>> Vietnamese exports in the face of American protectionist measures
>> Increase the competitiveness of agricultural products on the American market
>> Vietnam-US trade expected to reach over USD 100 billion in 2024
| Dô Ngoc Hung, trade advisor and head of the Vietnam Trade Office in the United States. Photo: Kieu Trang/VNA/CVN |
In a recent interview with the Vietnam News Agency, Do Ngoc Hung stressed that US officials highly appreciated Vietnam by elevating their ties to a comprehensive strategic partnership, which is developing in a deeper way, noting that the two Countries see themselves as leading strategic partners, with increasingly important roles and positions in the region and globally.
Bilateral trade from January to October reached USD 112 billion, with Vietnam enjoying a trade surplus of USD 102 billion, an increase of 26 percent year-on-year. US exports to Vietnam increased by nearly 30 percent to USD 10 billion, he cited statistics from the United States International Trade Commission (USITC).
The trade adviser said the cooperation framework between the two countries has been built on several levels, encompassing both multilateral mechanisms such as the World Trade Organization and the Asia-Pacific Economic Cooperation and bilateral agreements such as the Trade and Investment Framework Agreement and the Bilateral Trade Agreement. Additional channels of cooperation were leveraged between ministerial-level agencies, inter-ministerial working groups, industry associations and businesses, among others.
The year 2024 was marked by significant political developments in the United States, culminating in Donald Trump's electoral victory for his second presidential term. The next Donald Trump administration, expected to take office in January 2025, is expected to implement policies that could impact global and regional political and economic landscapes, he said.
| Every year, Can Tho province exports around 250 tonnes of longans to the United States. |
| Photo: Thu Hien/VNA/CVN |
Many experts predict that 2025 will present challenges for the U.S. economy, with potentially low growth rates and persistent high inflation that could lead to belt-tightening for U.S. consumers.
Beyond long-term economic cooperation goals, the Trade Office highlighted the immediate need to manage the trade deficit, which could trigger the U.S. Department of Commerce's initiation of anti-dumping, anti-subsidy, and trade fraud investigations. 'origin.
Thus, companies should pay close attention to imported material sources, especially those from the United States, while continuing to improve technology and quality as well as reduce costs to gain competitive advantage even in cases where tariffs are applied.
Vietnam is committed to maintaining bilateral trade and investment ties with the United States. Cooperation in the field of traditional energy and the exploitation of rare earths will open up new opportunities for cooperation, particularly in the context where the two countries will celebrate their 30e anniversary of diplomatic relations in 2025.
As the largest export market for Vietnam's agro-forestry-fishery products, the US market is expected to continue to create momentum for Vietnam's export growth next year.
VNA/CVN
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