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

According to the General Statistics Office, Vietnam fetched US$77.9 billion from exporting goods to the US, 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 Vietnam's largest export market with an estimated turnover of US$77.9 billion through the reviewed period.

According to 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 in the face of many global fluctuations. First of all, the relationship between the two countries is increasingly developing. In 2013, they established a comprehensive partnership which was upgraded to a comprehensive strategic partnership in 2023.

In addition, 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 simultaneously creates opportunities and greater room for Vietnamese goods to increase exports to the world in general and the US market in particular.

Topping the list of most exported items to the US market in the first 7 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, accounting for 19.87% of the nation'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 favors garments and textiles, footwear, and agricultural products from Vietnam.

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

It is forecast that in the coming time, exports to the US will continue to recover and grow amid rising market demand and 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 is 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 cooperate with the investigation agency when an incident occurs.

To bolster Vietnam's exports to the US, according to authorities, state management agencies and businesses need to coordinate to implement a series of synchronous and effective measures.

In addition, establishing and maintaining training programs and supporting businesses in improving product quality and complying with US standards and regulations also plays an important role. Businesses 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 need to stay active in develop 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.