Vietnam - US trade likely to reach 100 billion USD this year - Vietnam - US trade likely to reach 100 billion USD this year - Website Ho Chi Minh City
Vietnam–US trade could hit 100 billion USD in this year, up 221 times against the figure in 1995 when the two countries normalised relations.
he first eight months of this year saw bilateral trade of 73 billion USD, Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said at a recent forum on promoting Vietnam-US trade in the new context.
Despite the prolonged COVID-19 pandemic and its complicated developments which disrupted the supply chains, 2020 was the first year that the total trade turnover between Vietnam and the US has exceeded the 90 billion USD benchmark, reaching 90.8 billion USD, compared to 451 million USD in 1995, he said.
Vietnam has become the 10th largest trading partner of the US, while the US is also the largest trading partner of Vietnam. Vietnam is one of the first countries in Asia to sign a trade agreement with the US.
Vietnam's export turnover to the US has increased by 230 percent, while exports from the US to Vietnam have also grown by more than 175 percent over the past five years. Key Vietnamese products exported to the US are machinery, equipment, tools, and spare parts.
Experts suggested that businesses pay attention to meeting requirements on products’ quality and dealing with technical barriers.