Vietnam-US trade predicted to flourish in H2

The Vietnam – US trade relations are enjoying strong growth. - Illustrative image (Photo: VNA)

The Vietnam – US trade relations are enjoying strong growth after the US concluded its investigation related to Section 301 into Vietnam’s alleged import and use of timber illegally harvested or traded, and removed Vietnam from its currency manipulation list, said Trade Counsellor of Vietnam in the US Do Ngoc Hung.

According to Hung, this demonstrates appropriate guidance from relevant Vietnamese agencies such as the Ministry of Industry and Trade, the State Bank of Vietnam, the Ministry of Foreign Affairs, and the Ministry of Finance, and coordination of the Vietnamese Embassy in the US, which all help foster a sustainable economic and trade relationship between the two countries.

It is anticipated that there will be some favourable developments beyond the first half of this year as the US economy has shown signs of recovery with regard to growth and consumer demand, the counsellor said.

The US government and businesses continue to show interest and a strong commitment to business cooperation with Vietnam, he said, adding that the positive economic recovery has led to major US retail chains resuming ordering activities with the Southeast Asian nation.

According to Hung, this is a great potential for Vietnam to push exports to the country.

In the coming time, along with Vietnamese representative agencies in the US, the Vietnam Trade Office will continue to promote trade policy research to promptly provide information and support businesses, and focus on promoting business opportunities toward expanding markets by region, especially California, New York, New Jersey, Washington, and Texas which are home to crowds of Asian Americans.

The office has planned to organise field trips for trade promotion delegations to the US to explore the market. It will collaborate with management agencies at home to hold exhibitions, and enhance the application of e-commerce to address issues related to geographical distance.

Statistics show that the Vietnam - US trade topped 46.5 billion USD in the first five months of 2023.

According to Hung, Vietnam's trade surplus with the US currently ranks third, behind China and Mexico./.