Two-way trade between Vietnam and the US exceeds $100 bln over 9M

The Government News on October 17 quoted the Ministry of Industry and Trade as reporting that the two-way trade between Vietnam and the US exceeded $100 billion mark over the first nine months of 2024.

This is the fourth consecutive year the bilateral trade reaching over $100 billion.

Of the figure, Vietnam earned $89.4 billion from exporting to the US, up 27.4% year-on-year and accounting for 29.8% of the country’s total export value in the period.

As of September, there were 13 key Vietnamese commodities with export value over $1 billion each. Computers, electronics and spare parts took the lead with $17.32 billion; followed by machines, equipment and tools with $15.5 billion; and then garment with $12 billion.

Meanwhile, Vietnam spent $10.9 billion on imports from the US in the same period, up 6.2% year-on-year.

Regarding the two nations' economic cooperation prospects, US Ambassador to Vietnam Marc E. Knapper was quoted by the Government News as saying that when the US and Vietnam announced the comprehensive strategic partnership in September 2023, both countries' leaders reaffirmed the importance of economic, trade, and investment cooperation and innovation-driven, inclusive economic growth as core foundations of the relationship.

The potential in the US-Vietnam trade and investment relationship has never been brighter, the ambassador noted.

The bilateral trade between the two countries stood at nearly $124 billion in 2022, approximately 300 times higher than the figure in 1995.

The figure decreased to $111 billion in 2023, however.

Vietnam is the US’s ninth-largest trading partner, and the US is Vietnam's largest export market, globally.