2023 marks the 10-year anniversary of the Comprehensive Partnership between the two nations, and further ties were created September 2023 when the Comprehensive Strategic Partnership between Vietnam and the U.S. was signed. This strategic agreement further strengthens trade between the two countries and reinforces Vietnam’s ‘friendshoring’ role with the U.S.
In 2022 alone, the Vietnam-U.S. trade in goods soared to an impressive $138 billion, cementing the United States as a dominant trade partner for Vietnamese exports. Furniture is the number one Vietnam export to the U.S. with 471,800 TEUs shipped from January – August in 2023. Electric machinery, footwear, plastics, and apparel follow in TEU volumes during this period.
Simultaneously, Vietnam has emerged as a key market for American commodity exports such as cotton and soybeans, as well as a wide range of products which now include machinery, computers and electrics, textiles, and agricultural products. This journey of economic synergy is not only impressive but also serves as a testament to the limitless potential of collaboration between nations.
Looking to the future, despite a recent drop in exports, Vietnam is set to quickly grow economically again, thanks to a projected rebound in exports. Vietnam will also benefit from the global shift towards Southeast Asian manufacturing hubs resulting in Vietnam’s position as one of the fastest growing emerging markets in the Asian region.
ASF Logistics, founded 24 years ago, began with a singular idea, to put people-first and bring integrity and honor to the global freight forwarding market. Every human interaction is an opportunity to create a positive impact. Beginning with the simple act of fostering transparent, respectful dialogues and responding promptly to customers' needs. This strong belief system has positioned us as a top 15 Vietnam transpacific NVO based on trade volume in the first half of 2023. Our dedicated team in Vietnam offers personalized service and support to ensure our broad customer-base, many are furniture manufacturers, receive a high-level of consistent, reliable service and solutions to optimize their supply chains.
Meet Our Expert
This article is reviewed by Jeffrey D. Plumley, Chief Commercial Officer and Licensed US Customs House Broker.
Jeff has an extensive background in global logistics, spanning various freight forwarding executive management positions. As a Licensed US Customs House Broker, he has managed regulatory compliance and is a worldwide expert in Flexitank transportation logistics.
In addition to his strong forwarding and Flexitank background, Jeff was also Head of Regulatory Compliance and Sales for a major global logistics software provider. He has over 30 years of logistics experience and a strong leadership background having graduated from the Citadel.