Exports to US estimated at US$76.4 billion in 2020
Vietnam moved up four grades to become the second largest exporter to the US in 2020, with its export turnover surging 24.5% to an estimated US$76.4 billion.
The US remains the biggest importer of Vietnamese goods in recent years, importantly contributing to expanding markets, promoting production and increasing foreign currency income.
However, Vietnam’s exports to the US accounts for 2.7% of the American country’s total imports from all countries and territories worldwide.
Besides traditional exports such as textiles, footwear and aquatic products, Vietnam has also shipped electronics, spare parts and wooden products to the market.
According to the Vietnam Trade Office in the US, the two countries have witnessed a strong breakthrough in the bilateral trade turnover, especially Vietnam’s exports to the US.
Statistics from the US side show that the two-way trade increased to US$75.7 billion in 2019 from juts US$450 million in 1995 when Vietnam and the US established diplomatic relations.
Apart from trade cooperation, the two countries have also enhanced cooperation in investment, research, sci-tech development, transportation, education, telecommunication and energy.
According to Deputy Minister of Industry and Trade Do Thang Hai, the groups of textiles, footwear, aquatic products, electronics, components and furniture will have great opportunities to boost exports the US in the coming time.
The diverse cooperation is expected to create a foundation for substantial, extensive and and sustainable cooperation between the two economies in the future.
The General Statistics Office (GSO) reported Vietnam’s total export turnover in 2020 reached US$281.5 billion, up 6.5% year-on-year. The country enjoyed a trade surplus of US$19.1 billion this year.