US continues to be leading trade partner of Vietnam
The US-Vietnam Business Summit 2018 |
At present, Vietnam is ranked 16th among the leading trade partners of the US and the annual bilateral trade growth reaches 20 percent.
Statistics showed that Vietnam’s exports to the US in January 2019 were estimated at over 5.1 billion USD, up 42.1 percent compared the same period last year.
Garment-textile exports to the US increased 34.1 percent to hit over 1.59 billion USD. Other Vietnamese staples include footwear with the export turnover of 620 million USD, up by over 100 million USD; wood and timber products at 475 million USD, up by 156 million USD; and mobile phones at 473 million USD, up 259 million USD.
According to the department in charge of Asian and American markets under the Ministry of Industry and Trade, the US made up 23.3 percent of Vietnam’s total export turnover in January, maintaining its position as a key trade market.
Additionally, a range of Vietnamese goods have been growing in popularity in the US. Vietnam has been able to export mangoes to the US after a decade of negotiations and the completion of all procedures required by one of the most choosy markets in the world.
In January, the country imported over 1 billion USD worth of goods from the US, resulting in Vietnam’s trade surplus of over 4 billion USD to the market.
Minister Counsellor Bui Huy Son, head of the Vietnam Trade Office in the US, stated that his office recently worked with one of the biggest Asian food distribution chains in the US, the Rhee Brothers, to expand Vietnamese food distribution in the market.
Through traditional exchange channels and electronic trading tools, the office has connected the two countries’ businesses in numerous fields such as garment-textiles, seafood, rice, coconut products, timber products, mechanical goods, manufacturing, chemicals, cosmetics, electric cables, electronic equipment, and semiconductors.
With the largest total import value of over 2.4 trillion USD in 2018, the US will continue to be a key export market of Vietnam in the coming years, Son said, adding that this is also a fiercely competitive one.
According to experts, the trade relations between Vietnam and the US in 2019 will see important changes because the US looks likely to recognise the market economy of Vietnam after July 1, 2019. Therefore, the bilateral ties will be laid on the important legal foundation of international commitments.
To promote exports to the US, Son suggested that government agencies and the business community continue to create a favourable environment, while also improving goods quality, building brands, making good use of distribution systems, and effectively implementing trade promotion activities.
Minister of Industry and Trade Tran Tuan Anh said that besides programmes and orientations on increasing the support for building national competitiveness, the ministry will carry out big projects to increase the competitiveness of export products, especially of the industry and processing industry sectors.
Businesses themselves should proactively develop markets and increase domestic production capacity, as well as look to get deeper involved in the global supply chains.
Related News
Vietnam, Korea Customs sign AEO MRA
11:07 | 26/12/2024 Customs
Prioritizing semiconductor workforce training
09:16 | 15/12/2024 Headlines
Vietnam-Cambodia: Looking back on journey of cooperation
14:45 | 11/12/2024 Customs
Vietnam-China e-commerce: A perspective from Lang Son border
13:39 | 06/12/2024 Headlines
Latest News
Việt Nam tightens fruit inspections after warning from China
08:01 | 15/01/2025 Import-Export
Brand building key to elevate Vietnamese fruit and vegetable sector: experts
08:00 | 15/01/2025 Import-Export
Freight transport via China-Việt Nam cross-border trains posts rapid growth
08:01 | 13/01/2025 Import-Export
Vietnamese retail industry expects bright future ahead
06:22 | 11/01/2025 Import-Export
More News
Complying with regulations of each market for smooth fruit and vegetable exports
13:06 | 09/01/2025 Import-Export
Fruit and vegetable industry aims for $10 billion in exports by 2030
15:12 | 07/01/2025 Import-Export
GDP grows by over 7 per cent, exceeds target for 2024
15:11 | 07/01/2025 Import-Export
Vietnamese pepper: decline in volume, surge in value
15:10 | 07/01/2025 Import-Export
Việt Nam maintains position as RoK’s third largest trading partner
15:09 | 07/01/2025 Import-Export
Greater efforts to be made for stronger cooperation with European-American market
15:08 | 06/01/2025 Import-Export
Leather, footwear industry aims to gain export growth of 10% in 2025
15:06 | 06/01/2025 Import-Export
Grasping the green transformation trend - A survival opportunity for Vietnamese Enterprises
14:53 | 06/01/2025 Import-Export
Việt Nam to complete database of five domestic manufacturing industries in 2026
20:57 | 05/01/2025 Import-Export
Your care
Việt Nam tightens fruit inspections after warning from China
08:01 | 15/01/2025 Import-Export
Brand building key to elevate Vietnamese fruit and vegetable sector: experts
08:00 | 15/01/2025 Import-Export
Freight transport via China-Việt Nam cross-border trains posts rapid growth
08:01 | 13/01/2025 Import-Export
Vietnamese retail industry expects bright future ahead
06:22 | 11/01/2025 Import-Export
Complying with regulations of each market for smooth fruit and vegetable exports
13:06 | 09/01/2025 Import-Export