Vietnam’s exports to the US witness positive growth

20/11/2020 12:00 - 14 total view

The bilateral trade revenue between Vietnam and the US reached US$73.9 billion in the first 10 months of 2020, including US$62.3 billion from Vietnam’s export revenue to the US, an increase of 24% over the same period last year.

The information was announced at a trade forum between Vietnam and the US entitled “25 years of economic and trade relations and the journey ahead” held in Ho Chi Minh City on November 18.

The annual event was jointly organised by the Ministry of Industry and Trade (MOIT), the People’s Committee of Ho Chi Minh City, the American Chamber of Commerce in Vietnam (Amcham Vietnam) and the US-ASEAN Business Council (US-ABC).

The event aims to provide information and updates on the direction of economic and investment policy building inVietnam and the US and also offers a chance forenterprises of both countries to seek business opportunities in the coming period.

Deputy Minister of Industry and Trade Do Thang Hai said that the bilateral trade relation between Vietnam and the US has achieved an impressive growth rate. The US has become the largest export market of Vietnam and Vietnam has become the 12th largest trade partner of the US.

The US also ranks 11th out of 138 countries and territories investing in Vietnam, with 1,063 projects and total registered capital of US$9.4 billion.
According to the MOIT, four groups of commodities have been identified for increasing their exports to the US market in the future, including fruit and vegetables, food, machinery and equipment, and industrial and consumer goods.

US Consul General in Ho Chi Minh City Marie Christine Damour said that Vietnam is promoting infrastructure and energy development, which are strengths of US enterprises, thus enterprises from the two sides can foster cooperation in these areas.

US enterprises are also interested in digital economy in Vietnam, such as e-commerce, AI and smart cities, in addition to cooperation in aviation, agriculture and education, she noted.

At the forum, enterprises of both sides focused on discussing and assessing the economic, trade and investment relations between the two countries while identifying opportunities and prospects for bilateral economic cooperation in the context of world trade conflicts, ongoing COVID-19 pandemic, the movement of the global supply chain and Vietnam's policies to attract high-quality investment.
Source: Nhan Dan