(photo: baodautu.vn)

The US is Vietnam’s major trading partner and key export market, accounting for about 30% of Vietnam’s total export turnover. Major export items to the US include computers, electronic products and components, machinery, spare parts, textiles, footwear, and agricultural products. Vietnam imports from the US a significant volume of technology equipment, raw materials for production, and agricultural products.

The upgrade of Vietnam-US relations to a comprehensive strategic partnership in September 2023 has created a new opportunity for the two countries to expand trade ties, especially at the local level, and paved the way for Vietnamese goods to enter the global value chain. Local-level cooperation will help Vietnamese SMEs to penetrate the US market.

Vietnam aims to promote economic and trade ties with the US in a balanced, sustainable, and mutually beneficial manner. Vietnam is also an important, attractive market for American businesses, who are seeking to expand cooperation with Vietnamese partners and hope Vietnam will continue to create favorable conditions for US investment projects. This would increase the export of US goods to Vietnam.

Deputy Minister of Industry and Trade Truong Thanh Hoai said: "In the near future, the Ministry of Industry and Trade will coordinate with other ministries and sectors to maintain close communication with US partners to address emerging issues in economic and trade relations. Ministries and sectors will also closely coordinate with the Vietnamese business community and foreign enterprises in Vietnam to achieve export growth this year."

A second round of talks on Vietnam-US reciprocal trade deal, which took place in in Washington D.C. from May 19-22, is seen as productive. The two sides shared information to enhance mutual understanding and prepared the next round of talks scheduled for June.