ITPC Deputy Director Cao Thi Phi Van revealed that two-way trade surpassed 132 billion USD last year, with Vietnam's exports to the U.S. reaching nearly 119 billion USD, marking a 23.3% increase year-on-year. Imports from the U.S. totaled 13 billion USD, up 7.3%.
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ITPC Deputy Director Cao Thi Phi Van speaks at the event (Photo: hanoimoi.vn) |
This growth has solidified Vietnam's position as the U.S.' eighth largest trade partner and the fourth largest export market in ASEAN. Conversely, the U.S. stands as Vietnam's second largest trade partner and its largest export market. Key Vietnamese exports to the U.S. included footwear, wooden furniture, machinery, and optical equipment.
As of November 2024, the U.S. had over 1,400 investment projects in Vietnam, with a total capital nearing 12 billion USD. In Ho Chi Minh City alone, the U.S. ranked third among 110 countries and territories, contributing over 1.55 billion USD in investments.
The U.S. is a prime target for many Vietnamese firms eager to boost their export-import activities. Simultaneously, Vietnam is attracting high-tech investments from the U.S., particularly in microchips and semiconductors, to remain competitive in the global sci-tech landscape, Van said, adding that Vietnam now plays a vital role in the U.S. global supply chain, while U.S. firms have made substantial contributions to the Southeast Asian nation's economic transformation and development.
Vietnamese Trade Counselor in the U.S. Do Ngoc Hung advised domestic firms to forge partnerships with U.S. importers and distributors to explore flexible payment methods and share risks, especially during the initial market entry phase.
For agricultural and food products, he suggested investing in cold storage facilities to establish distribution centres at major ports, a strategy that would help reduce costs and improve market access.
Lecturer of the U.S.’ Indiana University and IVI member Dr. Huynh The Du drew attention to the U.S. market’s rigorous standards, saying that to thrive in the U.S., the Vietnamese firms must invest in technology, improve product quality, and embrace transparency to meet the high benchmarks of this market.
Chairman of the U.S.-Vietnam Business Council Kevin Morgan noted that the remarkable growth in two-way in recent years has placed Vietnam among the top countries with a trade surplus with the U.S. It is estimated that the U.S. trade deficit with Vietnam has amounted to 102 billion USD, posing risks to the “fair and balanced trade" goal set by President-elect Donald Trump. Therefore, the Vietnamese companies should prepare various strategies to adapt to changes in U.S. trade policies and import tariffs, he said.
Source: VNA