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Illustrative photo (Source: SGGP) |
China has been Vietnam's biggest importer with a turnover of US$68.1 billion, said the ministry.
This year marks the 10th anniversary of the Vietnam-US Comprehensive Partnership (2013- 2023). The relations between the two countries have grown enormously from 1995 to the present.
Statistics show the bilateral trade turnover between Vietnam and the US in 1995 was at US$450 million, and by 2005 it increased to US$6.78 billion. The figure was US$35 billion – US$36 billion in 2013. In 2022, the Vietnam-US trade value exceeded US$100 billion.
According to the Vietnam Trade Office in the US, the two-way trade turnover between the two countries is expected to exceed US$100 billion in 2023.
The US is a massive market with 330 million people. It is regarded as a great potential for Vietnamese exports. Meanwhile, the export value from Vietnam only accounts for four percent of the US’ total import value in 2022.
Vietnam has the advantage of being the leading country in exporting agricultural products, seafood, garments and textiles, footwear, and electronic components to the US and many other countries.
The US has a great demand for importing a variety of diverse products, especially industrial machines, civil aircraft, computers, semiconductor accessories, agricultural machinery, paper materials, cars, and auto parts.
The Ministry of Industry and Trade suggested that Vietnamese businesses must actively seek new partners, maintain relations with the existing partners, and take opportunities to export goods to the most important market.
