Vietnam’s exports to US steadily recover

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.

Increased consumption in the US has led to a revival in orders, lifting Vietnam’s export value to this market to 17.4 billion USD in the first two months of the year, marking a notable 34% surge compared to the corresponding period in 2023.

More than half of Vietnam’s export value to the US was from high-tech products (consumer electronics, smartphones), garments and footwear. The rest came from other products such as furniture and agricultural products.

For many consecutive years, the US has been an important destination for Vietnamese goods.

In 2023, Vietnam exported nearly 97 billion USD worth 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 US became the first export market of Vietnam reaching 100 billion USD a year. This market maintained its position as Vietnam’s largest export market in 2023.

Dau tu (Investment) newspaper quoted Ta Hoang Linh, Director of the European - American Market Department under the Ministry of Industry and Trade, as saying that the US continues to promote the strategy of diversifying suppliers, targeting ASEAN markets. That brings chances for Vietnam to become an important production and export centre in the global value chain.

Bilateral trade between Vietnam and the US has increased strongly from 450 million USD in 1995 to 124 billion USD in 2022.

The recent upgrade of the Vietnam - US relations to a Comprehensive Strategic Partnership is opening considerable opportunities for both sides to soon reach 200 billion USD in bilateral trade value.

According to the US-ASEAN Business Council (USABC), an annual delegation of 50 leading US companies will have a trip to explore investment opportunities in Vietnam from March 18-21, 2024. They operate in different fields such as technology, energy, aerospace and defence, manufacturing, agriculture and food, financial services, healthcare and investment funds.