According to statistics, the bilateral trade turnover between the two countries has been increasing significantly. On average, it has surged by approximately 16% per year, representing a rise of over 550% from US$21.8 billion in 2011 to more than US$123 billion in 2022. Since the normalization of relations in 1995, trade growth has skyrocketed by 360 times, starting from US$450 million in 1995 and reaching more than US$123 billion last year.
In the past ten months of this year, bilateral trade turnover has already surpassed US$90.1 billion. Out of this, exports accounted for more than US$78.6 billion, while imports stood at US$11.5 billion. The United States has emerged as the 11th largest foreign investor in Vietnam among 108 countries, with around 1,200 projects valued at nearly US$11.4 billion. On the other hand, Vietnam has invested in 230 projects in the US, with a total registered capital of US$1.264 billion. The US ranks 7th among 80 countries and territories that receive investment from Vietnam.
It is worth noting that major US businesses continue to show interest in the Vietnamese market and express their desire to enhance cooperation in various areas such as infrastructure development, supply chains, energy, digital transformation, high-tech investment, and innovation. This year, many US enterprises are planning to invest or expand their investments in Vietnam, aiming to make it one of their important bases. For example, P&G Group plans to invest an additional US$100 million to expand the production line of their Ben Cat factory, AES intends to invest in renewable energy development, and several US states have expressed their willingness to increase cooperation in the field of auto component production.
Furthermore, the two sides have been maintaining regular exchanges to strengthen cooperation and discuss prospects for expanding collaboration in new fields, including the semiconductor industry. They have also engaged in open and constructive dialogues to address outstanding issues and cases related to trade relations.
Looking ahead, the Ministry of Industry and Trade will continue to enhance exchanges with the US and propose the possibility of applying the Generalized System of Preferences (GSP) scheme for Vietnam. This move aims to ensure fair treatment for Vietnamese export goods, similar to what US strategic partners currently enjoy, thereby benefiting the business communities of both countries.