The U.S. remains Viet Nam's largest export market in the first quarter of 2023

According to Vietnam General Statistics Office, in the first three months of this year, the US was the largest export market for Vietnam, with an estimated trade turnover of 20.6 billion US dollars. The goods with the highest export turnover are machinery, equipment, tools, and spare parts, with a value of 3.98 billion USD, followed by computers, electronic products, and components (3.55 billion USD), textiles and garments (3.04 billion USD), phones and components (2.34 billion USD), footwear (1.42 billion USD), and wood and wood products (nearly 1.4 billion USD).

In recent years, trade cooperation has always been a bright spot in the relationship between Vietnam and the US. Bilateral trade turnover has increased from 6.78 billion USD in 2005 to 123.86 billion USD in 2022. Currently, the Vietnam-US relationship is becoming increasingly profound. Vietnam is currently the 7th largest trading partner of the US. The US is the 2nd largest trading partner and the largest export market of Vietnam in 2022. Particularly, in 2022, the US became Vietnam's first export market to surpass 100 billion USD.

The US is a potential market with over 300 million consumers. According to statistics, Vietnam's export proportion only accounts for about 4% of the total import turnover of the United States in 2022, indicating great potential for Vietnam's export products.

The US is one of the world's leading countries in implementing "green economy" policies to promote economic growth. The US Government has implemented new policies to enhance economic development through energy development, green economy development, energy conservation policies, environmental pollution reduction, and renewable energy policies. Recently, the Vietnamese Government as well as state management agencies have also had investment policies for green economic development in Vietnam and called for the participation of Vietnamese businesses in the green economy to minimize direct risks such as supply chain disruptions, market impacts, legal risks, and resources… Therefore, it is promising that in 2023, the US will continue to be a significant export partner of Vietnam.