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Vietnam’s GDP grew by 7.09% in 2024, ahead of government forecasts of 6.5%. Yet Vietnam’s trade surplus with the U.S. could put it at risk of new tariffs.
U.S. trade data released on Thursday showed the country's deficit with Vietnam reached $102 billion in the first ten months of this year, nearly a 20% increase over the same period in 2023.
Vietnam's large trade surplus with the United States may reignite tensions with Washington in the event of a second Trump presidency, analysts warned, as exports of solar panels and other ...
The former Ministry of Trade has its origins in 1945 with the formation of the modern National Unification Cabinet, and became a ministry in its own right in 1955. [1] The Ministry of Trade merged with the Ministry of Industry in 2007 to form the Ministry of Industry and trade. The current Minister of Industry and Trade is Nguyễn Hồng Diên.
Vietnam's foreign trade has been growing fast since state controls were relaxed in the 1990s. The country imports machinery, refined petroleum, and steel; it exports crude oil, textiles and garments, and footwear. The balance of trade has in the past been positive but recent statistics (2004) showed that it was negative.
The bilateral trade between the U.S. and Vietnam grew slowly afterwards, and it has developed rapidly after the signing of the U.S.-Vietnam Bilateral Trade Agreement in December 2001. [3] Total bilateral trade turnover has increased 1200% from $1.5 billion in 2001 to over $20 billion in 2011. [ 4 ]
He told the opening session that U.S.-Vietnam trade was now worth $124 billion, making Vietnam the U.S.'s ninth largest partner in trade in goods. Addressing Vietnam's Minister of Planning and ...
In the early 2020s, despite trade wars with Vietnam's major trade partners, a pandemic and the increasing trend in deglobalisation, Vietnam has still managed to become Asia's top-performing economy. [65] Since 2000, Vietnam has now managed to manufacture higher-value goods with better paying jobs due to its more highly skilled workers.