Want to be in the loop?
subscribe to
our notification
Business News
VIET NAM-US TRADE HITS RECORD HIGH IN 2021
Bilateral trade between Việt Nam and the US set a new milestone, hitting US$111.56 billion in 2021, up nearly $21 billion over the previous year, according to the General Department of Customs.
The impressive figure made the US the second trade partner having import-export turnover with Việt Nam reaching the $100 billion mark after China.
Last year Việt Nam's exports to the US rose 25 per cent to nearly $96.3 billion, accounting for 28.6 per cent of the country's total exports.
Among Việt Nam's major export items to the US were machinery, equipment and parts with $17.82 billion, up 46 per cent; textiles and garments ($16,1 billion, up 15 per cent); computers, electronics and components ($12.76 billion; up 23 per cent); handsets and parts ($9.69 billion, up 10.3 per cent); footwear ($7.42 billion, up 18 per cent); and wood and wooden products ($8.8 billion, up 23 per cent).
Last year, the country imported nearly $15.27 billion worth of goods from the US, mainly computers, electronics and components as well as machinery, equipment and parts.
Bùi Huy Sơn, Counselor of the Việt Nam Trade Office in the US, said that the two-way turnover, which exceeded $100 billion for the first time in 2021, was a very important achievement, especially given the pandemic, as well as the disruptions and disturbances in the supply chain and logistics activities.
Along with that, the active and flexible activities of two business communities continued to expand trade and investment activities, such as the resumption of direct flights between Việt Nam and the US, and the fact that Vietnamese businesses were increasing investment in the US to continue to expand their presence sustainably in the market.
Looking at import and export activities, not only had the total two-way turnover reached a record level, but it was also worth mentioning that export activities from both directions had good growth rates, Sơn said, adding that the import and export goods between the two sides were very complementary.
To accelerate bilateral trade, Sơn called for continuous efforts from both sides, first of all in terms of the policy. The two sides should continue to maintain a dialogue channel, sharing information, and further enhancing mutual understanding so that they could detect and coordinate on problems favourably.
At the same time, businesses also needed to seize opportunities, especially opportunities from the strong recovery of the US economy, since different forecasts assessed a relatively high growth rate for the US economy in 2022.
He also suggested businesses closely observe market developments, ensure the requirements of legal traceability, storage, information about documents and invoices for the origin of goods, so that they could coordinate and provide information when there were requests for investigation and verification by US agencies.
Source: VNS
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.