The Ministry of Industry and Trade (MoIT) reports that the United States became the largest export market for Vietnamese goods during the first nine months of the year, with an estimated turnover of US$89.4 billion. This accounts for 29.8% of Vietnam’s total export turnover, marking a 27.4% increase compared to the same period last year.
The Ministry noted that the US market is showing renewed consumer demand, boosting the import and export activities of businesses. Key export sectors such as wooden products, seafood, and textiles have seen notable growth during this period.
In terms of imports, the US remains one of Vietnam’s largest import markets, with a turnover of US$10.9 billion over nine months, an increase of 6.2%. As a result, bilateral trade between the two nations has officially exceeded the US$100 billion milestone, reaching US$100.3 billion.
The Vietnam Trade Office in the US attributes the continued growth of bilateral trade to several factors, including the strengthened relationship between the two countries. In 2013, the two nations established a Comprehensive Partnership, and in 2023, it was upgraded to a Comprehensive Strategic Partnership.
Additionally, the quality and competitiveness of Vietnamese products have contributed to their growing popularity in the US market. Shifts in the global supply chain and increased production capacity in Vietnam have also provided more opportunities for Vietnamese businesses to export goods to the US.
Dr. Nguyen Minh Phong, an economic expert, stated that exports to the US are expected to continue growing as market demand rises and inventories decrease. However, there is concern over the increasing implementation of trade defense measures by the US. To mitigate potential risks, Vietnamese businesses are advised to stay informed about trade defense regulations and to maintain proper records of export data.
According to the General Department of Customs, bilateral trade between the two nations first surpassed the US$100 billion mark in 2021, with a total value of US$111.55 billion. In 2022, despite challenges from the global pandemic, trade turnover between Vietnam and the US reached nearly US$124 billion.
Explore the newest supply chain news at The Supply Chain Report. Visit ADAMftd.com for free international trade tools.
#VietnamTrade #USEconomy #BilateralTrade #GlobalMarkets #TradeGrowth
