The Americas remained some of Vietnam’s largest trade partners despite the adverse effect on commerce caused by the COVID-19 pandemic, heard participants at a conference organised by the Ministry of Industry and Trade (MoIT), aimed at connecting Vietnamese firms with trade partners in American countries in Hanoi on September 25.

Deputy Minister of Trade and Industry Do Thang Hai speaks
at a conference to connect Vietnamese firms with trade partners
in American countries in Hanoi. (Photo baodauthau.vn)

According to the ministry, two-way trade between Vietnam and American countries during the first eight months of the year increased 11.8% from the same period last year to US$69.3 billion, with the Southeast Asian country’s exports increasing 15.9%. 

Trade between Vietnam and the Americas has grown 350% in the last decade, from a modest US$28 billion in 2011 to US$96.8 billion in 2019. Last year, Vietnam also spent US$23.2 billion on the import of goods and services from the continent.

A number of free trade agreements that came into effect in recent times have helped to fuel rapid trade growth such as the bilateral trade agreements between Vietnam and the US, Chile and Cuba, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which includes Canada, Peru and Mexico. 

Vietnam had seen some of the fastest-growing trade ties with the continent in recent years, said Deputy Minister of Industry and Trade Do Thang Hai.

By the end of August 2020, 28 American countries held stakes in 1.530 projects across Vietnam with a total investment value of US$22.8 billion. Vietnam’s successful campaign to contain the COVID-19 pandemic has made it an attractive destination for American investors, especially against the backdrop of increased trade tensions between the US and China. 

The conference’s objective was to provide domestic firms with the most up-to-date information regarding changes in economic policies and commerce in American markets. The MoIT urged Vietnamese firms to conduct additional studies on said markets and their demand for Vietnamese products to identify trade opportunities as well as potential issues and challenges.