because the two sides have built trust, shared strategic interests and committed to substantive cooperation. This relationship is demonstrated in four aspects:
First, the vision and political determination of the leaders of the two countries.
Second, the principle of mutual respect, especially respect for the independence, sovereignty and political institutions of each side.
Third, the joint efforts in overcoming the consequences of war such as detoxification, mine clearance, supporting Agent Orange victims, searching for missing people - activities of profound humanitarian value.
Fourth, the strong driving force from economic and trade cooperation, with turnover increasing more than 200 times in 30 years. That has made Vietnam a leading partner of the United States in ASEAN.
Also according to Ambassador Nguyen Quoc Dung, in the coming time, the two countries can prioritize promoting cooperation in a number of prominent areas. First of all, economics, trade, investment, with a focus on high technology, supply chains, high-tech agriculture and digital transformation. Vietnam wishes to become a reliable partner of the United States in the global supply chain. In addition, cooperation in science - technology and innovation is also a new highlight, especially in areas such as semiconductors, artificial intelligence, clean energy and healthcare.
In addition, education and training of high-quality human resources, national defense and security, people-to-people exchanges and overcoming the consequences of war will continue to be important pillars. These are all areas that the leaders of the two countries have clearly identified when upgrading the relationship to a Comprehensive Strategic Partnership in September 2023.
In the coming period, Ambassador Nguyen Quoc Dung hopes that the relationship between the two countries will continue to be raised to new heights - not only in the breadth of cooperation, but also in the depth of mutual understanding and trust. The important thing is to build a solid social foundation for bilateral relations - where people of the two countries, especially the younger generation, understand each other better, learn from each other, and together create common values.
Ambassador Nguyen Quoc Dung emphasized that Vietnam will continue to be a trustworthy and responsible partner, working with the United States to build a better future for the region and the world.

Source: Vitic/ congthuong.vn