Two-way trade between Vietnam and the US surpassed the US$ 100 billion mark in the first nine months of the year, with the US remaining as the largest market for Vietnamese goods.
Vietnamese agro-forestry-fisheries exports to the United States surged by nearly 31% to reach US$8.5 billion during the first eight months of the year, according to the Ministry of Agriculture and Rural Development (MARD).
Vietnamese chili exports to the United States reached 163 tonnes during the opening eight months of the year, representing a sharp increase of 143.3% against the same period last year, according to the Vietnam Pepper Association (VPA).
With Vietnamese passion fruit to be licensed to enter the United States shortly, the export of this fruit to this market is expected to bring back between US$50-100 million, according to industry insiders.
The United States remained Vietnam’s largest iron and steel export market with volume reaching 1.11 million tonnes during the seven months of the year, representing a sharp rise of 89% on-year, according to data released by the General Department of Vietnam Customs.
Vietnamese shrimp exports to the United States in the second quarter of the year reached US$182 million, down 7% compared to the same period from last year, according to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP).
The United States is viewed as both the market with the most trade defence investigations into Vietnamese exports and the country with the most trade defense investigations into members of the World Trade Organization (WTO) with many other markets.
With US$54.3 billion in export turnover, the US represented Vietnam's largest export market in the first half of 2024, and exports to the highly lucrative market are forecast to see continued growth in the time ahead.
There remains ample room ahead for Vietnamese exports to the United States to grow, such as computers and parts, electronics, machinery and equipment, along with garments and footwear, according to economic experts.
There remains plenty of room ahead to grow Vietnamese rubber exports to the United States amid the nation’s share of the rubber market in the US has seen gradual improvement.
