Vietnam's wood and wood product exports surpassed 16.2 billion USD in 2024, with the US market contributing 56% of the total revenue. (Photo: VNA)

ITPC Deputy Director Cao Thi Phi Van revealed that two-way trade surpassed 132 billion USD last year, with Vietnam's exports to the US reaching nearly 119 billion USD, marking a 23.3% increase year-on-year. Imports from the US totaled 13 billion USD, up 7.3%.

This growth has solidified Vietnam's position as the US' eighth largest trade partner and the fourth largest export market in ASEAN. Conversely, the US stands as Vietnam's second largest trade partner and its largest export market. Key Vietnamese exports to the US included footwear, wooden furniture, machinery, and optical equipment.

As of November 2024, the US had over 1,400 investment projects in Vietnam, with a total capital nearing 12 billion USD. In Ho Chi Minh City alone, the US ranked third among 110 countries and territories, contributing over 1.55 billion USD in investments.

The US is a prime target for many Vietnamese firms eager to boost their export-import activities. Simultaneously, Vietnam is attracting high-tech investments from the US, particularly in microchips and semiconductors, to remain competitive in the global sci-tech landscape, Van said, adding that Vietnam now plays a vital role in the US global supply chain, while US firms have made substantial contributions to the Southeast Asian nation's economic transformation and development.

Vietnamese Trade Counselor in the US Do Ngoc Hung advised domestic firms to forge partnerships with US importers and distributors to explore flexible payment methods and share risks, especially during the initial market entry phase.

For agricultural and food products, he suggested investing in cold storage facilities to establish distribution centres at major ports, a strategy that would help reduce costs and improve market access.

Lecturer of the US’ Indiana University and IVI member Dr. Huynh The Du drew attention to the US market’s rigorous standards, saying that to thrive in the US, the Vietnamese firms must invest in technology, improve product quality, and embrace transparency to meet the high benchmarks of this market.

Chairman of the US-Vietnam Business Council Kevin Morgan noted that the remarkable growth in two-way in recent years has placed Vietnam among the top countries with a trade surplus with the US. It is estimated that the US trade deficit with Vietnam has amounted to 102 billion USD, posing risks to the “fair and balanced trade goal set by President-elect Donald Trump. Therefore, the Vietnamese companies should prepare various strategies to adapt to changes in US trade policies and import tariffs, he said.