The first half of the year witnessed the nation export roughly US$55 billion worth of goods to the US, marking a year-on-year rise of 26%, ranking first in terms of turnover growth, far exceeding other markets such as the EU, ASEAN, and the Republic of Korea (RoK).
There were eight groups of products recording an export value of more than US$1 billion throughout the reviewed period, including computers and components with a turnover surpassing US$10 billion and garments and textiles with US$6 billion. Other groups included handsets, machinery and equipment, spare parts, footwear, as well as wood and wooden products.
According to Nguyen Hong Duong, deputy director of the European-American Market Department under the Ministry of Industry and Trade, after the two countries moved to upgrade their relationship to that of a comprehensive strategic partnership, he has received many calls from domestic businesses asking about opportunities and prospects for exports.
Following the upgrading of bilateral ties, US businesses are set to increase investment in the Vietnamese market. That will also encourage other firms from third countries to invest across multiple areas such as semiconductors, supporting industries, healthcare, oil and gas, and energy in the country, thereby creating room for further development in the future, he stated.
Many Vietnamese and US businesses were waiting for the US to recognise Vietnam as a market economy and remove bottlenecks for trade, especially those vulnerable to high taxes.
Duong expressed his belief that Vietnamese exports to the US would enjoy robust growth in the long run.
A series of Vietnamese goods, ranging from shrimp, wooden products, textiles and garments, and tires, will all have more opportunities when competing in the US market. At the same time, goods from the nation will enjoy reductions in anti-competitive taxes from the US.
The recognition of the country as a market economy is set to stimulate production and services in industries in which the nation boasts export strengths, including agricultural products. This will also serve to boost economic collaboration between both sides.
Last year’s Vietnamese exports to the US neared US$97 billion, in spite of the economic recession, inflation, and people tightening their spending.
The highly lucrative market retained its position as the largest Vietnamese export market in 2023.
