Boosting Vietnam - U.S. trade and investment cooperation

After 30 years of establishing diplomatic relations, Vietnam and the United States have developed a strong and rapidly growing economic partnership. The U.S. is currently Vietnam’s largest export market and also a key importer of high-tech items.

In Dong Nai, exports to the U.S. account for 32-33% of the province’s total export value. Economic cooperation and the attraction of investment from U.S. enterprises, especially those with advanced and high-quality technologies, is now a focus for the province.

Deputy Prime Minister Nguyen Chi Dung (M) and delegates attend inauguration ceremony of Coherent Group’s factory at Nhon Trach 1 IP.

Vietnam’s major export and import market

In 1995, when diplomatic ties of the two countries were normalized, bilateral trade stood at just around US$450 million. By 2024, that figure surged to nearly US$150 billion, with Vietnam's exports to the US reaching nearly US$130 billion. From 1995 to 2024, bilateral trade increased by about 300 times. In the first half of 2025 alone, the US was Vietnam's largest export market, accounting for US$70.9 billion of the total US$219.8 billion in export turnover.

Similarly, in Dong Nai, export turnover in the first seven months of 2025 hit nearly US$17.9 billion, up 17.36% year-on-year. Of this, exports to the U.S. reached nearly US$6.3 billion, accounting for about 35.1% of the total.

Dong Nai established the Vietnam - U.S. Friendship Association in 2018, with over 400 members and three affiliated chapters. The association has organized numerous events to foster exchange, connection, and deepen bilateral relations.

In the past, Vietnam mainly exported to the U.S. a range of manufactured goods produced under outsourcing contracts for foreign companies, including textile garment, leather footwear, and wooden products. Today, the export portfolio includes more processed and manufactured industrial goods, as well as higher-value agricultural, forestry, and fishery products. Concurrently, Vietnam imports high-tech, value-added goods from the U.S., including computer sets, electronic products, components, and input materials for production.

Vinastar Technical Plastic Trading Production Co., Ltd. in Trang Dai Ward, Dong Nai Province is one of the supporting industry enterprises that successfully exports to demanding markets such as Japan and the US. According to Director Mai Khanh, the company has achieved this through efforts to modernize its technology and apply advanced production processes, thereby improving product quality

Experts note that the import-export structure between Vietnam and the US reflects a key feature of their economic relationship: mutual complementarity. While recent US tariff hikes of up to 20% on Vietnamese goods have added pressure, they also present an opportunity for domestic firms to adapt and strengthen their competitiveness.

Investment attraction and expanded cooperation

Currently, the U.S. ranks 11th among foreign investors in Vietnam, with nearly US$12 billion in registered capital. The U.S. investment brings not only capital but also management standards, ESG practices, and access to global markets. The presence of major corporations such as Boeing, Apple, and Intel underscores the investors’ confidence in Vietnam's business environment.

Wood is one of the items Dong Nai province exports a lot to the US.

In Dong Nai, the province is now home to 34 U.S.-invested projects with a total capital of over US$416 million, ranking 7th among more than 50 countries and territories investing in the province. These projects are mostly concentrated in high-tech and processing industries, contributing significantly to the province's socio-economic development.

On July 28, U.S.-invested Coherent Group held an inauguration ceremony for its new factory at Nhon Trach 1 Industrial Park in Nhon Trach Commune, Dong Nai Province.

Gary Kapusta, Executive Vice President and Chief Supply Chain Officer at Coherent, stated that the group began operating in Vietnam over a decade ago and now has its first factory in Dong Nai as part of its US$1 billion investment plan in the province. So far, Coherent has employed more than 2,000 workers in Vietnam. The country now plays a central role in Coherent's global operations, including manufacturing, product development, and innovation in photonics and semiconductor components.

According to Nguyen Thi Hoang, Member of the Provincial Party Committee and Vice Chairwoman of Dong Nai People's Committee, the province continues to strongly attract foreign investment, including U.S. companies. The local government consistently creates favorable conditions for investors, especially those running in high-tech, energy, and logistics sectors.

Beyond their economic cooperation, the two nations are also strengthening people-to-people ties and cooperation in education, science, and technology.

Anne Benjaminson, Acting U.S. Consul General in Ho Chi Minh City, remarked that the U.S.-Vietnam relation in general, including the U.S.- Dong Nai tie in particular, has seen remarkable cooperation across various fields such as economy, education, healthcare, and tourism. She emphasized that strong collaboration in addressing mutual challenges is the foundation for continued growth in bilateral relations, as demonstrated by the upgrade to a comprehensive strategic partnership in 2023.

By Vuong The

Translated by Minh Nguyet-Thu Ha