Viet Nam becomes 9th biggest trade partner of U.S.

Deputy Minister of Industry and Trade Do Thang Hai delivers a speech at the Viet Nam-U.S. trade forum, Ha Noi, December 7, 2021 - Photo: VNA

The information was released at the Viet Nam-U.S. trade forum, which was co-organized by the Ministry of Industry and Trade, the Ha Noi-based American Chamber of Commerce and the US-ASEAN Business Council in Ha Noi on December 7. 

The event aims to provide information and update orientations of Viet Nam and the U.S. in building economic, trade and investment development policy as well as encourage both sides’ business communities in establishing strategies on getting access and expanding import and export market in a more balancing and sustainable manner. 

Speaking at the event, Deputy Minister of Industry and Trade Do Thang Hai asserted that the U.S. is identified as one of Viet Nam’s top crucial partners in all cooperative pillars. 

The bilateral trade value increased 168 times from US$450 million in 1995 to US$90.8 billion in 2020, and to US$99.10 billion in the first 11 months this year, according to the General Department of Viet Nam Customs.

Viet Nam’s export and import values from the U.S. were estimated at US$76.7 billion and US$12.9 billion, up 22.2 percent and 14.24 percent, respectively, in January-November period.

The U.S. remained the largest trade partner of Viet Nam and took the lead among Viet Nam’s export markets.

As of October 2021, the U.S. poured US$9.72 billion in 1,134 projects in Viet Nam, ranking 11^th among 138 nations and territories investing in the country. 

Regarding the energy sector, Chargé d’Affaires Marie Damour affirmed that the U.S. commits to supporting Viet Nam in reaching set targets, handling climate change issues and ensuring a dynamic economy. 

The U.S. will collaborate with Viet Nam to seek for sustainable solutions in battery development, solar energy, wind power projects and promote cooperation in wind energy and clean energy, she highlighted.

By Thuy Dung