When the U.S. officially lifted trade sanctions on Vietnam in 1994, a new chapter in their economic and trade cooperation began.
Bilateral trade shot up to more than USD 130 billion in 2022 from USD 451 million in 1995.
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The factory of the Star Fashion Co., Ltd., producing garment for export to the U.S., in the Phu Nghia Industrial Park in Chuong My district of Hanoi |
Last year, Vietnam was the seventh biggest trading partner of the U.S., with its exports rising 25.2% to account for almost 3.9% of the U.S.’s total imports, statistics of the U.S. Census Bureau show as cited by the European - American Market Department under the Vietnamese Ministry of Industry and Trade (MoIT).
By the end of August 2023, bilateral trade approximated USD 62.3 billion, down nearly 18% due to common difficulties in the global economy, but the U.S. remains the biggest export market of Vietnam.
Meanwhile, Vietnam’s 2022 imports from the North American country increased 3.5% from 2021. Its trade surplus with the latter surpassed USD 116 billion last year, giving Vietnam the third place among the countries running surpluses with the U.S. (after China and Mexico).
Ta Hoang Linh, Director of the European - American Market Department, said the U.S. is one of the important suppliers of input materials such as cotton, animal feed, maize, soya bean, chemicals, machinery, and technology for Vietnam. Therefore, increasing the imports of these commodities from the U.S. will help Vietnam “clean up” its supply chains as input materials for manufacturing are certified and have clear origins.
Besides, the two economies are complementary to each other, he noted, elaborating that the U.S. has big demand for typical farm produce or the products Vietnam is strong at thanks to favorable natural and manpower conditions such as textile - garment, leather - footwear, machinery, and electronic devices.
The Southeast Asian nation has great demand for machinery, high technology, aviation and telecommunications equipment, and agricultural materials to serve the fast expansion of its economy.
With an average annual GDP growth rate of nearly 7% and a population of almost 100 million, Vietnam is forecast to be a highly potential market for U.S. companies in all fields.
Such positive results were almost unimaginable three decades ago, Linh went on.
The MoIT highly values contribution by both countries’ businesses to the Vietnam - U.S. ties over the last nearly 30 years. In each stride of bilateral relations, especially in economy - trade, the two business communities have been playing an extremely important role, he noted.
Deputy Minister of Industry and Trade Do Thang Hai affirmed that there remains much room for the two countries’ cooperation and development.
Vietnam always views the U.S. as an important partner and hopes that both sides will continue their cooperation and develop the bilateral partnership in a substantive manner, the official added.
Source: VNA