In 2022, the agricultural sector of Vietnam set a new record by earning a revenue of 53.2 billion USD from exports. With an abundant supply of raw materials, Vietnamese agricultural and processed food products are now available in over 180 countries and territories. The US imported nearly 14 billion USD worth of Vietnamese agricultural and aquatic products, accounting for 25% of Vietnam's total agricultural exports. The US has become Vietnam's largest agricultural export market, surpassing even China.
Agricultural cooperation between Vietnam and the US has made significant progress since diplomatic relations were established in 1995. Vietnam has risen from being the US's 95th-ranked partner to its eighth-largest trading partner, with a bilateral trade value of nearly 123 billion USD in 2022. Since 2020, the US has become Vietnam's largest trading partner in agricultural, forestry, and aquatic products. Even during the Covid-19 pandemic and economic recession, Vietnam's exports and imports of agricultural, forestry, and aquatic products to and from the US have increased by double digits.
Experts believe that demand for high-quality tropical fruits from Americans is increasing, with US consumers increasingly favouring Vietnamese speciality fruits such as fresh longan, dragon fruit, and mangoes. Recently, the US allowed the official import of Vietnamese pomelos. In addition to fresh fruits, Vietnamese enterprises are also promoting processed food products. Last year, for the first time, the export of processed fruits and vegetables exceeded 1 billion USD.
USDA Deputy Under Secretary Jason Hafemeiser has repeatedly stated that the US considers Vietnam one of its top agricultural partners. The USDA's agricultural market report shows that US agricultural imports are forecast to reach 199 billion USD in 2023, which is $5 billion higher than last year's level. This is an opportunity for Vietnamese agricultural, forestry, and aquatic exporters to accelerate exports to this market.