Vietnam – US trade value hits record high of US$100 billion in 2021
VOV.VN - Despite the negative impact of the COVID-19 pandemic in 2021, Vietnam and the United States have enjoyed positive growth in their trade exchanges, with bilateral trade value hitting a record high of US$100 billion.
Minister Councilor Bui Huy Son of the Vietnamese Embassy in the US in charge of the Vietnamese Trade Office there said Vietnam’s exports to the US achieved a growth rate of over 24%, while US exports to Vietnam also grew by nearly 14%.
This is a very positive result, demonstrating the ability to seize and take advantage of market opportunities between the two economies, Son told Washington-based VOV correspondents in an interview recently.
According to the official, the import-export goods between the two sides are highly complementary.
Vietnam mainly exports to the US electronics and compponents, garments, footwear, and farm produce, including seafood, while it imports from the market raw materials for production, such as cotton, timber, pharmaceuticals and temperate fruits, said Son.
He admitted that it is not easy to obtain such impressive growth in bilateral trade as the COVID-19 outbreak disrupted global supply chain.
This result was even more significant, when at the beginning of 2021 the two countries’ trade was overshadowed by the US’ initiation of investigations into Vietnam’s foreign exchange control policy and timber traceability.
Relevant agencies of the two sides coordinated well in making clear issues of mutual concern, and the US finally did not impose tariffs following these two investigations.
Son anticipated that the two economies would continue to recover considerably in 2022, paving the way for them to expand bilateral trade.
However, he warned there would be many unpredictable factors, such as the complicated nature of COVID-19, high inflation in the US, as well as the resilience of other economies engaging in the global supply chain.
In that context, he suggested the two sides continue to maintain dialogue, share information, and further enhance mutual understanding to promptly detect and deal with arising problems.
It’s important that businesses should closely monitor market developments, take advantage of the US’ strong economic recovery and meet its legal traceability requirements to avoid lawsuits, he said.