The relations between the two countries have flourished across multiple spheres, especially in economy, since their establishment of diplomatic ties in 1995.

Two-way trade turnover has enjoyed remarkable increases from just US$450 million in 1995 to US$35 billion in 2013 when the two countries established their comprehensive partnership, and to US$123.86 billion in 2022, making the US the first and only market that has surpassed the mark for the first time.

Fueled by the rapid growth, the Vietnam Trade Office in the US predicted that two-way trade turnover will continue to exceed the US$100 billion mark this year.

Expert say with more than 300 million consumers, the US is a potentially lucrative market for Vietnamese export commodities. However, Vietnamese exports only account for about 4% of the US’ total import turnover last year.

At present, Vietnam enjoys a significant advantage of exporting items such as agricultural products, seafood, garments and textiles, footwear, and electronic components to the US and many other countries.

Meanwhile, the US also has a great demand for importing a variety of products, especially industrial machines, civil aircraft, computers, semiconductor accessories, agricultural machinery, paper materials, cars, and auto parts.

To seize opportunities, Vietnamese businesses are required to proactively prepare sufficient sources of goods, maintain traditional partners, seek new importers, and take full advantage of existing cooperation mechanisms.

Source: VOV