Vietnamese agricultural exports to the U.S. have experienced a remarkable surge, particularly in the wood and timber sector, which alone has seen an increase of over a billion USD compared to the previous year.

Nguyen Dinh Tung, CEO of Vina T&T Group, highlighted the smooth export of fruits and vegetables to the U.S., a market known for its rigorous standards on product quality and food safety. Despite logistical challenges earlier in the year, Vina T&T’s revenue from the U.S. market has increased by 26%, now representing half of the company's total revenue.

This trend is echoed across the Vietnamese agricultural sector. A Binh Duong-based wood products company reported a 50% growth in business from the U.S. market over the past seven months, anticipating further growth during the year-end 'golden season'—a peak time for American shopping and home decoration.

In July alone, Vinh Hoan Corporation achieved a revenue of 1.12 trillion VND (approximately 48 million USD), a 30% increase from last year, with the U.S. contributing 384 billion VND (about 16.5 million USD), up 92% from July last year.

Overall, the U.S. remains Vietnam’s largest export market for agricultural, forestry, and aquatic products, totaling 7.23 billion USD for the first seven months of the year—a 21.6% increase from the previous year.

Wood and wood products have been particularly stellar performers, with exports reaching nearly 4.9 billion USD, a 26% increase, making up nearly 55% of Vietnam’s total wood product export turnover.

The seafood sector is also showing signs of recovery, with exports to the U.S. totaling nearly 964 million USD, a 12.8% increase year-on-year. Other agricultural commodities like fruits, vegetables, cashew nuts, and rubber have also seen significant growth.

The Ministry of Agriculture and Rural Development reports that only tea and pepper have seen higher growth rates, surging 73.7% and 75% respectively. Meanwhile, staples like rice and coffee showed modest gains.

Looking ahead, industry experts are optimistic about the ongoing growth of Vietnamese exports, particularly as the U.S. shows signs of economic recovery. Lower shipping costs and potential U.S. interest rate cuts to stimulate consumer spending could further boost Vietnamese exports.

Moreover, recent decisions by the U.S. Department of Commerce have been favorable for Vietnam’s wood industry, exempting certain wooden cabinet exports from anti-dumping and countervailing duties. This ruling is expected to sustain the growth momentum of Vietnamese wood products in the U.S. market.

With inflation cooling, job growth, and positive indicators in the construction and real estate sectors, Vietnamese exporters are poised to capitalize on these favorable conditions, ensuring continued growth and strengthening of trade ties between Vietnam and the United States.

Tam An