Production of electronic products for export. About $1.8 billion of computers, electronic products and components made in Việt Nam were exported to the US in January. — VNA/VNS Photo

HÀ NỘI — Việt Nam's exports to the US have steadily rebounded since late last year, experiencing robust growth in export value during the first two months of 2024.

Increased consumption in the US has led to a revival in orders, lifting Việt Nam's export value to this market to US$17.4 billion in the first two months of the year, marking a notable 34 per cent surge compared to the corresponding period in 2023. 

More than half of Việt Nam's export value to the US was from high-tech products (consumer electronics, smartphones), garments and footwear. The rest came from other products such as furniture and agricultural products.

For many consecutive years, the US has been an important destination for Vietnamese goods. 

In 2023, Việt Nam exported nearly $97 billion worth of goods to the US, despite many impacts from economic recession, inflation and people tightening their spending. 

With an export value at nearly $110 billion in 2022, the US became the first export market of Việt Nam reaching $100 billion a year. This market maintained its position as Việt Nam's largest export market in 2023.

Đầu tư (Investment) newspaper quoted Tạ Hoàng Linh, director of the European - American Market Department, Ministry of Industry and Trade as saying that the US continues to promote the strategy of diversifying suppliers, targeting ASEAN markets. That brings chances for Việt Nam to become an important production and export centre in the global value chain. 

Bilateral trade between Việt Nam and the US has increased strongly from $450 million in 1995 to $124 billion in 2022. 

The recent upgrade of the Việt Nam - US relations to a Comprehensive Strategic Partnership is opening considerable opportunities for both sides to soon reach $200 billion in bilateral trade value.

According to the US-ASEAN Business Council (USABC), an annual delegation of 50 leading US companies will have a trip to explore investment opportunities in Việt Nam from March 18 to 21, 2024. They operate in different fields such as technology, energy, aerospace and defence, manufacturing, agriculture and food, financial services, healthcare and investment funds. — VNS