Vietnam-US bilateral trade moves closer to US$90 billion mark

According to details given by the General Statistics Office, the nation fetched US$77.9 billion from exporting goods to the US market, an increase of 25.4% on- year, while the import turnover from this market hit US$9.8 billion, up 6.9% on-year.

The US was the country’s largest export market with an estimated turnover of US$77.9 billion throughout the reviewed period.

According to details given by the Vietnam Trade Office in the US, there are many reasons for the continuous growth of trade between the two countries in recent times, even amid a range of global fluctuations. First of all, the relationship between the two countries is increasingly developing. In 2013, they established a comprehensive partnership which was later upgraded to a comprehensive strategic partnership in 2023.

Furthermore, Vietnamese goods are increasingly popular in the US market due to their continuously improved quality, updated trends, and competitive prices. On the other hand, changes in the supply chain, as well as the wave of investment shifts, have contributed to enhancing the production capacity of Vietnamese enterprises. This has simultaneously created opportunities and greater room for Vietnamese goods to increase exports to the world in general and to the US market in particular.

Topping the list of most exported items to the US market in the first seven months of the year were computers, electronic products, and components with an export turnover of US$13.19 billion, a rise of 50.82% over the same period from last year, thereby accounting for 19.87% of Vietnam's total export turnover to the US market.

Second on the list is machinery, equipment, tools, and spare parts with an export turnover of US$11.14 billion, up 19.87% compared to the previous month, making up 16.79%. In addition, the US market also prefers garments and textiles, footwear, and agricultural products from the country.

In the opposite direction, the Vietnamese side also imports a large amount of technological equipment, production materials, and agricultural products from the US market, thus helping to further accelerate the industrialization process and improving domestic production capacity.

It is forecast that moving forward, exports to the US will continue to recover and grow amid rising market demand whilst falling inventories decrease. The biggest concern when exporting to the highly lucrative market is the US' increasing application of trade defence measures against imported goods.

Exports to the US market are facing barriers from trade defence. To limit the risk of being investigated and trade remedy measures, Vietnamese enterprises need to increase their understanding of the law on trade defence regulations, create added value on exported products, and store export data to co-operate with the investigation agency when an incident occurs.

As a means of bolstering Vietnamese exports to the US, according to authorities, state management agencies and businesses need to collaborate in order to implement a series of synchronous and effective measures.

In addition, establishing and maintaining training programmes and supporting businesses in improving product quality and complying with US standards and regulations also plays an important role. Firms need to be provided with tools and knowledge to meet the increasing demands of this market, from improving production processes to improving packaging and marketing quality.

Local businesses therefore must be active in developing effective export strategies by researching and understanding market trends and fully grasping the needs and preferences of US consumers.

Simultaneously, participating in international exhibitions and trade events is viewed as an opportunity for Vietnamese businesses to promote their brands and establish relationships with partners and distributors in the US.