US still leading importer of goods from Vietnam
The US remained Vietnam’s largest goods consumer, importing more than US$13 billion worth of goods over the past seven months (18 percent of Vietnam’s total export value), according to the Ministry of Industry and Trade’s Information Centre.
Exports to the US experienced a year-on-year increase of 17.2 percent, the centre reported.
During the reviewed period, garments, footwear and wood were all major Vietnamese export items that each posted over US$1 billion in revenue.
Garments topped the export list, fetching US$4.8 billion, up 15.5 percent. Footwear came next with US$1.4 billion, up 20.12 percent, followed by timber products with US$1.05 billion, a gain of 7.24 percent.
Other items that also recorded significant export turnover included computers and electronics, seafood, machinery and equipment, vehicles and component, cashew nuts, and steel products.
Crude oil was the standout performer, registering growth of 111.11 percent year-on-year despite recording modest export earnings of US$357.6 billion.
Statistics from the General Statistics Office showed Vietnam’s exports to the US last year were 116 times higher than the same period in 1995, with average annual growth of 32 percent.
Rising export turnover to the US will help meet this year’s target of US$23 billion.
However, Vietnam’s exports accounted for only 1 percent of US imports, with the country ranking 40th out of nations with the greatest export values to the US.
Experts suggested domestic businesses closely obey US market regulations and requirements to minimise the risk of being blocked by anti-dumping and anti-subside barriers.