VINACHEM

Imports from the US are predicted to rise sharply in the coming months as large Vietnamese enterprises are accelerating purchases from the North American market in efforts to balance bilateral trade.

Business leaders are accelerating imports of US goods into Vietnam and foster a more balanced trade relationship, as bilateral meetings gain momentum.

The push comes as Vietnam’s imports from the US surged to 5.7 billion USD in the first four months of 2025, a 26% increase from the same period last year, driven largely by demand for high-tech and industrial products.

US imports into Vietnam surge

April alone saw 1.57 billion USD in US imports, a 40.2% year-on-year rise, according to the Department of Vietnam Customs.

During the four-month period, computers, electronic products, and components led the way at 1.82 billion USD, up 58.26%, followed by cotton, machinery, raw plastic materials, animal feed, fruits, and vegetables.

Major Vietnamese corporations, including Vietnam Airlines, Vietjet, Thaco Industry, Viettel, Petrovietnam, and Petrolimex, have pledged to increase meetings with US partners and accelerate the realisation of the signed agreements and memoranda of understanding through June 2025. Over the past months, they have focused on imports like aircraft, machinery, equipment, turbines of gas-fired power plants, power transmission equipment, and GPU chips worth billions of USD from the US to support investment projects.

Minister of Industry and Trade Nguyen Hong Dien, who leads Vietnam’s trade negotiations with the US, highlighted the complementary nature of the two economies, elaborating that Vietnam has stable demand for a large volume and value of US goods and services where the US excels and Vietnam needs.

Vietnamese firms are hopeful that upcoming negotiations will soon lead to tariff reduction, opening more opportunities to bolster trade and economic ties.

Balancing trade relationship

This week, a Vietnamese delegation led by the Finance Ministry will engage with US officials, associations, and businesses in semiconductors, high technology, and banking. The group is attending the SelectUSA Investment Summit in Maryland from May 11 to 14, with Vietnam fielding its largest-ever number of participants.

To address the trade imbalance, Vietnam has lowered tariffs on US consumer goods, including automobiles, soybean meal, corn, cherries, raisin, wood, and ethanol, with plans to expand the list. These reductions aim to benefit Vietnamese consumers with access to higher-quality and lower-priced goods, while cutting input costs for manufacturers and traders.

The American Chamber of Commerce in Vietnam (AmCham) noted that reciprocal tariff cuts will benefit both US and Vietnamese firms and consumers.

Do Ngoc Hung, Commercial Counsellor and head of the Vietnam Trade Office in the US, said leading US retailers such as Walmart, Target, HomeDepot, and Costco are considering their attendance at the Vietnam International Sourcing Expo 2025, to be held by the Ministry of Industry and Trade in September.

Trade and investment form a solid stepping stone for the two countries' relations. AmCham and US firms want both countries to do business smoothly, without being hampered by tariffs, said AmCham Executive Director Adam Sitkoff./.  Source: VNS