The export turnover of machinery, tools and spare parts from Vietnam to the US increased from 21 percent in 2016 to 44.9 percent in 2020 and 45.2 percent in the first six months of 2021. (Photo baodautu.vn)
Hanoi (VNA) – Vietnam–US trade could hit 100 billion USD in this year, up 221 times against the figure in 1995 when the two countries normalised relations.
The first eight months of this year saw bilateral trade of 73 billion USD, Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said at a recent forum on promoting Vietnam-US trade in the new context.
Despite the prolonged COVID-19 pandemic and its complicated developments which disrupted the supply chains, 2020 was the first year that the total trade turnover between Vietnam and the US has exceeded the 90 billion USD benchmark, reaching 90.8 billion USD, compared to 451 million USD in 1995, he said.
Phong said that trade has become a pillar of the growing bilateral relationship between Vietnam and the US.
Speakers exchange ideas at a forum on promoting Vietnam-US trade in the new context. (Photo: VNA)
Vietnam has been attractive to US businesses with a market of nearly 100 million consumers, positive growth, open policies, close connection with the Association of Southeast Asian Nations (ASEAN) market and other major markets in the world thanks to a network of free trade agreements, he said
Vietnam has become the 10th largest trading partner of the US, while the US is also the largest trading partner of Vietnam. Vietnam is one of the first countries in Asia to sign a trade agreement with the US.
Many commercial investment opportunities between the two countries will be opened up when there is a regular direct flight of Vietnam Airlines connecting the two countries, Phong said.
Vietnam's export turnover to the US has increased by 230 percent, while exports from the US to Vietnam have also grown by more than 175 percent over the past five years. Key Vietnamese products exported to the US are machinery, equipment, tools, and spare parts.
Experts suggested that businesses pay attention to meeting requirements on products’ quality and dealing with technical barriers./.
Vietnamese and US agencies will continue their coordination in order to maintain trade ties between the two countries, towards harmonious, sustainable, and mutually beneficial trade balance.
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Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
The export turnover of machinery, tools and spare parts from Vietnam to the US increased from 21 percent in 2016 to 44.9 percent in 2020 and 45.2 percent in the first six months of 2021. (Photo baodautu.vn)
Speakers exchange ideas at a forum on promoting Vietnam-US trade in the new context. (Photo: VNA) 
