Vietnamese businesses expect US President Biden's trip to Vietnam to open up more opportunities for exports and bring down tariffs, especially on agricultural items. Eight fresh fruits from Vietnam are now allowed to be imported into the US, and Nguyen Dinh Tung, CEO of agricultural produce exporter Vina T&T, expects a ninth to be approved after Biden's visit.
Vietnam and the US have seen trade increase rapidly in the last decade. Last year, it was worth a record US$124 billion, making the US the first partner with whom Vietnam's trade has surpassed the $ 100 billion mark. That represented a 3.5-fold jump from 10 years ago when the two countries established a comprehensive partnership.
The US is also the biggest export market for Vietnam. In the first eight months of this year, its exports were worth $62.3 billion, and, despite global difficulties, bilateral trade is again forecast to exceed $100 billion this year, according to the Vietnam Trade Office in the US.