According to the Ministry of Industry and Trade, trade between Vietnam and the US reached US$74.4 billion in the first seven months of 2024, presenting a strong growth in exports and imports.

Mr. Do Ngoc Hung, trade counselor of Vietnam in the US, stated that Vietnamese goods are increasingly favored in the US market due to continual quality improvement and competitive pricing.

After nearly 30 years of diplomatic relations between Vietnam and the US and 25 years since the signing of the US-Vietnam bilateral trade agreement, the Vietnam-US trade relationship has achieved many bright spots.

The General Department of Vietnam Customs reported that the two-way trade turnover between Vietnam and the US exceeded US$100 billion for the first time in 2021, reaching US$111.5 billion. Exports reached US$96.27 billion in this figure, while imports were valued at US$14.28 billion. Since then, bilateral trade between the two countries has consistently exceeded US$100 billion yearly.

However, the Vietnamese trade office in the US noted that Vietnamese businesses need to learn to handle trade defense barriers as the US is the nation that has opened the most investigations into Vietnamese goods.

Source: Sai Gon Giai Phong News

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