Trade with the US likely to exceed US$100 billion for fourth consecutive year

Thursday, 04/07/2024 21:53
Two-way trade turnover between Vietnam and the United States hit US$61.4 billion in the first half of the year and it is on track to surpass the US$100 billion mark for the fourth year in a row, reported the Voice of Vietnam.
Garments are among key Vietnamese exports to the US market. (Photo: VOV)

Statistics indicate that of the six-month total, Vietnamese exports brought in US$54.3 billion, up 22.1% year on year, while its imports were valued at US$7.1 billion, up 2.8%, resulting in a trade surplus of US$47.2 billion.

The US is currently taking steps towards lowering interest rates, thereby stimulating local consumption and facilitating business import and export activities. Such a move has served to fuel local consumer demand for furniture, seafood, and garments, among other items that are key Vietnamese export products.

Do Ngoc Hung, trade counselor of the Vietnamese Embassy in the US, pointed out that bilateral trade has flourished considerably over recent years despite global fluctuations.

According to the trade counselor, the 2023 upgrade of Vietnam – US ties to a comprehensive strategic partnership is expected to open further business opportunities for the two countries.

Furthermore, Vietnamese commodities are increasingly popular in the US market thanks to continuously improved quality, updated trends, and competitive prices.

Changes in the supply chain, as well as the wave of investment shifts, have contributed to enhancing the production capacity of Vietnamese enterprises, creating conditions for their products to stand firm in the international market, including in the US.

The Ministry of Industry and Trade recently dispatched an investment and trade promotion delegation to the US to assist Vietnamese localities and firms with investment connections in this lucrative market.

During the working trip, Vietnamese enterprises engaged in a series of business-to-business matching sessions to inquire into the needs of US firms and the market as a whole.

Producing textiles and garments for export at Peony Company Limited - a Singaporean FDI enterprise (VSIP Bac Ninh, Tu Son City, Bac Ninh Province). (Photo: HQO)

The US is Vietnam’s second largest trade partner, with bilateral trade expected to maintain its upward trajectory thanks to high market demand coupled with a low inventory in the US market, according to Vu Ba Phu, director of the Trade Promotion Agency under the Ministry of Industry and Trade.

However, Phu also reminded Vietnamese firms of the need to learn more about trade defence measures as a way of limiting the risks of investigations and lawsuits.

The General Department of Vietnam Customs reported that two-way trade turnover between Vietnam and the US first beat the US$100 billion mark in 2021, hitting US$111.55 billion.

Despite the impact of COVID-19, their trade turnover in 2022 and 2023 still exceeded the US$100 billion threshold, reaching nearly US$124 billion and nearly US$111 billion, respectively.  

Yearly agricultural export target achievable: official

Deputy Minister of Agriculture and Rural Development Phung Duc Tien has affirmed his confidence that Vietnam’s agro-forestry-aquatic product exports can reach the revenue target of 55-56 billion USD this year, reported Vietnam News Agency.

Illustrative photo (Photo: VNA)

He said export outcomes in the first half of this year have created a foundation for the sector to realise the target.

Specifically, the total export turnover of agro-forestry-aquatic products in the first six months reached 29.2 billion USD, up 19% over the same period last year. Of the sum, the export value of main agricultural products stood at 15.76 billion USD (up 24.4%); key forestry products, 7.95 billion USD (up 21.2%); aquatic products, 4.36 billion USD (up 4.9%); and husbandry products, 240 million USD (up 3.8%).

Seven items and product groups posted an export value of over 1 billion USD, namely coffee, rubber, rice, fruits and vegetables, cashew nuts, shrimp, and wood products.

Rice and cashew nuts saw increases in both volume and value. Accordingly, rice exports hit 4.68 million tonnes (up 10.4%), with a turnover of 2.98 billion USD (up 32%); and cashew nuts reached 350,000 tonnes (up 24.9%), worth 1.92 billion USD (up 17.4%).

Coffee exports dropped by 10.5% in volume to 902,000 tonnes but increased by 34.6% in value to 3.22 billion USD as the average export price increased by 50.4%.

During the first half, the Ministry of Agriculture and Rural Development focused on implementing projects to promote agro-forestry-aquatic product exports to key markets approved in late 2023, including China, the US, Japan and the EU. At the same time, the ministry worked to gain access to new, potential markets like Middle East and African countries.

Thanks to such efforts, the export value continued rising, with a trade surplus of 8.28 billion USD, up 62.4% year-on-year.

The five items with the highest trade surplus were wood and wood products (6.16 billion USD, up 22.5%); coffee (3.14 billion USD, up 36.2%); vegetables and fruits (2.42 billion USD, up 35.3%); rice (2.31 billion USD, up 27%); and shrimp (1.43 billion USD, up 13.3%).

Hanoi officially operates Intelligent Transport System

The Hanoi Department of Transport hosted an inauguration ceremony of the Intelligent Transport System (ITS) on July 4, with the aim of effectively ensuring traffic order, reducing travel time and costs, whilst protecting the environment, reported the Voice of Vietnam.

Delegates press the button to inaugurate the ITS in Hanoi. (Photo: VOV)

The launch of ITS is part of implementing the directive outlined by the Hanoi Party Committee regarding digital transformation and building a smart Hanoi by 2025, with the goal of turning the capital into a smart and modern city that will be linked to a smart urban network in the region and the world by 2030.

Upon addressing the event, Thai Ho Phuong, director of the Hanoi Traffic Management and Operation Center, emphasized that the ITS system includes the application of technologies in management and operation of the transportation system in Hanoi as a means of ensuring traffic safety and protecting the environment.

He revealed that the system will install peripheral equipment at two pilot intersections on Pham Van Bach street, including the installation of cameras to support fines, traffic monitoring cameras, speed cameras, and the variable message signs  (VMS).

Nguyen Phi Thuong, director of the Hanoi Department of Transport, underscored the importance of the system in providing a foundation for completing the project on smart transportation in Hanoi moving forward.

Vietnamese female players to compete at friendly futsal tournament in China

The Vietnamese women's futsal team will have the chance to play some of the world’s leading sides at the International Women's Futsal Tournament Lanzhou 2024, which is scheduled to take place from July 12 to July 15 in China, reported the Voice of Vietnam.

Vietnamese female players will compete at the International Women's Futsal Tournament Lanzhou 2024 in China. (Photo: VOV)

The tournament will see the national team, which is currently ranked at 13th in the world, take on China, world No.25, on July 12. This is followed by games against Iran, world No.8, on July 13, and Uzbekistan, world No.24, on July 15.

According to head coach Nguyen Dinh Hoang, the friendly matches will help the team to sharpen their skills whilst serving as a warm-up for the 2025 Asian Football Confederation (AFC) Women's Futsal Asian Cup, which is a qualification for the FIFA Futsal Women's World Cup.

The team is currently training at the Thai Son Nam Sports Centre before leaving for the international friendly tournament in China./.

Compiled by BTA