In 2021, Vietnam’s exports to the US and from the US to Vietnam both grew positively, and hit a record milestone for the first time: 100 billion USD.
The COVID-19 pandemic has affected the economies of many countries. Supply chains are broken, many businesses cannot produce as before. However, in the Vietnam – US trade relationship, import and export activities still achieved impressive achievements, contributing to the economy’s positive growth.
In 2021, Vietnam’s exports to the US and from the US to Vietnam both grew positively, and hit a record milestone for the first time: 100 billion USD. The US has become one of the largest export markets of Vietnamese enterprises.
Mr. Nirav Patel, CEO, co-founder of The Asia Group, USA, said: “Both countries clearly realize that the two sides need to continue to further strengthen their trade relations, Not only in terms of trade and investment, the two countries’ relations are also because of challenging global issues such as COVID-19 prevention, climate change, and maritime security. This global situation will have a positive impact on trade and investment relations.”
This result becomes even more significant, when at the beginning of 2021, the two countries’ trade was overshadowed by the US initiating an investigation into the foreign exchange control policy and the origin of timber. The relevant agencies of the two sides have coordinated well, using many different resources, and after the end of these two investigations, the US side did not impose tariffs.
Mr. Bui Huy Son, Counselor, Vietnam Trade Office in the US, said: “We regularly recommend to businesses to stick to the regulations on origin control, regulations on storage, inspection of origin, information and especially when there are requests for investigation. , working closely with relevant agencies of the US and Vietnam, ensuring that the US side has complete and objective information and can draw the most fair conclusions, protecting the interests of businesses. our business”.
The growing trade also means that investigations and defenses, both under the WTO framework and at the unilateral request of American businesses, will also increase. With good and methodical preparation, Vietnamese enterprises will be able to sell more goods in this market.