(VEN) – On July 31, in Ho Chi Minh City, the Ministry of Industry and Trade’s European-American Market Department held a seminar on developing a system of suppliers to deeply join US value chains in order to promote economic, trade relations between Vietnam and the US.
In the first half of 2024, Vietnam exports goods worth US$55.1 billion to the US, up 24 percent year-on-year |
Seminar participants included economists and representatives from import-export businesses, Vietnam’s business associations, the American Chamber of Commerce (AmCham), and major US companies.
The seminar provided the latest information about the US market, bilateral cooperation prospects, and solutions to serve the business community and Vietnam’s policy advisory bodies.
Citing data from the US International Trade Commission (USITC), the Vietnam Trade Office in the US said the US’s foreign trade value reached US$2.154 trillion in the first five months of 2024, up two percent year-on-year, including US$1.302 trillion worth of imports (up 3.3 percent year-on-year) and US$852 billion worth of exports (up 1.9 percent year-on-year). The trade deficit stood at around US$450 billion (up 6.1 percent from US$424 billion in the same period in 2023).
According to the General Department of Vietnam Customs, in the first half (H1) of 2024, Vietnam’s exports to the US reached US$55.1 billion, up 24 percent year-on-year and accounting for 30 percent of Vietnam’s total export value. Vietnam exported US$48 billion more than it imported from the US in H1, contributing to the country’s total trade surplus of US$12 billion in the same period.
The US is expected to continue being the largest importer of Vietnamese goods in the second half (H2) of the year, while the bilateral trade value is expected to exceed US$100 billion in the third consecutive year in 2024.
Preparing pomelo for export |
Do Ngoc Hung, Trade Counselor and Head of the Vietnam Trade Office in the US, said traditional Vietnamese exports to the US, including textiles and garments, leather and footwear, wood products and furniture, electronics, and equipment and machinery, with improved designs and competitive prices, will continue to contribute to the bilateral trade growth.
The main reason for this growth is the resurgence of market demand, depletion of stored products, and the stockpiling to hedge against potential post-US presidential election fluctuations in 2025, as well as the US’s increasing demand for Vietnamese products in the coming winter and shopping season.
Notably, after a slowdown, wood and wood product exports grew 22.9 percent in the first five months of 2024. Vietnam exported footwear worth US$3.5 billion in the five months, up 10.7 percent year-on-year, ranking second among footwear and bag exporters to the US. Vietnam was the only country to see growth in trade in footwear with the US in the five months.
In discussions between the Vietnamese Trade Office and the US Department of Commerce (DOC), the DOC reported no mandatory regulations related to green standards for imports into the US, including textiles.
The DOC also emphasized that exporting countries need to pay particular attention to regulations related to the Uyghur Forced Labor Prevention Act (UFLPA), as the Biden President administration plans to vigorously implement labor commitments.
To boost exports to the US, the Trade Office suggested that Vietnamese businesses increase their participation in promotional activities, including appropriate trade fairs and exhibitions; promote Vietnam’s image and its export products taking all possible opportunities and through major US media channels; and cooperate with overseas Vietnamese businesses to get information and expand product distribution channels in the US.
The Trade Office recommends business associations to further develop export products towards specialization and modernization, improve product structure, focusing on high-value-added products and applying advanced quality management standards to enhance sectoral competitiveness, promote investment in the production of raw materials, supporting industries, and accelerate product localization.
As the US continues to tighten import measures, Vietnamese businesses should effectively implement the action plan towards balanced and sustainable bilateral trade, signed in 2019, and import items that are the US’s strengths, such as fruits, food, and cotton materials for the export textile and garment industry.
Nguồn: congthuong.vn