09 July 2024

Computer; phones, accessories; machinery, equipment, spare parts; textiles; footwear... from Vietnam exported to the USA reaches a turnover of several tens of billions of USD each year and still has plenty of rooms for growth.

Textile and garment is one of the products exported to the United States with high turnover.

Leading ASEAN in exports to the United States

Manufactured goods from Vietnam exported to the United States have increased sharply since the beginning of the year, reaching the highest increase among ASEAN members, twice as high as Thailand and Singapore. Through the first half of 2024, there have been approximately 55 billion USD of successfully exported goods to the United States, with the highest growth rate, up nearly 26% over the same period, leading and far exceeding the increase in goods exports. exported to other markets such as the EU, ASEAN, Korea... Specifically, Vietnam had 8 product groups with an export value of over 1 billion USD to the United States in the first 6 months of the year, of which, computers and components exceeded 10 billion USD.

In the list of goods imported by the United States from Vietnam in the past 6 months, in addition to computers and phones, there are also machinery, equipment, spare parts, textiles, footwear, wood and wooden products.

In 2023, the export turnover of goods to the United States will decrease by about 13 billion USD compared to 2022, due to the impact of the economic downturn and global trade, but there will still be 97 billion USD of Vietnamese goods exported to the market. This. In particular, the group of electronic products exported to the United States alone reached 25 billion USD in the past year. In particular, the United States is also the only export market exceeding 100 billion USD/year.

Mr. Do Ngoc Hung, Vietnam's trade counselor in the United States, said: "Vietnam's exports to the United States in the first 5 months of this year accounted for 33% of ASEAN's total exports to the United States." Worth mentioning, many US policies are opening up huge opportunities for Vietnamese goods. Vietnamese suppliers benefit from the policy of increasing purchases from other countries, reducing too much dependence on some markets. Data shows that in 2023, smartphones from China exported to the United States decreased by 10%, while this item imported from India increased 5 times, or laptops from Vietnam to Vietnam increased by 5 times. The United States quadrupled.

There is still much room for growth

Mr. Nguyen Hong Duong, Deputy Director of the European - American Market Department (Ministry of Industry and Trade) once shared that right after Vietnam - the United States upgraded their relationship to a comprehensive strategic partnership, he received many calls. Phone calls from domestic businesses asking about opportunities and prospects for exporting goods to this market. According to Mr. Duong, when relations between the two countries are upgraded, US businesses will increase investment in Vietnam, leading to companies from third countries also investing in Vietnam in many fields such as semiconductors, supporting industries, healthcare, oil and gas, energy..., creating room for development in the future. Therefore, from his perspective, Mr. Duong believes that Vietnam's exports to the United States in the short term will not create a sudden effect, but in the long term will increase. At this time, many Vietnamese businesses and even US businesses are waiting for the US to soon recognize Vietnam as a market economy, to clear "bottlenecks" for trade in goods, especially goods. Vietnam is vulnerable to high taxes in trade defense cases.

Associate Professor-Dr. Nguyen Thuong Lang assessed: "When the United States recognizes a market economy for Vietnam, it will make a big change in Vietnam's role and position in the international arena, much different from when it was considered a poor economy. non-market, causing many obstacles and barriers in trade cooperation relationships as well as investment attraction. Accordingly, a series of goods, from shrimp, wooden products, to textiles, tires... will have more opportunities when competing in the US market, Vietnamese goods will receive reductions in anti-competitive taxes from the US. Dumping. On the other hand, US consumers also benefit more, having access to quality goods from Vietnam at affordable prices.

Present in Vietnam since 1995, Cargill - a US animal feed manufacturing corporation said: "Vietnam is an important market for Cargill. Cargill has long advocated for Vietnam to be recognized as a market economy, especially when considering the impact on key industries such as aquaculture. The non-market economy in recent years has led to the imposition of significant anti-dumping taxes on products such as pangasius and shrimp, negatively affecting Cargill's ability to compete with important markets. like the United States.

“Recognition of a market economy for Vietnam will stimulate production and services in industries where Vietnam has export strengths, including agricultural products. This will promote greater economic cooperation between countries," Cargill representative shared.

The problem for Vietnamese suppliers is to keep pace with the new trends of US importers and consumers, standardize production towards greening, cut emissions in production, and store product data. export to proactively provide timely and complete information in trade defense cases in the United States...

Sources: Dien Dan Dau Tu - Kinh Doanh