HANOI: Vietnam and the United States have entered a new chapter in their bilateral relationship as they mark 30 years of diplomatic ties (July 7, 1995 to 2025), with economic cooperation accelerating since the establishment of the Comprehensive Strategic Partnership in 2023.
Two-way trade is now on track to hit the US$200bil milestone in the near future, reflecting the growing depth and dynamism of the partnership.
Trade experts note that since the signing of the Bilateral Trade Agreement in 2000, Vietnam’s export structure to the United States has significantly evolved.
Initially dominated by light industrial goods such as garments and footwear, Vietnam’s export portfolio now includes a broader range of goods in the processing – manufacturing industry, as well as agro-forestry-fishery products with increasing value added.
On the import side, Vietnam sources primarily high-technology and high-value-added industrial goods from the United States, including computers, electronic components, and machinery.
This complementary trade pattern reflects the mutually supportive nature of the two economies.
While Vietnam meets US demand for agricultural and labour-intensive products, the US supplies Vietnam with essential raw materials for production such as cotton, soybeans, animal feed, chemicals, and equipment, fuelling the country’s export-driven growth.
Experts also highlight that importing key production inputs from the United States enhances supply chain transparency and traceability for Vietnamese industries.
During a recent working trip to the United States, Minister of Industry and Trade Nguyen Hong Dien, acting as the Prime Minister’s Special Envoy, held meetings with the Office of the United States Trade Representative, the Department of Energy and other agencies.
He also witnessed the signing of cooperation agreements and procurement contracts between Vietnamese and American businesses, covering machinery, raw materials, services, and more.
Minister Dien emphasised that over the past 30 years, particularly the last decade of the Comprehensive Partnership and nearly two years of the Comprehensive Strategic Partnership, the two countries have made solid progress across various fields.
Economic, trade, and investment collaboration remains the key driver of the bilateral relationship. — Viet Nam News/ANN
