According to the General Department of Customs, in the first 6 months of 2021, the bilateral trade turnover between Vietnam and the US has grown well and reached more than 50 billion USD.
Specifically, by the end of June, Vietnam’s exports to the US reached 45.58 billion USD, up 44.7% over the same period in 2020 and accounted for 28.8% of the country’s export turnover.
The US is Vietnam’s largest export market in recent years. The largest group of Vietnamese exports to the US is textiles. In the first 6 months of this year, exports of textiles and garments to the US reached 7.61 billion USD, up 23.1% over the same period last year and accounted for 49.7% of the country’s textile and garment exports. In addition, the US also imports phones, computers, agricultural products, shoes, wood, seafood… from Vietnam.
In the opposite direction, by the end of June, Vietnam’s imports from the US reached 7.63 billion USD, up 9% over the same period in 2020 and accounting for 4.8% of the country’s import turnover. The US is also Vietnam’s largest import market in the Americas. The largest group of imports from the US are computers, electronic products and components, cotton, soybeans, scrap iron and steel…
Thus, in the first six months of the year, trade between Vietnam and the US reached 53.21 billion USD, of which Vietnam had a trade surplus of nearly 38 billion USD.
2020 is the first year that the total trade turnover between Vietnam and the US has surpassed the 90 billion USD mark (reaching 90.8 billion USD) and the two countries are aiming for 100 billion USD in 2021.
In the period 2016-2020, Vietnam’s export turnover to the US increased by 230%, while exports from the US to Vietnam also increased by more than 175%. The US has become Vietnam’s largest export market, and Vietnam has become the 10th largest trading partner of the US.
The opportunity to increase trade turnover between the two sides is very open in the near future when recently, the US Trade Representative (USTR) has officially issued the conclusion of the investigation case under Section 301 of the Trade Act. 1974 on Vietnam’s practices, policies and practices related to currency undervaluation.
Accordingly, on the basis of satisfactory solutions, meeting the objectives of the investigation as stated in the Agreement reached on July 19, 2021 between the US Department of Finance and the State Bank of Vietnam, USTR will not issue any trade-restrictive measures for Vietnamese exports.
In recent years, with the role of Chairman of the Vietnam sub-committee in the Vietnam-US Trade and Investment Council (TIFA), the Ministry of Industry and Trade has cooperated with Vietnamese ministries and branches to promote dialogue activities. Policies through the mechanism of the TIFA Council have achieved many substantive results. Since the Presidential meeting in October 2019, under the strong direction of the Prime Minister, leaders of Vietnam’s ministries and branches have actively coordinated with the US side to try to handle many issues, including: bringing concrete results, contributing to strongly promoting bilateral trade activities.
In the coming time, Vietnam will continue to actively cooperate with US partners to comprehensively address the concerns of the US and Vietnam, thereby maintaining stable trade relations, towards the trade balance. harmonious, sustainable, mutually beneficial trade.
Source: Bao Ngoc – Industry and Trade Newspaper