Production of electronic products for export. (Photo: VNA) Increased consumption in the US has led to a revival in orders, lifting Vietnam'sexport value to this market to 17.4 billion USD in the first two months of theyear, marking a notable 34% surge compared to the corresponding period in2023.
More than half of Vietnam's export value to the US wasfrom high-tech products (consumer electronics, smartphones), garments andfootwear. The rest came from other products such as furniture andagricultural products.
For many consecutive years, the US has been an importantdestination for Vietnamese goods.
In 2023, Vietnam exported nearly 97 billion USDworth of goods to the US, despite many impacts from economic recession,inflation and people tightening their spending.
With an export value at nearly 110 billion USD in 2022, the USbecame the first export market of Vietnam reaching 100 billion USD a year. Thismarket maintained its position as Vietnam's largest export marketin 2023.
Dau tu (Investment) newspaper quoted Ta Hoang Linh, Director ofthe European - American Market Department under the Ministry of Industry andTrade, as saying that the US continues to promote the strategy of diversifyingsuppliers, targeting ASEAN markets. That brings chances for Vietnam to becomean important production and export centre in the global value chain.
Bilateral trade between Vietnam and the US has increased stronglyfrom 450 million USD in 1995 to 124 billion USD in 2022.
The recent upgrade of the Vietnam - US relations to aComprehensive Strategic Partnership is opening considerable opportunities forboth sides to soon reach 200 billion USD in bilateral trade value.
According to the US-ASEAN Business Council (USABC), an annualdelegation of 50 leading US companies will have a trip to explore investmentopportunities in Vietnam from March 18-21, 2024. They operate in differentfields such as technology, energy, aerospace and defence, manufacturing,agriculture and food, financial services, healthcare and investment funds./.
VNA
