20:53 (GMT +7) - Tuesday 16/10/2018

Vietnam Today

Vietnam 15th biggest importer to US

Released at: 09:48, 26/02/2015

Vietnam 15th biggest importer to US

Country also has a trade surplus in the Top 10.

by Minh Tuyet

Total trade turnover between Vietnam and the US increased from $29.6 billion in 2013 to $36.3 billion in 2014, according to recent figures from AmCham. Imports from Vietnam were $30.6 billion, increasing 24 per cent compared with 2013. Vietnam therefore ranked 15th among countries exporting to the US market, rising five places during the year.

Meanwhile, the US exported $5.7 billion to Vietnam and remained in 44th place.

With a trade surplus of some $24.4 billion, Vietnam ranked 10th out of 243 countries and territories having trade relations with the US, rising eleven places compared with 2013.

The country's trade surplus rose 27 per cent compared with 2013 and was higher than the figure for Malaysia ($17.3 billion) and Thailand ($15.3 billion), making it the largest trader with the US in ASEAN.

Figures from Vietnam Customs, meanwhile, also put the US as Vietnam's largest export partner, with $28.7 billion in trade in 2014. The figure was double that of the two following countries, China and Japan.

Exported goods were primarily textiles, footwear, wood and bags, whereas Vietnam imported materials for footwear, cotton, plastic and cattle feed.

AmCham said that Vietnam will become an increasingly important partner in ASEAN for the US, with expected trade turnover of $57 billion by 2020.

Experts analyzed that the success of Vietnam's economy is because of improving ability in the agriculture sector, with Vietnam becoming one of the three largest shrimp exporters to the US, behind Indonesia and India.

However, the most significant sector is textiles, because Vietnam has utilized opportunities presented by manufacturers moving purchase orders away from China.

User comment (0)

Send comment