Vietnam – US trade tops 11 billion USD in January

The US' official recognition of Vietnam’s tra fish food safety control system as equivalent to its own will facilitate access and market expansion for the Vietnamese products. (Photo: VNA)

Trade revenue between Vietnam and the US exceeded 11 billion USD in January, with Vietnam enjoying a trade surplus of 8.5 billion USD, a year-on-year fall of 3.5%, according to the General Statistics Office of Vietnam.

In the month, Vietnam’s export to the country accounted for 9.8 billion USD, while import stood at 1.3 billion USD.

Trade experts said the US is a pivotal market for Vietnamese businesses seeking to expand their international operations. Notably, the Southeast Asian country has been attracting significant high-tech investment from the US, especially in microchips and semiconductors as it is jumping on the global science-tech innovation bandwagon. They stressed that Vietnam has emerged as a crucial player in the US global supply chain, while US enterprises have substantially contributed to Vietnam’s economic transformation and development.

The Vietnam Trade Office in the US suggested domestic firms coordinate with US importers and distributors to adopt flexible payment methods and risk-sharing strategies, particularly during initial market entry phases. With agricultural and food products, they should consider investing in cold storage facilities and distribution centres at major ports to serve multiple product categories, helping reduce costs and give Vietnamese firms more control over market access.

However, success in the US market requires strict compliance with trade regulations. Vietnamese businesses must carefully navigate potential trade defence and tax evasion measures as well as other restrictions that the US might implement to support domestic production.

Last year, two-way trade exceeded 132 billion USD, with Vietnamese shipment to the US worth nearly 119 billion USD, marking a 23.3% increase from 2023. Key Vietnamese exports to the US market included footwear, wooden furniture, machinery, and optical equipment./.