Trade between Vietnam and the US exceeds 100 billion USD last year. (Photo: VietnamPlus) Hanoi (VNA) - The US was Vietnam's first export market to surpass the 100 billion USD mark last year, reaching over 123 billion USD, an 11% increase year-on-year, with many sectors achieving marked growth rates.
The US has remained Vietnam's leading importer. Since the signing of the Bilateral Trade Agreement (BTA) in 2000, trade has become the cornerstone of the increasingly developing relationship between the two countries.
Vietnam’s key export sectors like textile-garment, leather-footwear, and wood and wood products, among others, have maintained a firm foothold in the market.
First market to surpass 100 billion USD
The Vietnamese Ministry of Industry and Trade (MoIT) reported that despite the impact of the COVID-19 pandemic and the global trade conflict during the 2020-2021 period, the US remained Vietnam’s biggest buyer, while Vietnam was the 9th largest trade partner of the US.
Vietnam ran a trade surplus with the US after the two countries normalized their relations in 1995. The trade revenue exceeded 1 billion USD in 2001 after the signing of the BTA and surpassed 11 billion USD in 2008 after Vietnam joined the World Trade Organisation (WTO).
According to the Vietnam Timber and Forest Product Association (Viforest), the US was a large purchaser in the Vietnamese wood sector, accounting for 50-55% of its total export revenue.
Viforest Vice President and General Secretary Ngo Sy Hoai said Vietnam’s export of wood and wood products to the US was valued at 8.3 billion USD last year, noting that in the first months of this year, despite global economic difficulties, the market remained bouyant.
The pace is expected to continue in the time ahead, and deep declines are likely to be avoided as Vietnam’s wood industry affirmed its position in the US, he believed.
Trade between Vietnam and the US exceeds 100 billion USD last year. (Photo: VietnamPlus) The US always makes up more than 40% of Vietnam’s total garment-textile export revenue, said Truong Van Cam, Vice Chairman of the Vietnam Textile and Apparel Association (Vitas).
He added that the figure rose to 17.8 billion USD last year from only 50 million USD in 2001 and 8.6 billion USD in 2013.
Promoting cooperation opportunities
The reciprocity of the two economies has enabled Vietnam to shape its economic and trade policies with the US in a harmonious and sustainable fashion. This ensures important foundations and national interests in bilateral cooperation, thus making the US a leading trade partner of the Southeast Asian nation.
Minister of Industry and Trade Nguyen Hong Dien attributed the results to efforts and strategic visions of the two governments, as well as the coordination between Vietnamese and US agencies.
The Vietnamese Trade Office in the US expected that the two-way trade will continue to surpass 100 billion USD this year, and suggested businesses to seek new partners, maintain relations with traditional customers, and optimize opportunities to restore exports to the market.
Many enterprises have intensively joined supply chains thanks to technological solutions. (Photo: VietnamPlus) Ta Hoang Linh, head of the MoIT's Europe - America Market Department, pledged that his department will consider more activities in support of Vietnamese firms, helping them ingrate more deeply into the Europe - America market, and global production and supply chains./.
