US remains Vietnam's largest export market

The US has retained its position as Vietnam's largest export market in recent years, while Vietnam has become the US' 7th largest trading partner and the largest trading partner of the US in the ASEAN region.
US remains Vietnam's largest export market
The US has retained its position as Vietnam's largest export market in recent years. (Photo: VOV)

Statistically, bilateral trade turnover surges by an average of roughly 16% per year, representing a rise of more than 550% from US$ 21.8 billion in 2011 to more than US$123 billion in 2022.

Since the normalization of relations in 1995, trade growth between the two countries has increased 360 times, from US$450 million in 1995 to more than US$123 billion last year.

The past ten months of this year saw bilateral trade turnover reach more than US$90.1 billion, of which exports hit more than US$78.6 billion and imports stood at US$11.5 billion.

The US has so far been the 11th largest foreign investor out of 108 countries investing in Vietnam with diverse investment forms, running about 1,200 projects valued at nearly US$11.4 billion.

To date, Vietnam has had 230 investment projects in the US with a total registered capital of US$1.264 billion , while the US ranks 7th out of 80 countries and territories receiving investment from the Southeast Asian nation.

Notably, major US businesses continue to pay attention and make long-term investments in the Vietnamese market, and express their desire to ramp up cooperation with Vietnamese partners in areas of their interest, including infrastructure development, supply chains, energy and digital transformation, high-tech investment and innovation.

This year, many enterprises from the US are planning to make or expand investments in Vietnam, showing their intention to turn the Southeast Asian country into one of their important bases.

P&G Group plans to invest an additional US$100 million to expand the production line of Ben Cat factory; AES is set to invest in developing renewable energy; many US states have said that in the coming time they will increase cooperation in the fields of auto component production.

In addition, the two sides have maintained regular exchanges to strengthen cooperation and discuss prospects for expanding cooperation in new fields that each side has needs, including the semiconductor industry.

They has also had frank, substantive and constructive dialogues to resolve outstanding issues and cases in trade relations.

Accordingly, in the coming time, the Ministry of Industry and Trade will continue to enhance exchanges with the US, while proposing the possibility of applying the Generalized System of Preferences (GSP) scheme for Vietnam.

The move aims to help Vietnamese export goods be treated more fairly, similar to what US strategic partners currently enjoy, thereby bringing legitimate benefits to the business communities of the two countries, the ministry said.

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(Source: VOV)