The Vietnam-US supply chain must be strengthened to increase resilience, be more sustainable and bring maximum benefits to the various “links” in the chain.
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>> Trade between Vietnam and the US is moving towards sustainable development
|In the first ten months of the year, Vietnam exported about 94 billion USD to the US market.|
In the first ten months of the year, Vietnam exported about USD 94 billion to the US market, an increase of 21.7% compared to the same period in 2021. Last year, as the COVID-19 pandemic disrupted global production and supply chains, bilateral trade nevertheless exceeded USD 111 billion.
These numbers clearly show that American companies value their supply links in Vietnam. This was highlighted by experts at the recent Vietnam – US Business Forum, with the theme “Change – Challenge – Adaptation”.
Pamela Phan, US deputy assistant secretary of commerce for Asian affairs, said the past two years of the health crisis had seen supply chains hit hard. However, trade between Vietnam and the US has increased further than expected, which shows that the US market has a great need for trade with Vietnam.
During her second visit to Vietnam during her term as governor of the state of Oregon, Kate Brown told that many big American companies such as Apple, Nike, Dell, Intel… have chosen Vietnam as an investment destination. The more American companies bring capital to Vietnam, the more opportunities Vietnamese companies have to participate more deeply in global supply chains and improve their level and adaptability.
More importantly, American companies are constantly expanding investment sectors. By hosting many FDI companies, Vietnam will become an important manufacturing center, laying a solid foundation for receiving more new orders, attracting new capital flows from the US and many other markets.
Adapt to the new collaboration space
|Vietnam, a key link in US supply chains.|
Susan Burns, US Consul General in Ho Chi Minh City, noted that Vietnam has become a key link in supply chains, playing an important and significant role in the US economy, from manufacturing to selling equipment such as telephones, cars, solar panels, textiles, shoes etc.
In return, in its commitments to reduce its carbon emissions to zero by 2050, Vietnam will be able to import products and services from the energy sector in the United States. Currently, many American companies want Vietnam to take advantage of cutting-edge American technologies to accelerate its transition to clean energy, creating new business opportunities in the coming years.
After more than 27 years since the normalization of their relations, the cooperation between Vietnam and the United States has made significant and extensive progress. Bilateral trade exceeded USD 111 billion in 2021, up from USD 450 million in 1995.
The value of trade between Ho Chi Minh City and the United States increased from USD 5.1 billion in 2013 to USD 8.9 billion in 2021. In particular, in the first ten months of 2022, USD 7.99 billion was achieved, an increase of 11.1% compared to the same. period 2021.
In terms of investment, the US currently has 1,203 effective projects in Vietnam with a total registered capital of about US$11.5 billion, ranking 11th.e on the list of 141 countries and territories investing in Vietnam.
In the first ten months of 2022, the USA was in 8th placee rank with a registered capital of more than 700 million USD.