In the first 11 months of 2024, bilateral trade between Vietnam and the U.S. reached nearly 123 billion USD, an increase of almost 13 billion USD compared to the total recorded for the entire previous year.
During this period, the U.S. remained Vietnam’s largest export market, with export turnover reaching 108.9 billion USD, an increase of 23.9%. Meanwhile, imports from the U.S. totaled 13.5 billion USD, up 7.3%.
With these figures, total bilateral trade between Vietnam and the U.S. stood at approximately 123 billion USD, with Vietnam enjoying a trade surplus of 95.4 billion USD, a 26.7% increase compared to the same period last year.
According to the European-American Market Department under the Ministry of Industry and Trade, Vietnam is now the U.S.'s eighth-largest trading partner and the fourth-largest export market for the U.S. in ASEAN. Conversely, the U.S. is Vietnam's second-largest trading partner and its largest export market.
Data from the U.S. Census Bureau shows that by the end of October 2024, Vietnam ranked as the eighth-largest trading partner of the U.S., with total bilateral trade turnover reaching approximately 123.2 billion USD, up 19.3% compared to 2023. Vietnam's exports to the U.S. amounted to 112.7 billion USD, while imports from the U.S. totaled 10.5 billion USD, a 29.4% year-on-year increase.
Vietnam posted a trade surplus of 102.2 billion USD with the U.S., ranking third among countries with the largest trade surpluses with the U.S., after China and Mexico.
Overall, compared to the same period in 2023, trade turnover between Vietnam and the U.S. has recovered significantly, gradually returning to the stable growth trajectory seen in 2022.
Several export items from Vietnam demonstrated strong growth rates (over 20%) among the top 15 exported products. These include furniture, optical and medical devices, office equipment and printers, hand tools and pneumatic equipment, footwear, rubber and rubber products, plastics and plastic products, and iron and steel.
On the import side, some U.S. products recorded high growth rates (over 20%), such as machinery and electronic devices, animal feed and food by-products, plastics and plastic products, edible fruits and nuts, and meat.
Given the current pace of trade exchange, Vietnam-U.S. trade is expected to surpass 134 to 135 billion USD in 2024.
