Illustrative image (Photo: VNA)

In the first half of this year, Vietnam exported about 55 billion USD worth of goods to the US, up 26% year-on-year, ranking first in terms of turnover growth, far surpassing other markets such as the EU, ASEAN and the Republic of Korea.

There were eight groups of products posting an export value of over 1 billion USD in the period, including computers and components with a turnover exceeding 10 billion USD and textiles and garments with 6 billion USD. Others were handsets, machinery and equipment, spare parts, footwear, wood and wooden products.

Nguyen Hong Duong, Deputy Director of the European-American Market Department under the Ministry of Industry and Trade said after the two countries upgraded their relationship to a comprehensive strategic partnership, he has received many calls from domestic businesses asking about opportunities and prospects for exports.

When the bilateral relations between the two countries upgraded, US businesses are expected to increase investment in Vietnam. That will also encourage other firms from third countries to invest in many fields such as semiconductors, supporting industries, healthcare, oil and gas and energy in the country, creating room for development in the future, Duong said.

Long told baodautu.vn that many Vietnamese and US businesses were waiting for the US to recognise Vietnam as a market economy, to remove bottlenecks for trade, especially those vulnerable to high taxes.

But Duong said he believed that Vietnam's exports to the US would increase significantly in the long term.

Associate Professor Doctor Nguyen Thuong Lang said when the US formally recognised Vietnam as a market economy, it would make for a big change in the country's role and position in the international arena.

A series of Vietnamese goods, from shrimp and wooden products, to textiles and garments and tires would have more opportunities when competing in the US market. At the same time, goods from Vietnam would enjoy reductions in anti-competitive taxes from the US, Lang told the online newspaper.

He added that US consumers would also benefit from having access to quality goods from Vietnam at affordable prices.

Baodautu.vn cited a representative from Cargill - one of the leading animal feed manufacturers in the US - as saying that Vietnam is an important market. Cargill has long supported Vietnam to be recognised as a market economy, considering the impacts on key industries like aquaculture.

With Vietnam designated a non-market economy, products such as tra fish and shrimp are subject to significant anti-dumping taxes. That has negatively affected the competitiveness of Cargill with important markets such as the US, the representative said.

The recognition of Vietnam as a market economy would stimulate production and services in industries in which Vietnam had export strengths, including agricultural products. This would also promote greater economic cooperation between countries, the representative added.

In 2023, Vietnam's exports to the US hit nearly 97 billion USD, in spite of the economic recession, inflation and people tightening their spending.

With an export value of nearly 110 billion USD in 2022, the US became the first export market of Vietnam to reach 100 billion USD a year. This market maintained its position as Vietnam's largest export market in 2023./.