Vietnam-US Trade Reaches Record High of Nearly $123 Billion in 11 Months
Hanoi, The Gulf Observer: Trade between Vietnam and the United States reached nearly USD 123 billion from January to November 2024, exceeding the total trade volume of USD 111 billion recorded in 2023, according to the General Statistics Office.
The United States continues to be Việt Nam’s largest export partner, with export turnover reaching USD 108.9 billion in the past 11 months, marking a 23.9% increase compared to the same period last year. Meanwhile, Vietnam’s import turnover from the US rose to USD 13.5 billion, reflecting a 7.3% growth year-on-year.
Vietnam registered a trade surplus of USD 95.4 billion during this period, an impressive 26.7% increase compared to the first 11 months of 2023.
The trade figures highlight a rebound in economic exchanges between the two nations, signaling a gradual return to stable growth levels akin to those observed in 2022. At the current rate, two-way trade is projected to surpass USD 134-135 billion by the end of the year.
The Ministry of Industry and Trade reported that Vietnam has become the United States’ eighth-largest trade partner globally and its fourth-largest export market in the ASEAN region. Concurrently, the US ranks as Vietnam’s second-largest trade partner and remains its largest export market.
The remarkable growth in bilateral trade underscores the strengthening economic ties between Vietnam and the US, further solidifying their roles as key trading partners in the global market.
