In fact, the US has been the largest and most important export market for Vietnamese goods for several years, while Vietnam has become one of the major trading partners of the North American country.
Furthermore, bilateral turnover between the two countries has witnessed a 248–fold rise from US$450 million in 1995 to nearly US$112 billion in 2021, despite enduring the adverse impacts caused by the COVID-19 pandemic.
During the past 10 months of the year, Vietnamese exports to the US surged by 21% to US$93 billion against the same period from last year, while the country imported goods worth US$12.3 billion from the US, a drop of 4%.
This year will represent the second consecutive year that mutual trade turnover is anticipated to reach over US$100 billion.
With regard to exports, the country witnessed 11 export items to the US record turnover reaching over US$1 billion.
High export growth has been recorded in machinery, equipment, tools and spare parts, with turnover reaching US$16.8 billion, up 26%, textiles and garments with US$14.8 billion, up 16%, and computers, electronics and components at US$13.2 billion, up 26%.
The strongest growth was seen in the category of bags, suitcases, wallets, and umbrellas with growth rate of 46%, followed by shoes of all kinds with an increase of 40%.
With regard to agro-fisheries products, cashew nut exports experienced a decline of 20%, while seafood exports increased by 14%.
During the initial eight months of the year, shrimp exports to the US reached US$618 million, accounting for 20% of total Vietnamese shrimp export value. In line with this, the US duly became the largest importer of Vietnamese shrimp, according to details given by the Vietnam Association of Seafood Exporters and Producers (VASEP).
Aside from shrimp, the US has also become the largest export market of Vietnamese tuna, accounting for 51% with turnover reaching US$374 million.
In addition, the US makes up the second largest export market, behind China, grossing turnover of US$421 million and accounting for 23% of the figure.
