The Road to Trade Winds ASEAN: Vietnam
February 7, 2023
Steve Green is the Senior Commercial Officer at the U.S. Embassy in Vietnam.
This is the third piece in a blog series about different markets that will be featured during Trade Winds 2023.
This post contains external links. Please review our external linking policy.
The Vietnamese economy is one of the fastest growing in Asia, and American companies are increasingly looking there as a place to do business. Two-way trade in goods between the United States and Vietnam has increased dramatically over the past 28 years since the normalization of U.S.-Vietnam bilateral ties—from $450 million in 1995 to nearly $139 billion in 2022. If you’re a U.S. business looking to explore new opportunities, Vietnam offers tremendous potential worth considering.
Currently, Vietnam is the United States’ 8th largest goods trade partner and our largest goods trading partner in Southeast Asia. Key U.S. exports include agriculture, aviation, defense and security, healthcare, IT, environmental technology, power generation, and more. It is also the fastest-growing economy in Southeast Asia. Vietnam has a large population of potential consumers and workers as well—over 100 million people, 70 percent of whom are under the age of 40. Given our robust and growing trade relationship, the country’s rapid economic growth, and its sizable and young population, Vietnam presents numerous export opportunities for American companies across a variety of sectors. Altogether, U.S. goods and services exports to Vietnam supported more than 55,000 U.S. jobs in 2021.
This demonstration of increased commercial engagement comes at an opportune moment as this year our countries celebrate the 10th anniversary of the U.S.-Vietnam Comprehensive Partnership. Looking ahead, the United States seeks to elevate our relationship to a Strategic Partnership that will help advance the deep cooperation we have on trade and investment. For example, the U.S. International Development Finance Corporation (DFC) has identified clean energy, health care, critical infrastructure, and technology as priority sectors to enhance its export finance portfolio in Vietnam, further expanding opportunities for U.S. businesses of all sizes.
As a way to provide export opportunities for U.S companies in this region, the International Trade Administration looks forward to hosting a Trade Winds mission stop in Vietnam on March 10 as part of our agency’s larger Trade Winds Trade Mission and Business Forum. Although the business-to-business matchmaking meetings in Vietnam are at capacity, interested companies may still register for the Business Forum in Bangkok, which will take place from March 13-15, 2023. For more information, and to sign up, visit the Trade Winds ASEAN website.
Beyond Trade Winds, there are several other trade events for U.S. companies interested in commercial engagement in Vietnam. Please reach out to your local Commercial Service office for further information and opportunities to explore Vietnam and other markets across Southeast Asia.
Other Upcoming Trade Events in Vietnam
- August 3-5, 2023: The Vietnam International Medical and Pharmaceutical Exhibition is the Vietnamese Ministry of Health’s international trade fair covering medical technology showcasing the latest achievements of the healthcare industry in Vietnam. Exhibitors come from all over the world to find new business partners in Vietnam’s growing healthcare sector.
- November 2023: The U.S.-Vietnam Trade Forum is the Vietnamese Ministry of Industry and Trade’s annual flagship platform to showcase progress in the bilateral commercial relationship and discuss collaboration opportunities in the country’s highest-potential industry sectors.