Bui Huy Son, Minister Counsellor and head of Vietnam’s Trade Office in the US, said bilateral trade surpassed 100 billion USD for the first time in 2021, which was a highly important achievement amid the COVID-19 pandemic and disrupted global supply chains.
This result is also partly attributable to the two sides’ effective exchange of policy information, especially consultations to avoid the US’ imposition of high duties on Vietnamese exports.
In particular, he noted, the economies of Vietnam and the US are complementary to each other. Vietnam mainly ships electronic components and devices, apparel, footwear, and agro-fishery products to the US, which in turn sells production materials to the Southeast Asian nation such as cotton and timber.
Bilateral trade reached 29.4 billion USD in the first quarter of 2022, including 25.96 billion USD in exports to the US and nearly 3.4 billion USD in imports from this country, respectively rising 16.7 percent and falling 7.7 percent year on year, according to the European - American Market Department under the Ministry of Industry and Trade.
Trade experts shared the view that aside from the economic complementarity, the tensions in global trade since 2018 has triggered a shift of supply chains to Vietnam, helping spur the country’s shipments to the US.
Meanwhile, the US is also recording good signs of economic recovery and effectively conducting a large-scale vaccination campaign, helping boost economic rebound and consumer demand which has subsequently created more opportunities for Vietnamese goods to enter this market.
However, despite high demand and strong purchasing power, the US remains one of the most demanding markets in the world, experts noted, pointing out that one of the first challenges to exporters is its strict food safety requirements.
Son recommended businesses thoroughly study the US’ food safety standards to meet requirements, adding that they also have to overcome other challenges posed by consumers tightening their purse strings due to high inflation, competition with other countries, and trade remedies, among others.
Enterprises should grasp opportunities brought about by the US’ strong economic recovery, according to the official.
Deputy Minister of Industry and Trade Do Thang Hai said the US is one of the leading partners of Vietnam in all fields. In particular, the two countries have reaped enormous achievements in economic and trade ties, helping develop their comprehensive partnership in a substantive manner.
Besides, the economies’ complementarity is also important to Vietnam’s amendment of its policies so as to achieve harmonious and sustainable economic and trade links with the US, thus maintaining national interests in bilateral cooperation and turning the North American country into a leading trade partner of Vietnam, he added.