Vietnam – U.S. trade tops USD 11 billion in January

In the month, Vietnam’s export to the country accounted for USD 9.8 billion, while import stood at USD 1.3 billion.

The U.S.' official recognition of Vietnam’s tra fish food safety control system as equivalent to its own will facilitate access and market expansion for the Vietnamese products.

Trade experts said the U.S. is a pivotal market for Vietnamese businesses seeking to expand their international operations. Notably, the Southeast Asian country has been attracting significant high-tech investment from the U.S., especially in microchips and semiconductors as it is jumping on the global science-tech innovation bandwagon. They stressed that Vietnam has emerged as a crucial player in the U.S. global supply chain, while U.S. enterprises have substantially contributed to Vietnam’s economic transformation and development.

The Vietnam Trade Office in the U.S. suggested domestic firms coordinate with U.S. importers and distributors to adopt flexible payment methods and risk-sharing strategies, particularly during initial market entry phases. With agricultural and food products, they should consider investing in cold storage facilities and distribution centers at major ports to serve multiple product categories, helping reduce costs and give Vietnamese firms more control over market access.

However, success in the US market requires strict compliance with trade regulations. Vietnamese businesses must carefully navigate potential trade defense and tax evasion measures as well as other restrictions that the U.S. might implement to support domestic production.

Last year, two-way trade exceeded USD 132 billion, with Vietnamese shipment to the U.S. worth nearly USD 119 billion, marking a 23.3% increase from 2023. Key Vietnamese exports to the U.S. market included footwear, wooden furniture, machinery, and optical equipment.

Source: VNA