Vietnam-US trade to reach $100 bln in 2023, almost 300 times higher than 1995

During the first eight months of 2023, bilateral trade between the two countries reached nearly $71.6 billion. Of this amount, Vietnam exported $62.3 billion to the US.

According to the latest data from the Ministry of Industry and Trade, despite many unfavorable impacts due to slow global economic growth, Jan.-Aug. two-way trade reached $71.6 billion.

Currently, the US is Vietnam's largest export market, with export turnover exceeding $100 billion for the first time at the end of last year. A decade ago, two-way trade between Vietnam and the US reached $35 billion. In 2022, trade will reach $123.9 billion, an increase of nearly four times. 

The year 2022 marks a turning point when, for the first time, Vietnam's exports to a market reach more than $100 billion. Bilateral trade turnover in the first 7 months of 2023 reached more than $60 billion, and it is expected that bilateral trade turnover for the whole year 2023 can still reach the $100 billion mark.

Vietnam-US relations have had strong developments in both quality and quantity after 28 years (since 1995) of establishing diplomatic relations and 10 years of establishing a comprehensive partnership in 2013.

Regarding Vietnamese investment in the US, by 2023, Vietnam will have 230 investment projects in the US, with a total registered capital of $1.26 billion. The US ranks 7th out of 80 countries and territories receiving investment from Vietnam.

President Joe Biden's official visit to Vietnam will continue to deepen the Vietnam-US relationship in many fields, with the greatest expectation being promoting investment and trade. This is shown by the fact that large American corporations such as Boeing, Intel, Walmart, etc. research and invest in expanding the global supply chain in Vietnam, including the supporting industry sector, to ensure the long-term stability of the entire chain.

Apple alone has moved 11 audio-visual equipment factories to Vietnam. Intel Corporation also expanded phase 2 of its chip testing factory in Ho Chi Minh City with a total investment of $4 billion.

The US attaches great importance to Vietnam's role and position in the region. US cooperation initiatives such as IPEF, clean energy, digital economy, etc. receive cooperative attention. With the current export growth rate, the US will continue to be Vietnam's largest and most important export market in the near future.

Talking to the press on the occasion of US President Joe Biden's state visit to Vietnam from September 10 to September 11, Minister of Industry and Trade Nguyen Hong Dien said that the expansion of supply chains in Vietnam by many US corporations is important. requires our country to have a comprehensive policy to gradually help Vietnamese businesses become important links in the global value chain.

In recent years, Vietnam has been transforming strongly to become a major global manufacturing center. Vietnamese enterprises have produced many products with rich types, competitive prices, and increasingly improved quality.

Source: MOIT