Việt Nam’s export shipments to the US, the country’s largest export market, have shown notable growth in recent months, with their value surpassing US$10 billion in both June and July. Earlier in the year, monthly export values ranged from $8.3 billion to $8.9 billion, with a dip to approximately $7 billion. However, in the past two months, the export value has consistently exceeded $10 billion.
Cumulatively, Việt Nam exported $66.09 billion worth of products to the US between January and July, marking a 24.4% year-on-year increase—the highest growth rate among its trading partners. During this seven-month period, US buyers spent an average of close to $9.6 billion monthly on Vietnamese goods. In the first half of the year, American imports from Việt Nam included $11.16 billion in computers, electronic products, and components; $9.19 billion in machinery, equipment, and spare parts; $7.21 billion in garment-textile products; and $5.5 billion in phones and components. These categories saw respective year-on-year increases of 51.6%, 15.8%, 3.6%, and 34.3%.
As the year-end festive season approaches and US inventory levels decrease, the number of orders from American buyers is expected to rise significantly. Economic expert Vũ Vinh Phú anticipates that Vietnamese exports to the US, including electronics, leather and footwear, garment textiles, farm produce, machinery, and equipment, will continue to recover in the coming months. The improvement in product quality and competitive pricing, supported by substantial foreign direct investment in production and export activities, has made these Vietnamese goods more favored and trusted by US importers.
If the current growth trend continues, bilateral trade could reach $135 billion this year. Despite the acceleration in exports, Vietnamese products have faced numerous trade defense cases. As of June, over 250 trade defense investigations have been initiated by 24 markets, with the US accounting for 64 cases, or 25% of the total. In 2023 alone, the US initiated seven of the 15 new cases against Vietnamese exports. Chu Thắng Trung, Deputy Director General of the Ministry of Industry and Trade’s Trade Remedies Authority, noted that trade defense is a common aspect of international commerce. He emphasized that while the US investigates goods from all countries, the frequency of cases is higher for nations with significant export volumes to the US.
To maintain and promote sustainable bilateral trade, Trung recommended that Vietnamese businesses focus on complying with US regulations, enhancing product competitiveness through quality, increasing the value-added content in products, and avoiding price-based competition. This approach can help reduce the risk of being targeted by trade defense investigations. Vietnamese exporters are advised to provide accurate information and data on their production activities to address any trade defense challenges effectively.
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