US represents largest export market for Vietnamese products

Vietnam’s total export turnover during the past 11 months rose 5.5% to US$254.93 billion, with the US becoming Vietnam’s largest commodity consumer, according to the Ministry of Industry and Trade (MoIT).
US represents largest export market for Vietnamese products

A total of 31 commodities enjoyed an export value of over US$1 billion each, making up 92% of total export turnover, says the MoIT.

The processing and manufacturing industries witnessed the highest level of annual growth, earning US$216.35 billion from export, representing a rise of 6.1% on-year.

Strong export growth could also be seen in other commodity groups, including computers, electronic products and components (up 24.3%), machinery, equipment, tools and spare parts (up 44.5%), and timber and wooden products (up 14.1%).

Amid a general increase in trade protectionism globally, a decline in international trade, coupled with the impact of the COVID-19 pandemic, has served to tighten non-tariff barriers.

Despite these challenges, Vietnam has constantly maintained positive export growth, with the US remaining the country’s largest export market.

MoIT statistics showed the US imported Vietnamese goods worth US$69.9 billion over 11 months, representing an annual increase of 25.7%. It was followed by China, the EU, ASEAN, the Republic of Korea, and Japan.

The MoIT says it will continue to strictly monitor the market situation, whilst striving to boost exports, take full advantage of free trade agreement (FTAs), and persify export markets.

Source: VOV
vov.vn

Related News

Exporting wood and wood products recovers positively

Exporting wood and wood products recovers positively

VCN - Export of wood and wood products has had positive growth, exports of wood and wood products have increased significantly.
The key to overcoming barriers and expanding markets for F&B businesses

The key to overcoming barriers and expanding markets for F&B businesses

VCN - In the context of the new situation, there are many points that businesses need to pay attention to and prepare to be able to overcome barriers and meet the requirements of the import market.
Efficiently harnessing internal resources creates a breakthrough for the economy in 2024

Efficiently harnessing internal resources creates a breakthrough for the economy in 2024

VCN - 2024 is determined to be a year of acceleration, breaking through the target of the economic and social development plan for the 2021-2025 period. Although the assessments are currently optimistic, achieving the economic growth goal still faces many challenges. Therefore, it is necessary to efficiently exploit internal resources, turning that into a real driving force for growth.
Sustainable exploitation of value from coconut trees

Sustainable exploitation of value from coconut trees

After many years of quietly developing based entirely on the resources and initiative of businesses with impressive results, the future development of the coconut industry depends greatly on State supportive policies to protect the achievements as well as continue to exploit the large remaining space of the industry.

Latest News

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

VCN - In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year. Ms. Nguyen Thi Thu Sac, Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) shared with Customs Magazine.

More News

Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Singapore is the largest foreign investor in VN in Q1

Singapore is the largest foreign investor in VN in Q1

The disbursed FDI rose by 7.1 per cent in the first quarter to reach $4.63 billion, a signal that the disbursement will continue the positive trend, the agency said.
Thai Binh boosts investment, trade cooperation with Germany

Thai Binh boosts investment, trade cooperation with Germany

A delegation from the northern province of Thai Binh, led by Deputy Secretary of the provincial Party Committee Nguyen Khac Than, visited several localities and business organisations in Germany from March 25 to 27, in a bid to enhance trade cooperation with and attract direct investment from the European nation.
Lifting obstacles to develop industrial parks

Lifting obstacles to develop industrial parks

VCN - Attracting investment and developing industrial zones (IZs) and economic zones (EZs) is one of the important contents to implement the policy of developing a multi-component, open, attract investment and resources from all economic sectors to develop the country. In addition to the results achieved, there still limitations that need to be removed to draw investments to develop industrial parks and economic zones, including financial problems for industrial parks.
Unlock capital flows and create favorable conditions for investors

Unlock capital flows and create favorable conditions for investors

VCN - Talking with the press, Dr. Ngo Cong Thanh (Photo), Provisional Executive Committee member of the Vietnam Industrial Park Finance Association (VIPFA), said that it is necessary to open up capital flows and create conditions for investors to access key factors. Facilitate production and business factors and innovate investment promotion activities to more effectively develop industrial parks.
More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 businesses, manufacturers to attend VGMF 2024

More than 300 domestic and foreign businesses and manufacturers will attend the Vietnam Global Manufacturing Forum 2024 (VGMF2024) to explore investment and business cooperation opportunities.
Connecting with FDI firms helps boost wood exports: insiders

Connecting with FDI firms helps boost wood exports: insiders

Strengthening linkages and cooperation between foreign-invested and domestic enterprises will contribute to promoting the sustainable development of the Vietnamese wood industry, according to insiders.
Doosan Vina exports nearly 2,000 tonnes of modules to US

Doosan Vina exports nearly 2,000 tonnes of modules to US

The Doosan Enerbility Vietnam (Doosan Vina) specialising in heavy industries announced on March 26 that it has just exported a batch of nine modules weighing nearly 2,000 tonnes to the Golden Triangle Polymers company in Texas, the US.
Wood processing enterprises strive to increase the proportion of individually designed goods

Wood processing enterprises strive to increase the proportion of individually designed goods

VCN - Many wood and furniture processing enterprises are promoting investment in design activities, helping to increase the proportion of individually designed products (ODM) in exports, thereby affirming the industry's capacity Vietnamese wood in segments with higher added value.
Read More

Your care

Latest Most read
ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN, RoK agree on transposition of AKFTA product specific rules

ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.
Opportunities for digital technology businesses to go global

Opportunities for digital technology businesses to go global

Finding solutions and directions to promote and develop Vietnamese digital technology enterprises is an important task, which will promote the stability and sustainability of the country's economy, heard a recent conference.
Vietnam, China eye stronger border trade

Vietnam, China eye stronger border trade

Border provinces of Vietnam and China should continue close coordination and enhance trade promotion between the two sides, stressed the recent talks between the management boards of the economic zone of the northern province of Ha Giang and the Malypo border economic cooperation zone of China’s Yunnan province.
Improve competitiveness and sustainable development of the seafood industry

Improve competitiveness and sustainable development of the seafood industry

In early 2024, seafood exports have prospered. This is the driving force that helps seafood businesses hope for a stronger recovery this year.
Business environment reform needs further promotion: expert

Business environment reform needs further promotion: expert

Resolution 02 issued by the Government creates pressure for the ministries, sectors and localities to make changes for the business community as well as the socio-economic development.
Mobile Version