The factory of Star Fashion Co. Ltd, which produces garments for export to the US, in the Phu Nghia industrial park in Hanoi’s Chuong My district (Photo: VNA).

The US is currently one of Vietnam’s largest trading partners, and President Joe Biden’s upcoming state visit is expected to further foster bilateral trade ties.

When the United States officially lifted trade sanctions imposed on Vietnam in 1994, a new chapter in their economic and trade cooperation began.

Bilateral trade soared to exceed $130 billion in 2022, compared to $451 million in 1995.

Last year, Vietnam was the US’s seventh-largest trading partner, with its exports increasing 25.2% to account for nearly 3.9% of total US imports, statistics show from the US Census Bureau cited by the European – American Market Department, under the Vietnamese Ministry of Industry and Trade (MoIT).

At the end of August 2023, bilateral trade was approaching $62.3 billion, down almost 18% due to common difficulties in the global economy, but the US remains Vietnam’s largest export market.

Meanwhile, Vietnam’s imports in 2022 from the North American country increased by 3.5% compared to 2021. Its trade surplus with the latter exceeded $116 billion last year, giving Vietnam third place among countries that register a surplus with the US (after China and Mexico).

Ta Hoang Linh, Director of the European – American Market Department, said that the US is one of the important suppliers of raw materials such as cotton, animal feed, corn, soybeans, chemicals, machinery and technology to Vietnam. Therefore, increasing imports of these products from the US will help Vietnam “clean up” its supply chains, since the inputs for manufacturing are certified and have a clear origin.

Bien Dong Seafood Co. Ltd, based in Tra Noc Industrial Park 2 in Can Tho City, is one of the Vietnamese exporters of tra fish to the US and is entitled to low anti-dumping duties in this market. (Photo: VNA)

In addition, the two economies are complementary, he noted, detailing that the US has a large demand for typical agricultural products or products in which Vietnam is strong thanks to its favorable natural and labor conditions, such as textiles and clothing. , leather-footwear, machinery and electronic devices.

At the end of August 2023, bilateral trade was approaching $62.3 billion, down almost 18% due to common difficulties in the global economy, but the US remains Vietnam’s largest export market.

The Southeast Asian nation has high demand for machinery, high-tech equipment, aviation and telecommunications, and agricultural materials to meet the rapid expansion of its economy.

With an average annual GDP growth rate of close to 7% and a population of almost 100 million, Vietnam is expected to be a high-potential market for American companies in all fields.

Such positive results were almost unimaginable three decades ago, Linh continued.

The MoIT greatly values ​​the contributions of companies from both countries to ties between Vietnam and the US over the past almost 30 years. At every step of bilateral relations, especially in economy and trade, the two business communities have played a very important role, he noted.

Vice Minister of Industry and Commerce, Do Thang Hai, stated that there remains much room for cooperation and development of both countries.

Vietnam always sees the US as an important partner and hopes both sides will continue their cooperation and develop the bilateral partnership substantively, the official added.

Article republished from the Vietnamese state media VNA within the framework of an agreement between both parties to share content. Link to the original article:

Vietnam News Agency VNA

Vietnam News Agency (VNA) is a state news organization that publishes, disseminates official information, and collects and provides news through various forms of multimedia content for domestic and foreign media agencies.

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