The export turnover of machinery, tools and spare parts from Vietnam to the US increased from 21 percent in 2016 to 44.9 percent in 2020 and 45.2 percent in the first six months of 2021. (Photo baodautu.vn)
The first eight months of this year saw bilateral trade of US$73 billion, Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said at a recent forum on promoting Vietnam-US trade in the new context.
Despite the prolonged Covid-19 pandemic and its complicated developments which disrupted the supply chains, 2020 was the first year that the total trade turnover between Vietnam and the US has exceeded the US$90 billion benchmark, reaching US$90.8 billion, compared to US$451 million in 1995, he said.
Phong said that trade has become a pillar of the growing bilateral relationship between Vietnam and the US.
Vietnam has been attractive to US businesses with a market of nearly 100 million consumers, positive growth, open policies, close connection with the Association of Southeast Asian Nations (ASEAN) market and other major markets in the world thanks to a network of free trade agreements, he said
Vietnam has become the 10th largest trading partner of the US, while the US is also the largest trading partner of Vietnam. Vietnam is one of the first countries in Asia to sign a trade agreement with the US.
Many commercial investment opportunities between the two countries will be opened up when there is a regular direct flight of Vietnam Airlines connecting the two countries, Phong said.
Vietnam's export turnover to the US has increased by 230 percent, while exports from the US to Vietnam have also grown by more than 175 percent over the past five years. Key Vietnamese products exported to the US are machinery, equipment, tools, and spare parts.
Experts suggested that businesses pay attention to meeting requirements on products’ quality and dealing with technical barriers.