Trade with the US likely to exceed US$100 billion for fourth consecutive year
VOV.VN - Two-way trade turnover between Vietnam and the United States hit US$61.4 billion in the first half of the year and it is on track to surpass the US$100 billion mark for the fourth year in a row.
Statistics indicate that of the six-month total, Vietnamese exports brought in US$54.3 billion, up 22.1% year on year, while its imports were valued at US$7.1 billion, up 2.8%, resulting in a trade surplus of US$47.2 billion.
The US is currently taking steps towards lowering interest rates, thereby stimulating local consumption and facilitating business import and export activities. Such a move has served to fuel local consumer demand for furniture, seafood, and garments, among other items that are key Vietnamese export products.
Do Ngoc Hung, trade counselor of the Vietnamese Embassy in the US, pointed out that bilateral trade has flourished considerably over recent years despite global fluctuations.
According to the trade counselor, the 2023 upgrade of Vietnam – US ties to a comprehensive strategic partnership is expected to open further business opportunities for the two countries.
Furthermore, Vietnamese commodities are increasingly popular in the US market thanks to continuously improved quality, updated trends, and competitive prices.
Changes in the supply chain, as well as the wave of investment shifts, have contributed to enhancing the production capacity of Vietnamese enterprises, creating conditions for their products to stand firm in the international market, including in the US.
The Ministry of Industry and Trade recently dispatched an investment and trade promotion delegation to the US to assist Vietnamese localities and firms with investment connections in this lucrative market.
During the working trip, Vietnamese enterprises engaged in a series of business-to-business matching sessions to inquire into the needs of US firms and the market as a whole.
The US is Vietnam’s second largest trade partner, with bilateral trade expected to maintain its upward trajectory thanks to high market demand coupled with a low inventory in the US market, according to Vu Ba Phu, director of the Trade Promotion Agency under the Ministry of Industry and Trade.
However, Phu also reminded Vietnamese firms of the need to learn more about trade defence measures as a way of limiting the risks of investigations and lawsuits.
The General Department of Vietnam Customs reported that two-way trade turnover between Vietnam and the US first beat the US$100 billion mark in 2021, hitting US$111.55 billion.
Despite the impact of COVID-19, their trade turnover in 2022 and 2023 still exceeded the US$100 billion threshold, reaching nearly US$124 billion and nearly US$111 billion, respectively.
