Vietnam's exports to the US have steadily rebounded since late last year, experiencing robust growth in export value during the first two months of 2024.
Production of electronic products for export. (Photo: VNA)
Hanoi (VNS/VNA) - Vietnam's exports to the US havesteadily rebounded since late last year, experiencing robust growth in exportvalue during the first two months of 2024.
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./.
Vietnam Textile and Apparel Association (VITAS) on November 23 announced that Vietnam’s textile and apparel exports are estimated to top 40 billion USD, about 9% less than that of last year.
Bilateral trade between Vietnam and the US hit over 100 billion USD over the last 11 months of this year amidst the global trade slowdown. The figure has been recently announced at the US-Vietnam Trade and Investment Framework Agreement Joint Council Meeting in Hanoi.
The year 2023 marks a remarkable improvement in US- Vietnam relations as the two countries officially upgraded their bilateral ties to a comprehensive strategic partnership for peace, cooperation and sustainable development on September 10.
Deputy Minister of Industry and Trade Phan Thi Thang had a meeting with Deputy Assistant US Trade Representative (USTR) for Southeast Asia and the Pacific Sarah Elleman, within the framework of Vice State President Vo Thi Anh Xuan’s recent working visit to the US.
An online seminar on strengthening trade relations through international trade fairs, held by the Vietnam Trade Office in India on June 25, saw the participation of nearly 50 Vietnamese seafood companies and 50 Indian enterprises in sectors of processed food, agricultural products, fruits, and spices.
The vehicles will be deployed for mail and parcel delivery by Hanoi Post, marking another step in the strategic partnership between the two firms since 2021. With this batch, the total number of electric motorbikes Honda has supplied to Vietnam Post has reached 405, operating primarily in key cities such as Hanoi and Ho Chi Minh City.
With participation from major players representing countries such as Russia, China, Japan, India, Thailand, and Indonesia, Vietbuild 2025 is expected to present a wide range of environmentally friendly and innovative products and services, especially building materials, machinery, and interior and exterior decoration.
Bulgaria holds strengths in sectors that align well with Vietnam’s development focus, including information technology, software, electronics, energy and the environment, startups and innovation, agriculture and food processing, logistics, and freight services.
Vietnam Airlines is pursuing an Environmental, Social, and Governance (ESG) roadmap to reduce emissions, improve fuel efficiency, and adopt sustainable aviation fuels. It is also investing in workforce development, corporate culture, and international management practices.
Thailand's largest retailer, Central Retail Corporation (CRC), will invest over 45 billion THB (1.38 billion USD) through 2027 to expand mainstream markets and accelerate growth across Southeast Asia, including Thailand and Vietnam.
Vietnam ranks among Asia’s top producers and exporters of denim, with hundreds of factories producing denim fabric and garments. Vietnamese denim products are now exported to over 70 countries.
In 2024, durian was a leading export among Vietnam’s fruits and vegetables, earning a record of 3.3 billion USD and accounting for 46% of the sector’s total export value. China was the largest market, importing 3.2 billion USD worth of durians, or 97% of the total.
The arrival of this first wind power equipment shipment signalled the Trung Nam Ca Na seaport’s infrastructure readiness and its entry into a new phase of development, aligned with Vietnam’s adjusted National Power Development Plan VIII.
PM Pham Minh Chinh has called on global tech giants to bolster cooperation with Vietnam to assist with the country's efforts to drive a startup and innovation ecosystem.
Prime Minister Pham Minh Chinh had meetings with leaders from multinational corporations on June 25, advancing Vietnam’s infrastructure development as well as food processing sector, on the sideslines of the 16th Annual Meeting of the New Champions of the World Economic Forum (WEF) in Tianjin city.
According to UOB, following the US’s announcement of reciprocal tariffs of 46% on Vietnamese goods on April 2, around 80% of Vietnamese businesses have proactively taken measures to respond to potential impacts.
As one of the most prestigious annual international events in the industry, the expo serves as a prime platform for enterprises to connect, exchange valuable experience, and explore reliable collaboration opportunities with both domestic and international companies.
Organised by the Vietnamese Embassy and Trade Office, Vietnam's national booth showcases catalogues and product samples from over 30 Vietnamese companies, spanning key sectors such as agriculture, seafood, food and beverages, footwear, textiles, furniture, plastics, construction materials, and industrial machinery.
Production of electronic products for export. (Photo: VNA) 
