According to preliminary statistics of the General Department of Customs , in 2023, Vietnam's goods exports to the United States will reach 97 billion USD, down 12.4 billion USD compared to 2022. However, this is still an export market. Vietnam's largest.

The United States is Vietnam's largest buyer in 2023

In 2023, there will be 12 commodity groups exported to the US market with a turnover of 1 billion USD or more, of which machinery, equipment, tools, and spare parts are leading with 18.2 billion USD; followed by computers, electronic products and components reaching 17 billion USD; Textile and garment ranked third with 14.47 billion USD.

In the opposite direction, Vietnam's imports of goods from the United States in 2023 will reach 13.82 billion USD, down nearly 700 million USD compared to 2022. Thus, in 2023, the total import-export turnover between the two countries reached nearly 111 billion USD. This is the third consecutive year that Vietnam-US trade has reached a turnover of 100 billion USD or more. The United States is Vietnam's second trade partner to reach the 100 billion USD mark (after China).

Assessing the trade relations between Vietnam and the United States, Dr. Le Dang Doanh - senior economic expert commented that Vietnam - the United States has upgraded their relationship to a comprehensive strategic partnership for peace, cooperation and sustainable development in October 2023, the door to entry. The US market has expanded, as long as the Government has specific policies to support and Vietnamese businesses proactively implement it.

According to data from the Ministry of Agriculture and Rural Development, in 2023, agricultural, forestry and fishery exports to the United States will reach 11.1 billion USD, accounting for 21% of Vietnam's total agricultural, forestry and fishery export turnover. Dr. Le Dang Doanh commented that the opportunity for Vietnamese agricultural products to export to the United States is huge. Many typical agricultural products of Vietnam such as coffee, pepper... but the United States does not have the strength to produce them. "In particular, with 2 million Vietnamese Americans, these will be very willing customers for Vietnamese agricultural products," Dr. Le Dang Doanh commented.

According to Dr. Le Quoc Phuong - former Deputy Director of the Center for Industry and Trade Information (Ministry of Industry and Trade), for the US market, in 2024 inflation is expected to be controlled soon. The United States is a country rich in oil and gas, and this market has recovered better than the EU.

Besides the advantages, the challenges when exporting goods to the US market are not small. Accordingly, the United States issued many trade protection policies to protect the interests of domestic businesses when products from Vietnam gained market share and competed strongly with US businesses. Non-tariff barriers can limit market access and increase costs for Vietnamese businesses, reducing the competitiveness of Vietnamese goods.

According to Dr. Le Dang Doanh, the US Department of Commerce (DOC) has issued draft amendments to regulations to strengthen enforcement of trade defense measures in the Anti-dumping and Anti-subsidy Law (Tariff Act 1930 of the United States) to get opinions from relevant parties is also a difficulty for Vietnamese businesses.

Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department (Ministry of Industry and Trade) - said that entering 2024, the world and domestic economic context has many more positive factors for import and export activities. chemistry. The US Federal Reserve (FED) has issued messages to stop raising interest rates and consider reducing interest rates in 2024. The problem of high inventories in the United States and many markets is gradually being overcome. . These are advantages for Vietnamese goods exported to this market.

However, import and export activities in 2024 still face many risks and are difficult to predict. The trend of trade protection appears more, many countries have measures to bring investment back home, erecting trade barriers to protect and promote domestic production. Developed markets that focus on sustainable development will have an impact on some of our country's key export products. Recent tensions in the Red Sea have caused ship routes to change directions, also increasing time and costs for import-export businesses.

With the difficulties and advantages forecast for 2024, to support export businesses in general and exporting to the US market in particular, Mr. Tran Thanh Hai said, the Import-Export Department will continue to support export businesses in general and export to the US market in particular. Support businesses to take advantage of commitments in FTA Agreements to promote exports, through propaganda about rules of origin and issuance of Certificates of Origin, opportunities and ways to take advantage of opportunities from Agreements .

At the same time, strengthen activities providing market information on digital platforms for localities, industry associations, and businesses; Support the development and implementation of focused, large-scale, regionally linked trade promotion activities for products and industries with regional strengths in target markets.

In addition, we will promote negotiations and signing of new agreements, commitments, and trade links; Implement strategies and action programs on import and export of goods, develop logistics services, develop rice export markets and especially support businesses to overcome new trade barriers in exporting countries. import market…