Investment News

Vietnam - US trade will continue to prosper in the second half of 2023


Counselor, Head of the Vietnam Trade Office in the US Do Ngoc Hung believes that, along with the positive signs in the relationship between the two countries on the 10th anniversary of establishing the Vietnam - US Comprehensive Partnership (25/ July 2013 - July 25, 2023), trade activities between the two countries from now until the end of the year will continue to flourish.

 Star Fashion Co., Ltd. invested in building a factory specializing in sewing knitted and sportswear for export in Phu Nghia Industrial Park, Chuong My district, Hanoi, exporting to the US market. Illustrative photo (document): Tran Viet/TTXVN

Responding to the Vietnam News Agency's resident correspondent in Washington DC, the US about support measures to promote the export of Vietnamese goods to the US in the coming time, Counselor and Head of the Vietnam Trade Office in the US Do Ngoc Hung said. After reaching the export milestone of over 100 billion USD for the first time in 2022, especially the end of the investigation into case 301 on controlling illegal timber exploitation and trade, as well as the US removing Vietnam from its supervision list. monitoring of currency manipulation... Vietnam - US trade relations are on the rise. This shows that the correct direction of relevant Vietnamese agencies such as the Ministry of Industry and Trade , the State Bank, the Ministry of Foreign Affairs, the Ministry of Finance... and the coordination of the Vietnamese Embassy in the US has been achieved. helps improve and strengthen exchange and cooperation in building sustainable economic and trade relations between the two countries.


Assessing the trade prospects for the last 6 months of the year, Counselor Do Ngoc Hung commented that the situation will have some more favorable points compared to the first 6 months of the year. He said the US economy has shown signs of recovery in growth and consumer demand. The US government and businesses continue to be interested in and committed to strong business cooperation with Vietnam. Thanks to the good recovery, major US retail chains have now begun to resume placing orders with Vietnam. At trade conferences chaired by the Prime Minister and the Minister of Industry and Trade, industry associations and businesses reported positive signs in the current difficult context and period.


The US is a huge market, with 330 million people, of which more than 2.1 million are Vietnamese Americans. The Vietnamese community in the US always looks towards their homeland, wanting to use Vietnamese products. According to Counselor Do Ngoc Hung, this is great potential for Vietnam's export goods. The system of thousands of overseas Vietnamese businesses is a potential distribution channel to bring Vietnamese goods deeper into the US market.


In the coming time, together with Vietnamese representative agencies in the US, the Vietnam Trade Office in the US will continue to promote trade policy research to promptly provide information and support businesses. In addition, the Trade Office will focus on promoting business opportunities, market potential and goods of Vietnam, to expand the market, support Vietnamese businesses to exploit regional market groups, especially focusing on in the areas of California, New York, New Jersey, Washington, Texas..., where a large population of Asian Americans live with high incomes.


Counselor Do Ngoc Hung shared that the Trade Department has a plan to promote participation in major specialized fairs and exhibitions in the US, and at the same time organize trade promotion delegations to survey the market, especially to the states. has strengths in cooperation with Vietnam. In addition, the Trade Office will also coordinate with domestic management agencies to develop prestigious and quality programs and exhibitions to attract American corporations to exploit and develop supply chains as well as Strengthen e-commerce applications to overcome geographical barriers of the market.


Counselor Do Ngoc Hung believes that, along with the positive signs in the two countries' relations on the 10th anniversary of establishing the Vietnam - US Comprehensive Partnership (July 25, 2013-July 25, 2023) , trade activities between the two countries from now until the end of the year will continue to flourish.


Regarding the two-way trade situation in the first months of this year, Counselor Do Ngoc Hung said that the US economy is facing challenges and difficulties at both the international and domestic levels, when inflation and interest rates increased, the impact of inventory and impact on consumer demand. This affects export activities from Vietnam to the US, causing turnover in the first half of the year to decrease by about 16% compared to the same period last year. However, that rate is equivalent to the reduction rate of countries that have strong export competitiveness with Vietnam.


According to data from the US Department of Commerce, from January to May 2023, two-way trade turnover reached over 46.5 billion USD, of which the US imported 43.5 billion USD from Vietnam and exported about 3 billion USD. billion USD. The US continues to be Vietnam's largest export market and vice versa, Vietnam is the US's 7th largest trading partner. Notably, among the countries belonging to the Association of Southeast Asian Nations (ASEAN), Vietnam accounts for about 35% of the total export turnover of the whole bloc, ranked ahead of the second country, Thailand, with export turnover reaching about 20 billion USD.


In the 5 months from the beginning of the year, the trade deficit between Vietnam and the US was more than 40 billion USD, accounting for about 9% of the US's trade deficit, out of a total of more than 150 countries and territories with which this power has relations. economic and trade system. According to Counselor Do Ngoc Hung, Vietnam's trade surplus with the US currently ranks third, only behind China and Mexico. The reason largely comes from the complementary nature of the two economies, due to the export and foreign trade structures of the two countries.


Counselor Do Ngoc Hung said that Vietnamese goods exported to the US mainly compete with third countries, not directly with domestic businesses. Furthermore, the presence of Vietnamese goods in the US also provides opportunities for consumers in this country to use products with diverse designs and more competitive prices.

According to