Two-way trade between Vietnam and the US in the January - September period exceeded $80 billion, with Vietnam’s export turnover standing at $70.23 billion, a year-on-year decline of around $15 billion.

The US remained its largest export market in the period, however, and second-largest trade partner.

According to figures from the General Department of Vietnam Customs, export turnover in September to the US was $8.11 billion; lower than the monthly average of last year.

Some groups of exported goods posted high revenue in the first nine months, including machinery, equipment, tools, and spare parts, with $12.5 billion, computers, electronic products, and components with $11.82 billion, and textiles, with more than $11 billion.

Import value from the US in the period was $10.26 billion, a year-on-year decline of some $900 million.

According to the European-American Market Department at the Ministry of Industry and Trade (MoIT), the US is among the most important markets for Vietnam’s import of inputs such as cotton, animal feed, corn, soya, chemicals, machinery, and technological products, among others.

It has forecast that two-way trade in last quarter of the year and the first quarter of 2024 will increase significantly.