According to Hung, this demonstrates appropriate guidance from relevant Vietnamese agencies such as the Ministry of Industry and Trade, the State Bank of Vietnam, the Ministry of Foreign Affairs, and the Ministry of Finance, and coordination of the Vietnamese Embassy in the US, which all help foster a sustainable economic and trade relationship between the two countries.

The Vietnam – US trade relations are enjoying strong growth.

It is anticipated that there will be some favourable developments beyond the first half of this year as the US economy has shown signs of recovery with regard to growth and consumer demand, the counsellor said.

The US government and businesses continue to show interest and a strong commitment to business cooperation with Vietnam, he said, adding that the positive economic recovery has led to major US retail chains resuming ordering activities with the Southeast Asian nation.

According to Hung, this is a great potential for Vietnam to push exports to the country.

In the coming time, along with Vietnamese representative agencies in the US, the Vietnam Trade Office will continue to promote trade policy research to promptly provide information and support businesses, and focus on promoting business opportunities toward expanding markets by region, especially California, New York, New Jersey, Washington, and Texas which are home to crowds of Asian Americans.

The office has planned to organise field trips for trade promotion delegations to the US to explore the market. It will collaborate with management agencies at home to hold exhibitions, and enhance the application of e-commerce to address issues related to geographical distance.

Statistics show that the Vietnam - US trade topped 46.5 billion USD in the first five months of 2023.

According to Hung, Vietnam's trade surplus with the US currently ranks third, behind China and Mexico.

Vietnam, Egypt aim to raise two-way trade to 1 billion USD

Foreign Minister Bui Thanh Son hosted a reception for Egyptian Ambassador to Vietnam Amal Abdel Kader Elmorsi Salama in Hanoi on July 7, during which the guest affirmed to do her utmost to create a breakthrough for the two countries' ties in order to raise bilateral trade to 1 billion USD as set by the nations' leaders.

Greater efforts needed to open up new opportunities in Vietnam-China trade

There remained big challenges in Vietnam's exports to China, as the market has been and will continue to impose higher requirements on both export and import standards, said Tran Quang Huy, Director of the Ministry of Industry and Trade’s Asia-Africa Market Department.

Vietnam, New Zealand increasing trade turnover to $2B

Vietnam and New Zealand aim for bilateral trade turnover to reach $2 billion by 2024, a 54% increase from 2022.

$150B bilateral trade in sight for Vietnam, S Korea

The recent visit of South Korean President Yoon Suk-yeol is considered a prerequisite for the two countries to reach bilateral trade of $150 billion.

Ministry of Industry and Trade seals MoU with Chinese market management agency

The Vietnamese Ministry of Industry and Trade has signed a Memorandum of Understanding (MoU) on cooperation with the State Administration for Market Regulation (SAMR) of China within the framework of Prime Minister Pham Minh Chinh's official visit to the neighbouring country.

Source: VNA