The factory of the Star Fashion Co. Ltd, producing garment for export to the US, in the Phu Nghia Industrial Park in Chuong My district of Hanoi (Photo: VNA)When the US officially lifted trade sanctions on Vietnam in1994, a new chapter in their economic and trade cooperation began.
Bilateral trade shot up to more than 130 billionUSD in 2022 from 451 million USD in 1995.
Last year, Vietnam was the seventh biggest trading partner of the US, with itsexports rising 25.2% to account for almost 3.9% of the US’s total imports, statisticsof the US Census Bureau show as cited by the European - American MarketDepartment under the Vietnamese Ministry of Industry and Trade (MoIT).
By the end of August 2023, bilateral trade approximated 62.3 billion USD, downnearly 18% due to common difficulties in the global economy, but the US remainsthe biggest export market of Vietnam.
Meanwhile, Vietnam’s 2022 imports from the North American countryincreased 3.5% from 2021. Its trade surplus with the lattersurpassed 116 billion USD last year, giving Vietnam the third place among thecountries running surpluses with the US (after China and Mexico).
Ta Hoang Linh, Director of the European - American MarketDepartment, said the US is one of the important suppliers of input materialssuch as cotton, animal feed, maize, soya bean, chemicals, machinery, and technologyfor Vietnam. Therefore, increasing the imports of these commodities from the USwill help Vietnam “clean up” its supply chains as input materials formanufacturing are certified and have clear origins.
The Bien Dong Seafood Co. Ltd, based in the Tra Noc 2 Industrial Park in Can Tho city, is among Vietnamese exporters of tra fish to the US and entitled to low anti-dumping duties in this market. (Photo: VNA)Besides, the two economies are complementary to each other, he noted,elaborating that the US has big demand for typical farm produce or the productsVietnam is strong at thanks to favourable natural and manpower conditions suchas textile - garment, leather - footwear, machinery, and electronic devices.
TheSoutheast Asian nation has great demand for machinery, high technology,aviation and telecommunications equipment, and agricultural materials to serve thefast expansion of its economy.
With an average annual GDP growth rate of nearly 7% and a populationof almost 100 million, Vietnam is forecast to be a highly potential market forUS companies in all fields.
Such positive results were almost unimaginable three decades ago,Linh went on.
The MoIT highly values contributions by both countries’businesses to the Vietnam - US ties over the last nearly 30 years. In each strideof bilateral relations, especially in economy - trade, the two business communitieshave been playing an extremely important role, he noted.
Deputy Minister of Industry and Trade Do Thang Hai affirmed thatthere remains much room for the two countries’ cooperation and development.
Vietnam always views the US as an important partner and hopesthat both sides will continue their cooperation and develop the bilateral partnershipin a substantive manner, the official added./.
The Bien Dong Seafood Co. Ltd, based in the Tra Noc 2 Industrial Park in Can Tho city, is among Vietnamese exporters of tra fish to the US and entitled to low anti-dumping duties in this market. (Photo: VNA)TheSoutheast Asian nation has great demand for machinery, high technology,aviation and telecommunications equipment, and agricultural materials to serve thefast expansion of its economy.
With an average annual GDP growth rate of nearly 7% and a populationof almost 100 million, Vietnam is forecast to be a highly potential market forUS companies in all fields.
Such positive results were almost unimaginable three decades ago,Linh went on.
The MoIT highly values contributions by both countries’businesses to the Vietnam - US ties over the last nearly 30 years. In each strideof bilateral relations, especially in economy - trade, the two business communitieshave been playing an extremely important role, he noted.
Deputy Minister of Industry and Trade Do Thang Hai affirmed thatthere remains much room for the two countries’ cooperation and development.
Vietnam always views the US as an important partner and hopesthat both sides will continue their cooperation and develop the bilateral partnershipin a substantive manner, the official added./.
VNA
