Vietnam Sees ‘Significant’ Rise in Demand for U.S. Goods, Trade Minister Says

According to Minister of Industry and Trade Nguyen Hong Dien, Vietnam exhibits “substantial and steady” demand for importing premium products and services from the United States.

He stated on Wednesday during a meeting with top company representatives such as Petrovietnam, Vietnam Electricity, Vietnam Airlines, Vietjet, Thaco, and Viettel, that enterprises ought to proactively pursue trade agreements with American firms.

Present commerce with the U.S.

It does not showcase the complete bilateral potential, and both nations require attaining a “balanced, harmonious, and sustainable trade.” He emphasized that businesses must take initiative to make this happen.

Over the past few years, significant enterprises in Vietnam have brought in numerous American goods such as airplanes, machines and tools, gas power plant turbines, electricity distribution systems, graphic processing units, and more, with total values reaching several billion U.S. dollars.

During Dien’s trip to Washington in March, companies from both countries inked economic and trade agreements totaling $4.15 billion.

Prior to the visit, agreements worth $50.15 billion had been secured, primarily covering areas such as aircraft, aviation services, oil and gas exploration, along with refined petroleum products.

Talks for accords valued at an additional $36 billion are currently in progress, with expectations that these will be concluded shortly.

Overall, the trade and economic accords scheduled to be implemented starting in 2025 are anticipated to surpass $90 billion.

On Wednesday’s meeting, the executives unveiled their strategy to step up interactions with American collaborators throughout June in order to put into action the accords and Memorandums of Understanding that have been formalized.

In the initial three months of 2025, Vietnam exported $31.4 billion worth of products to the United States, whereas its imports from the country amounted to $4.1 billion, reflecting a 20% growth in trade compared to the same period last year.

On Wednesday, Dien also met with Marc E. Knapper, the U.S. ambassador to Vietnam, where he reiterated Vietnam’s dedication to bilateral collaboration and looked for American backing in advancing “balanced, sustainable, and long-lasting” trade relations.

He highlighted the complementary nature of the two economies, which drives growing economic and trade collaboration, and urged both sides to remove barriers and facilitate business cooperation in essential products.

Knapper praised Vietnam for its proactive and constructive involvement, stating that the United States’ updated trade strategy focuses on securing economic and national safety, as well as defending American jobs.

Although recognizing ongoing difficulties, he stated that with mutual understanding, the talks could produce favorable results, which would advantage people and companies from both nations.