According to data from Vietnam’s General Statistics Office, in the first eight months of 2024, bilateral trade between Vietnam and the United States reached $87.7 billion, showing significant growth in both exports from Vietnam to the U.S. and imports from the U.S. to Vietnam.
Vietnam’s Export Growth to the U.S.
In the first eight months of 2024, Vietnam’s exports to the United States amounted to $77.9 billion, marking a 25.4% year-on-year increase. In the first seven months, computers, electronics, and components became the largest export category, with an export value reaching $13.19 billion—an increase of 50.82% compared to the same period in 2023—accounting for 19.87% of Vietnam’s total exports to the U.S. Additionally, machinery, equipment, tools, and parts ranked second, with an export value of $11.14 billion, growing by 19.87% year-on-year and representing 16.79% of total exports. Furthermore, Vietnam’s textiles, footwear, and agricultural products also enjoy significant demand in the U.S. market.
The competitiveness of Vietnamese goods in the U.S. market is primarily driven by continuous improvements in quality, trend adaptation, and competitive pricing. These factors collectively enhance the appeal of Vietnamese goods, contributing to consistent export growth.
Vietnam’s Imports from the U.S.
On the import side, in the first eight months of 2024, Vietnam’s imports from the United States totaled $9.8 billion, reflecting a 6.9% year-on-year growth. Key imports include technological equipment, production materials, and agricultural products. These imports play a crucial role in supporting Vietnam’s industrialization process, helping improve domestic production capacity and technological levels.
The import of technological equipment and production materials is significant for Vietnam’s industrial development, particularly as the country accelerates its modernization and industrialization efforts. U.S. technology and equipment provide vital assistance to Vietnamese enterprises in enhancing production efficiency. Additionally, agricultural imports help meet domestic food demand and diversify market supply.
Vietnam’s Growing Trade Surplus with the U.S.
In the first eight months of 2024, Vietnam’s trade surplus with the U.S. is projected to reach $68.1 billion, a 28.6% year-on-year increase. The Vietnam Trade Office in the U.S. stated that even in the context of global instability, bilateral trade between the two countries has continued to grow for several reasons. First, the development of bilateral relations plays a crucial role. In 2013, the two countries established a comprehensive partnership, and by 2023, their bilateral relations were officially upgraded to a comprehensive strategic partnership.
The continued growth in bilateral trade can be attributed to multiple factors. In addition to the evolving relationship between the two nations, changes in supply chains and global investment shifts have provided opportunities for Vietnamese products to thrive in the U.S. market. During this process, Vietnamese companies have enhanced their production capacity, allowing them to better meet U.S. market demand.
Looking ahead, as market demand increases and inventories decrease, exports to the U.S. are expected to continue recovering. However, the biggest concern when exporting to the U.S. is the country’s growing number of trade protection measures targeting imported goods.
