WHY ARE THE USA AND VIETNAM BECOMING STRONG TRADE PARTNERS IN RECENT TIMES?

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Very recently, in the year 2022, the USA and Vietnam celebrated their completion of 27 years for being in diplomatic relations and being such a great duo in the international market. This celebration was a move to reduce the heat between the two nations and take bilateral trade relations to a new level which went significantly down since the Vietnam War which took place years back.

In the past few years due to the advent of Covid-19, many nations are moving toward the most economical alternatives to produce finished goods. So, for that reason, the US is also preferring Vietnam over other nations to convert its raw materials into finished goods.

In today’s blog, we will understand the growing ties between both countries, followed by the rising bilateral trade, and Import Export Data between both nations and finally our verdict on the complete scenario.

BRIEF HISTORY OF THE COMMENCEMENT OF BILATERAL TRADE BETWEEN THE US AND VIETNAM



 After Vietnam War, which happened in the year 1975, the United States and Vietnam came together in bilateral or diplomatic relations in the year 1995. Since the beginning of these diplomatic relations, the bilateral trade between both countries has enhanced and grown several folds. The bilateral trade between the US and Vietnam as per the US Trade Data and Vietnam Trade Data was just USD 450 million. This value crossed a mark of USD 77 billion in 2019. Due to this growth, the United States has become its biggest export partner of Vietnam.

Since the beginning, various agreements and reforms are signed between both countries which has further given a boost to the trade relations and helped to eliminate various trade barriers and reducing tariff prices on multiple goods related to agriculture, animal products, and electric appliances.

 

 

 

CURRENT TRADE ANALYSIS BETWEEN THE US AND VIETNAM

After looking at a brief history and how the bilateral trade relations started between both countries, we are now going to showcase the current scenario of the bilateral trade between both nations.

BILATERAL TRADE BETWEEN THE USA AND VIETNAM

YEAR

USA to VIETNAM

VIETNAM to USA

REMARKS

2018

USD 9.67 billion

USD 51.26 billion

Trade Surplus (V)

2019

USD 10.82 billion

USD 69.15 billion

Trade Surplus (V)

2020

USD 9.91 billion

USD 83.18 billion

Trade Surplus (V)

2021

USD 11.01 billion

USD 108.17 billion

Trade Surplus (V)

2022

USD 11.39 billion

USD 135.87 billion

Trade Surplus (V)

 

From the above database of the past 5 years, it is visible that Vietnam Export Data shows more exports from Vietnam to the USA as compared to Imports. Also, the US Import Data is more than US Export Data in all 5 years, which means that the USA experiences a trade deficit in bilateral trade with Vietnam.

MAJOR PRODUCTS EXPORTED BY VIETNAM TO THE USA IN THE YEAR 2022

As Vietnam Export Data shows total exports of USD 135.87 billion to the USA in the year 2022, the top products exported were:

·        Electrical gadgets and appliances (USD 46.76 billion)

·        Wooden furniture and bedding (USD 15.78 billion)

·        Mechanical tools and gadgets (USD 13.21 billion)

·        Footwear (USD 11.45 billion)

·        Apparel and garments (USD 10.89 billion)

·        Toys and games (USD 3.39 billion)

MAJOR PRODUCTS EXPORTED BY THE US TO VIETNAM IN THE YEAR 2022

Based on the US Export Data for the year 2022, the major products exported by the United States to Vietnam in that year were:

·        Electrical machines and appliances (USD 1.92 billion)

·        Cotton (USD 1.08 billion)

·        Plastic products (USD 663.77 million)

·        Residues from food industries (USD 599.55 million)

·        Inorganic chemicals (USD 592.40 million)

·        Oil seeds and fruits (USD 560 million)

WHY CHOOSE TRADEIMEX FOR GETTING THE BEST IMPORT EXPORT DATA?

There are many companies available online that claim to provide the best and most authentic Import Export Data to their customers. Amongst all of them, TradeImeX should be your first choice because of the following factors:

·        100% authentic and reliable trade database

·        Data reports based on real-time trade data records

·        Experienced and prompt customer support

·        Samples and demos are given to every customer before purchasing the actual Export Import Data reports.

·        Affordable reports with wholesome details

We are a premier, ISO-certified market research firm that aims to provide the best and most accurate Global Trade Data and Import Export Data for over 70 countries. We have assisted over 5000 customers to take their business global. Get in touch with us today and take your business to new heights by expanding your market and customer base in overseas markets.

For More info-

Vietnam Import Data

 

 

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