Vietnamese enterprises stand before many opportunities to strengthen connections with US corporations.
Trade surplus with the US 90.6 billion USD
Vietnam and the United States officially announced the upgrading of relations to the level of Comprehensive Strategic Partnership in September 2023, creating a solid foundation, helping cooperation activities between the two countries to go deeper and more substantive in all economic – trade – investment pillars…
According to newly released statistics from the US Census Bureau, by the end of September 2024, the total import-export turnover between Vietnam and the United States reached about 109.1 billion USD, an increase of 20.13% compared to 2023 and accounting for 2.8% of the total import-export turnover of the United States.
Of which, Vietnam’s exports to the US reached 99.9 billion USD, accounting for 4.13% of the country’s total imports, up 19.4% (compared to the same period in 2023); in the opposite direction, imports from the US reached 9.3 billion USD, up 29.1%.
Notably, Vietnam currently has a trade surplus with the United States of 90.6 billion USD and ranks 3rd among countries with the largest trade surplus with the United States, after China, with 217.5 billion USD, and Mexico, with 125.5 billion USD.
According to statistics from the US Census Bureau, Vietnam’s main export items to the US are wooden furniture, up 23.9% and worth 9.57 billion USD; machinery, optical equipment, medical measurement equipment up 15.6% and worth 1.18 billion USD; automatic data processing machines, encryption; office machines, printers; hand-held equipment, hydraulic pneumatics… up 78.5% and worth 20.6 billion USD; footwear, up 14.0% and worth 6.7 billion USD;…
Speaking to reporters, Mr. Ta Hoang Linh – Director of the European – American Market Department (Ministry of Industry and Trade) shared that after nearly 5 years of implementation, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with its great commitment to open the market has created many opportunities for our country to increase export turnover and move deeper into the global value chain.
According to Mr. Linh, since the beginning of the year, our country’s exports to the US market have grown strongly. Many billion-dollar products have been exported to the US such as wooden furniture, textiles, footwear, agricultural and aquatic products… For example, in textiles, Vietnam has surpassed China to lead the market share of garment exports in this giant market. Another example is seafood. Over the past 5 years, Vietnam’s average annual seafood exports to the world’s largest economy have reached 1.5-2.1 billion USD.
“In fact, compared to 2023, in 2024, import-export turnover between Vietnam and the United States has recovered strongly and gradually returned to stable growth as in 2022. Vietnam has become the 8th largest trading partner of the United States and the 4th largest export market of the United States in the ASEAN region. The United States is the 2nd largest trading partner and the largest export market of Vietnam,” Mr. Linh emphasized.
Prepare thoroughly to seize opportunities in the global value chain of US corporations
Assessing the export potential in the coming time, the leader of the European – American Market Department said that the global economy is entering a new era, the era of science and technology, artificial intelligence and digital technology… This is a great development opportunity for all countries, especially developing countries like Vietnam. According to Ms. Anne Benjaminson – Acting US Consul General in Ho Chi Minh City, the United States is cooperating with Vietnam to develop the digital commerce sector to facilitate many businesses of all sizes to sell products online and access new markets.
In that context, the United States is one of the global pioneers. Therefore, our export enterprises need to take advantage of existing relationships and opening opportunities to enter the global value chain of US corporations.
“Enterprises need to coordinate closely with each other, with FDI enterprises, especially US corporations, to continue to effectively implement the Comprehensive Strategic Partnership framework. Vietnamese enterprises that enter the supply chain of US enterprises can learn from this “giant” to grow faster and integrate more effectively internationally,” Mr. Linh emphasized.
However, according to economic experts, the Government needs to have practical solutions and support policies to help businesses gain a foothold in global value chains. According to economic expert Nguyen Tri Hieu, the Government needs to continue to strengthen the creation of a favorable environment for businesses on both sides. At the same time, it needs to design cooperation programs to improve the capacity of Vietnamese businesses, creating opportunities for deeper participation in global value chains of US companies.
According to economic experts, the US market has many complex and unpredictable fluctuations, so Vietnamese businesses themselves need to improve their competitiveness, update new policy trends, grasp market information and clearly identify difficulties to have appropriate “moves” and avoid risks.
“A very important note for businesses exporting to the US market is to quickly move towards greening the production chain, sustainable development through paying attention to environmental standards and social responsibility, moving towards a circular business model – considering this a vital condition to gain a competitive advantage in the future, to stand firm in the global value chain,” Mr. Hieu further emphasized.