Business

Vietnam, US strengthen supply chain cooperation in global marketplace

The 2024 Vietnam-US Cooperation Forum, held in Ho Chi Minh City, focused on new US policy directions and opportunities to enhance bilateral economic and trade relations.

Ta Hoang Linh, Director of the Europe-Americas Market Department under the Ministry of Industry and Trade, speaks at the event. (Photo: VNA)
Ta Hoang Linh, Director of the Europe-Americas Market Department under the Ministry of Industry and Trade, speaks at the event. (Photo: VNA)

HCM City (VNA) – The 2024 Vietnam-US Cooperation Forum, held in Ho Chi Minh City, focused on new US policy directions and opportunities to enhance bilateral economic and trade relations.

The event was co-organised by Vietnam’s Ministry of Industry and Trade, the US Embassy in Vietnam, and AmCham Vietnam.

Ta Hoang Linh, Director of the Europe-Americas Market Department under the Ministry of Industry and Trade, told the forum that Vietnam has become the eighth-largest trade partner of the US, and its fourth-largest export market in ASEAN. As of October 2024, bilateral trade reached 123.2 billion USD, up 19.3% year-on-year.

Meanwhile, the US is the second-biggest trade partner and the largest export market of Vietnam.

Linh cited statistics of the US Census Bureau that showed Vietnam exported 112.7 billion USD worth of goods to the US in the first 10 months of this year, while its imports from the US totaled 10.5 billion USD, a 29.4% increase. Vietnam holds a trade surplus of 102.2 billion USD with the US, ranking third globally.

Top exports to the US include wood furniture, machinery, office equipment, hand-held tools, footwear, rubber, and plastics.

The two nations have identified 10 key pillars for cooperation, emphasising economic, trade, and investment collaboration, and capacity building for Vietnamese enterprises to participate deeper in global supply and value chains along with US partners. Areas of focus include supply of materials, components, and equipment for energy, aviation, digital economy, semiconductors, and AI.

Anne Benjaminson, Acting US Consul General in Ho Chi Minh City, highlighted Vietnam’s increasingly important role in global supply chains and its strategic partnership with the US, underscoring that the US is working with Vietnam to develop e-commerce to enable enterprises of all sizes to sell their products on line and access new markets.

The US will also expand public-private partnership with Vietnam to assist with technical skill training and human resources development, and improve Vietnam's capacity in power planning and operation. The US-Vietnam cooperation is expected to bring mutual prosperity and sustainability in supply chains for both nations, she said./.

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