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Vietnam's Thriving Trade Relationship with the United States

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Published: Tuesday, 31 October 2023 03:01

Vietnam's trade ties with the United States continue to flourish, with September's exports to the U.S. reaching an impressive estimated value of $8.11 billion. These numbers have contributed to a remarkable total of $70.23 billion in exports to the U.S. during the first nine months of the year, solidifying the United States as Vietnam's top importer of commodities in this period. Notably, garment exports alone accounted for $11 billion of these exports.

This exponential growth in bilateral trade showcases the strengthening relationship between Vietnam and the United States. From a relatively modest $25 billion in 2012, the two countries have seen their trade expand significantly, reaching an impressive $123 billion in 2022.

However, it's not just about what Vietnam can export to the U.S. In recent developments, Vietnam is seeking to import essential raw materials from the United States, including cotton, animal feed, maize, soybeans, and chemicals. According to Vietnamese Minister of Industry and Trade Nguyen Hong Dien, this move serves to streamline the supply chain, ensuring that input materials for production have clear and certified origins.

This expansion of imports from the United States signifies a shift towards further diversifying Vietnam's sources of essential raw materials. By importing these products, Vietnam aims to enhance the transparency and traceability of its supply chain, an essential step towards meeting international standards and fostering trust among consumers and trading partners.

In conclusion, Vietnam's growing trade relationship with the United States has made the U.S. its primary destination for exports. At the same time, the push for importing crucial raw materials demonstrates Vietnam's commitment to improving the quality and transparency of its supply chain. These developments bode well for the future of trade between these two nations, promising mutual benefits and economic growth.