06:05 | 16/09/2020 Cooperation
(VEN) - Trade between Vietnam and the US in the first seven months of 2020 kept growing despite difficulties caused by the Covid-19 pandemic.
Top export market
Vietnam’s export value in the first seven months reached US$145.79 billion, up 0.2 percent compared with the same period last year. The US was Vietnam’s largest export market with value reaching US$37.9 billion, a year-over-year increase of 15 percent. Vietnam maintained export growth to and a trade surplus with the US.
Some localities have seen strong recovery of exports to the US. Data from Dong Nai Province’s Department of Industry and Trade show that the locality’s export value to the US reached US$2.9 billion in July 2020, accounting for 28 percent of its total export value. Meanwhile, Ho Chi Minh City’s exports to the US reached US$3.8 billion, up 4.8 percent compared with July 2019 and accounting for 17 percent of the city’s total export value.
Economist Nguyen Xuan Thanh, a lecturer at the Fulbright University Vietnam, said Vietnam maintains exports of key products such as electronics, machinery and equipment to the US, and benefits from the US-China trade war. In fact, the import of Vietnamese electronic products, machinery and equipment has increased. There has also been a movement of manufacturing facilities from economies affected by the pandemic to Vietnam.
Cooperation opportunities increase
According to the Vietnam Trade Promotion Agency’s representative office in the US, even during the peak time of the pandemic, the office received hundreds of letters a day from those seeking business opportunities. Mary Tarnowka, Executive Director of the American Chamber of Commerce in Ho Chi Minh City, said the US highly appreciates the Vietnamese economy as well as the results of trade between the two countries in the context of Covid-19. Many US companies have sought opportunities to promote trade with Vietnamese partners in fields such as support industries and medical equipment. Vietnam and the US have taken various measures in an effort to balance bilateral trade, especially in light of Vietnam’s continuing trade surplus with the US.
As chair of the Vietnam subcommittee of the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council, the Ministry of Industry and Trade has implemented various programs to promote bilateral trade. The ministry has also participated in resolving problems facing US companies in Vietnam, promoting their investment projects.
Along with promoting exports, Vietnam will increase imports from the US, especially in fields where the US has advantages, such as energy, farm produce, pharmaceuticals, machinery and equipment.