Throughout the reviewed period, Vietnam raked in US$145.79 billion from exporting goods, representing an annual increase of 0.2%. Most notably, the US retained its place as the country’s largest export market with turnover of US$37.9 billion, marking a rise of 15% on-year.
Economist Nguyen Xuan Thanh, a lecturer at Fulbright University Vietnam, points out that Vietnam has successfully maintained the export of key products such as electronics, machinery, and equipment to the US market.
He attributes the robust growth to benefits brought about by the ongoing US-China trade war coupled with the shifting of production lines from epidemic-affected economies to Vietnam.
According to the Vietnam Trade Promotion Agency’s New York-based Office, it received hundreds of transaction letters seeking business opportunities each day during the peak of the pandemic.
Mary Tarnowka, executive director of the American Chamber of Commerce in Ho Chi Minh City, says the US has highlighted the Vietnamese economy as part of plans for greater trade co-operation amid the complex developments of COVID-19. Indeed, several US businesses are seeking business opportunities in the field of support industries and medical equipment in the country.
Both countries have deployed a range of solutions aimed at maintaining a trade balance, with Vietnam recording a trade surplus with the US.
Meanwhile, the Ministry of Industry and Trade, in its capacity as the co-chairman of the sub-committee of the Trade and Investment Framework Agreement Council, has hosted a number of working sessions aimed at promoting trade relations between both sides.
The ministry has also been involved in resolving problems for US enterprises operating in Vietnam, striving to accelerate the implementation of investment projects, and increase material imports, in an effort to maintain bilateral trade balance.
Experts believe that the country should enhance communication campaigns to popularise its key manufacturing industries whilst importing more from the US, especially for commodity groups relating to energy, agricultural products, pharmaceuticals, machinery, and equipment to further sustain the trade flow between the two countries.