Exports to the US may reach $US 40 billion

Textile and Garment has the largest export turnover to the US. Photo: Phan Thu.

According to the Ministry of Industry and Trade, in 2016, the US continues to be the largest export market of Vietnam with a growth rate of 14.9% compared to 2015. However, this figure is equivalent to 1.96% of US import turnover.

Textile and Garment is still the leading export sector in Vietnam to the US market with export value in 2016 was $US 11.45 billion, accounting for more than 48% of the total export turnover of the country (the country reached $US 23.8 billion value of textiles and garments exports).

The footwears have the second largest export turnover to the US. In 2016, Vietnam exceeds Italy and Indonesia to become the second largest exporter of footwear to the US with an export value of $US 4.48 billion.

In 2016, the export turnover of telephones and parts thereof rapidly grew, accounting for 12.8% of the total value of exports to the US market. In addition, computer, electrical products, spare part, and components thereof accounted for 7.2%, footwears accounted for 11.6%, wood and wood products accounted for 7.2%.

Until the first two months of 2017, this trend continues to be maintained when textile and garment exports to the US reached $US 1.7 billion and footwear reached $US 653 million.

In addition to key industrial products, Vietnam is exporting many agricultural products and fishery products to the US such as frozen shrimp, filleted Pangasius catfish, filleted basa fish processed tuna, processed crab meat (flower crab), coffee, cashew nuts, and pepper.

As the 23rd export partner, Vietnam has become an important name in the US international trade map. Besides, Vietnam's exports have been subjected to safeguard measures, particularly antidumping and anti-subsidy measures.

Although suffering from the difficulties and disadvantages, through these above lawsuits, Vietnamese enterprises have gradually matured and gained a lot of experience, thereby creating a firmer position in the market penetration with full of promise and challenge.

According to the forecast of the Ministry of Industry and Trade, with the current growth rate, the Vietnam's export turnover to the US in 2017 may reach $US 40 billion.