VIET NAM-US TRADE HITS RECORD HIGH IN 2021

Bilateral trade between Việt Nam and the US set a new milestone, hitting US$111.56 billion in 2021, up nearly $21 billion over the previous year, according to the General Department of Customs.

The impressive figure made the US the second trade partner having import-export turnover with Việt Nam reaching the $100 billion mark after China.

Last year Việt Nam's exports to the US rose 25 per cent to nearly $96.3 billion, accounting for 28.6 per cent of the country's total exports.

Among Việt Nam's major export items to the US were machinery, equipment and parts with $17.82 billion, up 46 per cent; textiles and garments ($16,1 billion, up 15 per cent); computers, electronics and components ($12.76 billion; up 23 per cent); handsets and parts ($9.69 billion, up 10.3 per cent); footwear ($7.42 billion, up 18 per cent); and wood and wooden products ($8.8 billion, up 23 per cent).

Last year, the country imported nearly $15.27 billion worth of goods from the US, mainly computers, electronics and components as well as machinery, equipment and parts.

Bùi Huy Sơn, Counselor of the Việt Nam Trade Office in the US, said that the two-way turnover, which exceeded $100 billion for the first time in 2021, was a very important achievement, especially given the pandemic, as well as the disruptions and disturbances in the supply chain and logistics activities.

Along with that, the active and flexible activities of two business communities continued to expand trade and investment activities, such as the resumption of direct flights between Việt Nam and the US, and the fact that Vietnamese businesses were increasing investment in the US to continue to expand their presence sustainably in the market.

Looking at import and export activities, not only had the total two-way turnover reached a record level, but it was also worth mentioning that export activities from both directions had good growth rates, Sơn said, adding that the import and export goods between the two sides were very complementary.

To accelerate bilateral trade, Sơn called for continuous efforts from both sides, first of all in terms of the policy. The two sides should continue to maintain a dialogue channel, sharing information, and further enhancing mutual understanding so that they could detect and coordinate on problems favourably.

At the same time, businesses also needed to seize opportunities, especially opportunities from the strong recovery of the US economy, since different forecasts assessed a relatively high growth rate for the US economy in 2022.

He also suggested businesses closely observe market developments, ensure the requirements of legal traceability, storage, information about documents and invoices for the origin of goods, so that they could coordinate and provide information when there were requests for investigation and verification by US agencies.

Source: VNS