Vietnam-US Trade Surges to $100.3 Billion in First Nine Months of 2024
Hanoi, The Gulf Observer: The two-way trade between Vietnam and the United States reached a remarkable $100.3 billion in the first nine months of 2024, according to the latest figures released by Vietnam’s Ministry of Industry and Trade.
The United States continues to be Vietnam’s largest export market, with the nation’s export turnover to the US totaling $89.4 billion by the end of September. This marks a significant 27.4% increase compared to the same period in 2023, with exports to the US accounting for 29.8% of Vietnam’s total export volume.
On the import side, the US remains one of Vietnam’s primary sources of goods, with imports from the US amounting to $10.9 billion, up 6.2% year-on-year. This growth reflects the expanding economic ties and mutual trade interests between the two nations.
The Ministry of Industry and Trade noted that the US market is experiencing rising consumer demand, leading to increased imports of Vietnamese wooden products, seafood, and textiles. The growing appetite for these goods has contributed to the boost in Vietnam’s exports, further strengthening bilateral trade relations.
The Vietnam Trade Office in the US attributed the steady growth in trade to three key factors. First, diplomatic relations between the two countries have been on an upward trajectory since 2013, culminating in the establishment of a Comprehensive Strategic Partnership in 2023, which has fostered greater economic collaboration.
Second, Vietnamese goods have gained popularity in the US due to improvements in quality, competitive pricing, and their ability to meet market trends. This increased demand has bolstered Vietnam’s export capacity.
Lastly, shifts in global supply chains and investment trends have enhanced the production capabilities of Vietnamese businesses, creating more opportunities for Vietnam to export its goods globally, particularly to the US.
Looking ahead, Vietnam’s exports to the US are expected to continue growing as market demand rises and inventories decrease. However, the Ministry of Industry and Trade cautioned that US trade defense measures, aimed at regulating imports, remain a key concern for Vietnamese exporters.
To mitigate the risks of trade investigations and the application of trade defense measures, the ministry recommended that Vietnamese businesses deepen their understanding of US trade regulations, add value to their export products, and maintain transparent export data. These steps would help companies cooperate more effectively with US authorities should any trade issues arise.
The sustained growth in trade between Vietnam and the US underscores the importance of their evolving economic partnership, as both countries continue to seek ways to expand bilateral trade and investment opportunities.
