The 2001 U.S.–Vietnam Bilateral Trade Agreement (BTA) transformed the bilateral commercial relationship between the two nations and accelerated Vietnam’s entry into the global economy, with Vietnam joining the World Trade Organization (WTO) in January of 2007. Additionally, the shift of manufacturing operations from the PRC to neighboring nations is also contributing to Vietnam’s economic growth and increasing importance in global supply chains.

In 2022, Vietnam’s GDP growth was approximately 8%. In fact, since 1990 Vietnam’s average economic growth rate of 5.5% ranks second only to the People’s Republic of China (PRC) in Asia. The 1986 launch of a series of economic reforms collectively referred to as Doi Moi helped Vietnam move from a subsidiary economy to a globally integrated, socialist-oriented market economy. This country of almost 100 million consumers, with an overwhelmingly positive view towards the United States, exhibits the demographics needed for continuous growth over the next 20 years, a rising star among Asia’s bustling economies.

Over the past five years, Vietnam’s export revenue to the United States surged 230%, while its import value grew by more than 175%. The United States has also benefitted from stronger trade ties. Twenty-eight years after normalizing relations, the United States is now Vietnam’s largest export market and the United States is a major source of foreign direct investment in Vietnam, helping fuel Vietnam’s remarkable economic growth. The U.S.-Vietnamese commercial relationship has grown dramatically since the United States lifted its trade embargo against Vietnam in 1994 and the two countries renewed diplomatic relations in 1995. Large population of almost 100 million consumers (#15 globally), half of which are under the age of thirty.Strong GDP growth expected to continue for the medium-term.Over the past few years, Vietnam has been active in signing bilateral trade agreements with countries throughout the world.The fastest growing middle and affluent classes in the region, providing the right demographics for growth and receptivity to U.S.companies should consider exporting to Vietnam: exporters to doing business in Vietnam and provide the foundation necessary for an American firm to take the initial steps needed to pursue business here. This Country Commercial Guide is intended to introduce U.S. firms are increasingly looking towards this market as a key component to their growth strategy in Asia. firms were slow to take advantage of the growing opportunities that Vietnam presented however, U.S.

businesses should have much to be excited about in the Vietnam market. On the heels of this momentous occasion, U.S. The Joint Leaders’ Statement announcing the CSP upgrade reaffirmed the importance of trade and investment collaboration and highlighted innovation-driven economic growth as a foundation of the bilateral relationship. Since the two sides agreed to enter a Comprehensive Partnership in 2013, bilateral trade between the United States and Vietnam grew from USD30 billion to more than USD139 billion, a 360% increase. On September 10-11, 2023, President Biden led a state visit to Vietnam, during which he joined General Secretary of the Communist Party of Vietnam Nguyen Phu Trong in announcing a historic new phase of cooperation by elevating the bilateral relationship to a Comprehensive Strategic Partnership (CSP). Interagency Investment Working Group (IIWG).Foreign Direct Investment Attraction Events.Facing a Foreign Trade AD/CVD or Safeguard Investigation?.

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