Trade between Vietnam and the United States
With the rapid development of Vietnam in recent years, trade relations with the United States have gradually become closer. The following is a detailed summary of trade relations between Vietnam and the United States:
1. Trade volume and growth
• Overall trade volume: In recent years, the bilateral trade volume between Vietnam and the United States has continued to grow. In 2023, the bilateral trade volume reached a record high of US$110.8 billion. In the first 11 months of 2024, Vietnam exported US$108.9 billion in goods to the United States, a year-on-year increase of 23.9%, and the trade volume hit a new record high.
• Growth trend: In the long run, Vietnam's exports to the United States have maintained steady growth. Vietnam has become the main trading partner of the United States in the ASEAN region and is among the top ten trading partners of the United States.
2. Main export products
• High-tech products: including consumer electronics, smart phones, etc. Among them, computers, electronic products and parts are one of the most exported products from Vietnam to the United States.
• Textiles and footwear: Vietnam's textile and clothing products have a certain share in the US market.
• Furniture and agricultural products: Furniture and agricultural products such as pepper and tea are also important products exported by Vietnam to the United States.
3. Trade Surplus and Vietnam's Economic Status
• Trade Surplus: Vietnam's trade surplus with the United States continues to expand, which helps Vietnam's economic growth and increase foreign exchange reserves.
• Economic Status: Vietnam's position in the global economy has gradually improved, and it has become one of the top 20 countries in the world in terms of import and export volume. Vietnam's comprehensive national strength continues to improve, and its industrial and economic development is moving forward steadily.
4. Trade Relations and Policy Environment
• Comprehensive Strategic Partnership: Vietnam and the United States have established a comprehensive strategic partnership, which provides political and institutional guarantees for bilateral trade.
• Trade Agreements and Tariff Preferences: Vietnam enjoys lower tariff treatment through a trade agreement with the United States, which enhances the competitiveness of Vietnamese products in the US market.
• Policy Support: The Vietnamese government improves trade policies, simplifies export procedures, and actively signs free trade agreements with other countries to promote foreign trade growth.
5. Challenges and Opportunities
• Challenges: The volatile global market demand, the uncertainty of the international trade environment, and potential changes in US trade policies may all have an impact on Vietnam's exports to the United States.
• Opportunities: Vietnam is actively looking for other potential trading partners to diversify risks. Moreover, Vietnam hopes to gain more opportunities in high-tech industries such as cloud computing, artificial intelligence, and the Internet of Things by strengthening cooperation with the United States.
In summary, Vietnam and the United States have increasingly close trade ties, and the two sides have cooperated in many fields to jointly promote the development of bilateral trade.
