Vietnam – an important link of US supply chain
Vietnam is now the second largest supplier of apparel, footwear, and travel goods to the US market (Photo: baodautu.vn)
Vietnam is currently the 10th largest trading partner of the United States and an important link in this country's supply chain.
Recently, 90 CEOs of leading US companies have urged President Joe Biden to accelerate the donation of vaccines to Vietnam as it battles its most serious COVID-19 outbreak, Dau tu (Investment) online newspaprer reported.
In a letter sent to the US President, the CEOs of companies like Adidas, Coach, Gap, Hanesbrands, Nike, VF and Under Amour have emphasized that Vietnam is an important economic and supply chain partner of the US.
Vietnam “is now the second largest supplier of apparel, footwear, and travel goods to the US market. Further, Vietnam has become a major supplier of crucial inputs for America’s small but important footwear manufacturing industry,” the letter said, adding about 3 million US workers are connected - through the value chains - to many millions more in Vietnam.
“The health of our industry is directly dependent on the health of Vietnam’s industry,” the CEOs wrote.
The CEOs have asked President Biden to accelerate the donation of vaccines and other materials to help keep Vietnam on a strong footing so it can quickly recover, noting that the crisis of their employees in Vietnam is also their crisis.
Twenty-six years after the normalisation of bilateral relations, economic and trade ties between Vietnam and the US have seen great progress, with two-way trade hitting an all-time high of 90.8 billion USD in 2020, up 19.8 percent year-on-year, despite serious impacts of the COVID-19 pandemic.
Since the Vietnam - US Bilateral Trade Agreement (BTA) took effect in December 2001, two-way trade has continuously increased.
Bilateral trade was maintained in the first seven months of 2021 as the US continued to be Vietnam's largest importer with a turnover of 53.7 billion USD, up 37.7 percent year-on-year./.
Related News
Leverage to increase the scale of Vietnam - Laos trade turnover
10:51 | 15/04/2024 Import-Export
Vietnam-China trade reaches over US$ 27 billion
09:29 | 10/04/2024 Import-Export
How more than 6 tons of smuggled gold transported to Vietnam?
07:49 | 05/04/2024 Anti-Smuggling
Seaport enterprises "join hands" to expand logistics supply chain
10:40 | 04/04/2024 Import-Export
Latest News
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export
Domestic retailers eye export-quality products
17:37 | 18/04/2024 Import-Export
More News
Textile and garment exports recovered positively
10:26 | 18/04/2024 Import-Export
Launch of FDI Annual Report 2023
16:25 | 17/04/2024 Import-Export
Vietnam has opportunities to attract, develop the offshoring market
16:11 | 17/04/2024 Import-Export
Nearly 600 million USD disbursed in support of agroforestry, aquatic sectors
16:09 | 17/04/2024 Import-Export
Be proactive and flexible with production materials
09:02 | 17/04/2024 Import-Export
Cooperate to build leading and "rich in vitality" state-owned enterprises
08:59 | 17/04/2024 Import-Export
Garment & textile sector tries to keep growth momentum
14:16 | 16/04/2024 Import-Export
Businesses capitalize on recovery momentum to explore market expansion
10:01 | 16/04/2024 Import-Export
Access to the Chinese market is increasingly convenient
15:12 | 15/04/2024 Import-Export
Your care
Vietnam earns 1.43 billion USD from rice exports in Q1
15:50 | 19/04/2024 Import-Export
Localities get ready for fourth FDI boom
15:35 | 19/04/2024 Import-Export
Opportunities to develop a smart and sustainable packaging industry
14:14 | 19/04/2024 Import-Export
Domestic retailers eye export-quality products
17:37 | 18/04/2024 Import-Export
Textile and garment exports recovered positively
10:26 | 18/04/2024 Import-Export