VIET NAM-U.S. TRADE EXCEEDS US$100 BLN MARK OVER NINE-MONTH PERIOD

The two-way trade between Viet Nam and the U.S. beat the US$100 billion mark over the first nine months of 2024, reported the Ministry of Industry and Trade.

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

Of the figure, the Southeast Asian nation earned US$89.4 billion from exporting to the U.S., accounting for 29.8 percent of the nation's total export value and up 27.4 percent against the same period last year.

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

Viet Nam spent US$10.9 billion on imports from the U.S. in nine months, up 6.2 percent.

Regarding the two nations' economic cooperation prospects, U.S. Ambassador to Viet Nam Marc E. Knapper said, when the U.S. and Viet Nam 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 U.S.-Viet Nam trade and investment relationship has never been brighter, he noted.

The level of bilateral goods trade between the U.S. and Viet Nam stands at US$124 billion annually, approximately 300 times greater than it was in 1995. Viet Nam is the U.S. ninth-largest trading partner, and the U.S. is Viet Nam's largest export market, highlighted the diplomat.

Meanwhile, President and CEO of the U.S.–ASEAN Business Council (USABC) Ted Osius, who is former U.S. Ambassador to Viet Nam, held that the two nations have witnessed thriving trade and economic cooperation after upgraded the bilateral relations to a comprehensive strategic partnership for peace, cooperation and sustainable development.

Delegation exchanges as well as investment and cooperation activities have been vibrant over the past year, he stressed.

American corporations have been interested in the Vietnamese market, which boasts a young and industrious population, and sound economic growth, he said, highlighting studies showed that the Vietnamese economy could expand 6.6 percent in the next decade.

Source: VCCI