In recent years, there has been a noticeable increase in the volume of trade that occurs between the United States and Vietnam. Trade relations between the United States and Vietnam date back to the 19th century, when Vietnam was still a colony of France and the United States was working to increase its influence in the region. These relations have endured for a very long time. However, prior to the establishment of diplomatic relations between the two nations in 1995, which followed the conclusion of the Vietnam War, there was little in the way of trade between the two nations.
Since that time, the volume of trade that occurs between the United States and Vietnam has significantly increased. Over $91 billion worth of products were traded between the two countries in 2020, with the United States selling $30 billion worth of goods to Vietnam and importing $61 billion worth of goods from Vietnam. This brought the total value of goods traded between the two countries to over $91 billion. As a result, Vietnam is quickly becoming one of the United States’ most important trading partners in the Southeast Asian region.
Products from the agriculture sector, such as soybeans and corn, are among the most important items that the United States sends to Vietnam in the form of exports. Other important items include aircraft and vehicles. On the other side, Vietnam is a major exporter to the United States of America for a diverse range of commodities, with textiles and footwear being the most important categories. Additionally, Vietnam has emerged as one of the most important suppliers of electrical products to the United States.
US officials have a significant interest in seeing Vietnam develop into an export hub and making it an attractive destination for foreign direct investment. Both countries have signed the US-Vietnam bilateral trade agreement in 2001 and continue to seek to expand economic connections.
Because Vietnam is still a developing nation, it stands to benefit greatly from increasing commerce with the United States. It grants the country access to the technology and investment opportunities available in the United States, both of which have the potential to contribute to increased economic growth and improved living standards. Along the same lines, the United States gains from trading with Vietnam by getting access to new markets and a source of goods at lower prices.
To summarize, during the past several years, the United States and Vietnam have seen a considerable increase in the volume of their commercial exchanges, and both nations stand to benefit immensely from the maintenance of their current level of economic cooperation. Trade between the United States and Vietnam is likely going to become an even more important component of their relationship as US-Vietnam relations continue to improve and as the economies of both nations continue to rise.