The Thriving Vietnam-US Trade: Surpassing $100 Billion Milestone

Ambassador Marc Knapper, U.S. Ambassador to Vietnam, shared this information at the Seminar on Expanding Business in the U.S., which took place in Can Tho on the morning of November 21st.

According to Mr. Nguyen Thuc Hien, Vice Chairman of the Can Tho People’s Committee, a report from the Ministry of Industry and Trade showed that two-way trade between Vietnam and the U.S. surpassed the $100 billion mark in the first nine months of this year. The U.S. remains the leading market for Vietnamese exports, with a turnover of $89.4 billion, accounting for nearly 30% of the country’s total export turnover.

Regarding Can Tho, Mr. Hien said that in the first ten months of this year, the total export turnover of goods, service revenue, and foreign currency reached over $1.9 billion. Of this, exports to the U.S. reached over $106 million (mainly rice, seafood, agricultural products, garments, steel, etc.), and imports were over $2.6 million (mainly pharmaceutical materials, agrochemicals, and veterinary drugs.)

According to Can Tho’s leaders, exports to the U.S. are expected to continue to recover and grow as consumer demand increases. However, Vietnamese businesses are concerned about the possibility of the U.S. increasing the application of trade remedies against imported goods. To minimize this risk, Vietnamese enterprises need to thoroughly understand the laws and trade remedy regulations of the U.S.

Also, according to Mr. Hien, Can Tho has a strategic location and is a regional hub in many fields, including trade services, tourism, logistics, processing industry, high-tech agriculture, education, and healthcare. The city is committed to creating a favorable business environment to become a trusted and attractive destination.

The U.S. Ambassador to Vietnam, Marc Knapper, said that the U.S. is Vietnam’s largest export market, and Vietnam is the U.S.’s 8th largest trading partner. The U.S. and Vietnam have upgraded their relationship to a comprehensive partnership, with a priority on promoting economic, trade, and investment cooperation based on free, fair, and reciprocal trade, contributing to the prosperity of both nations.

Ambassador Knapper said that in June, he had a special opportunity to lead a Vietnamese delegation of more than 65 representatives from 50 businesses to the SELECTUSA Summit in Washington, DC. The delegation included the highest number of female leaders to date, and Vietnam was among the top 10 countries with the largest number of participants.

“We are delighted to see that Vietnamese businesses are increasingly interested in expanding their operations in the U.S. to establish a closer presence with their customers here. In 2025, we will celebrate the 35th anniversary of Vietnam-U.S. relations, and I hope to see an even larger delegation of Vietnamese businesses, including representatives from Can Tho and the Mekong Delta, at the SELECTUSA Summit next May,” said Ambassador Knapper.

At the seminar, representatives from the Southern Investment Promotion Center (Foreign Investment Agency, Ministry of Planning and Investment) informed businesses about Vietnam’s outward investment; regulations on outward investment; and the U.S. Consulate General in Ho Chi Minh City guided businesses on U.S. Visa procedures.