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Wednesday, September 28, 2022

Vietnam-U.S. trade soars by 200 times in 25 years

The Saigon Times

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HCMC – Two-way trade between Vietnam and the United States has risen by more than 200 times over the past 25 years.

When the two countries normalized diplomatic ties in 1995, two-way trade totaled US$450 million but the figure shot up to US$90.8 billion in 2020.

The data was released at the Vietnam-U.S. Trade Forum 2021 jointly held on December 7 by the American Chamber of Commerce, the U.S.-ASEAN Business Council and the Vietnamese Ministry of Industry and Trade.

Data from the General Department of Customs showed that two-way trade between Vietnam and the U.S. reached US$1.5 billion in 2001, when the two countries signed a bilateral trade agreement.

In 2020, two-way trade soared 19.9% against 2019 to US$90.8 billion. Specifically, Vietnam exported goods worth US$77.1 billion to the U.S., rising 19.5% year-on-year, and spent US$13.7 billion on imports from the U.S., falling 8% year-on-year.

From January to October 2021, the figure reached US$89.6 billion. Vietnam exported goods worth US$76.7 billion to the U.S., rising 22.9% year-on-year and accounting for 28.4% of the country’s total exports, and spent US$12.9 billion importing goods from the U.S., increasing 13.2% year-on-year and making up 4.8% of its total imports.

Investments from the U.S. have significantly contributed to the development of Vietnam. As of October 2021, the U.S. ranked 11th among 138 countries and territories that invested in Vietnam, with 1,134 projects worth US$9.72 billion.

According to Deputy Minister of Industry and Trade Do Thang Hai, U.S. investors have got involved in over 20 economic sectors in Vietnam. Many large U.S. corporations such as Exxon Mobil, Murphy Oil, Chevron, Boeing, Ford, Intel, Wal-Mart, Nike, Amazon and P&G are present in Vietnam.

To further boost bilateral trade between Vietnam and the U.S., Hai suggested the two countries make the most of the Vietnam-U.S. Trade and Investment Framework Agreement and resolve economic and trade issues through dialogue and negotiation. He also proposed the two countries enhance economic collaboration, restrict trade remedies and prevent supply chain disruptions, negatively impacting manufacturing industries, which have already been hit hard by the Covid-19 pandemic.

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