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Viet Nam-U.S. trade value hits US$80.5 bln during Jan-Sept

VGP - Viet Nam-U.S. trade value reached nearly US$80.5 billion over the last nine months of 2023, the General Department of Customs reported.

October 17, 2023 12:57 PM GMT+7
Viet Nam-U.S. trade value hits US$80.5 bln during Jan-Sept - Ảnh 1.

Viet Nam's exports to the U.S. was estimated at US$8.11 billion in September, raising the total export value in nine months to US$70.23 billion, making the U.S. the biggest importer of Vietnamese commodities during the January-September period.

Among export items, machines, equipment, and tools raked in the largest value with US$12.5 billion, followed by computers, electronics and spare parts US$11.82 billion and garments US$11 billion. 

The Southeast Asian nation spared US$10.26 billion on imports from the U.S.

The bilateral trade increased from US$25 billion in 2012 to US$123 billion in 2022. 

Minister of Industry and Trade Nguyen Hong Dien said he is optimistic about Viet Nam-U.S. trade following President Joe Biden's visit to Viet Nam in recent September. 

Nguyen said the Viet Nam-U.S. economic and trade relationship is complementary. The U.S. has high demand for certain farm produce for which Viet Nam has advantages with favorable natural conditions and its workforce, such as textiles and garments, footwear and electronics. 

Meanwhile, Viet Nam wants to import input materials for domestic production from the U.S., and source products such as cotton, animal feed, maize, soybean, chemicals, machines and technology.

"The increase in importing these source products from the U.S. creates an important advantage-helping 'clean up' the supply chain when input materials for production have clear and certified origin," the Minister said.

With the current high trade growth rate of over 20 percent per annum, the U.S. continues to be the largest export market for Viet Nam, noted the official./.