AloTrip

Where do you travel?

trustpilot

Vietnam in top 10 biggest exporting countries to US market

Fri, 27 Feb 2015. Last updated Thu, 25 Jun 2015 09:00

Related stories

In 2014, Vietnam replaced India to be shortlisted in 10 biggest exporting countries in American market. It is predicted that in future, if Vietnam makes successful reform, the country will attract not only US investors but also other foreign enterprises.

According to the new figures published by US Commercial Department, the total bilateral trade turnover between Vietnam and the United States increased from 29.6 billion dollars in 2013 to 36.3 billion dollars in 2014. In which, the value of imports amounted to more than 30.6 billion dollars, an increase of 24% in comparison to the previous year. With this number, Vietnam occupied the 15th position in a list of exporting countries in American market. On the other hand, US exported 5.7 billion dollars in Vietnam market and ranked the 44th. With the trade surplus of over 24.9 billion dollars, Vietnam surpassed India to take 10th position compared to 234 countries and regions having the trade relations with US - the biggest economy in the world.  In comparison to the figures of the previous year, the total trade surplus of Vietnam in American market increased 27%, which was higher than Malaysia (17.3 billion USD) and Thailand (15.3 billion USD). This number made Vietnam become the largest supplier in ASEAN region for US market.

 

A garment factory in Vietnam

 

On the side of Vietnam, the figure provided by General Department of Vietnam Customs shown that American is the largest export partner of Vietnam with 28.7 billion dollars (2014), which was nearly double China and Japan.  Major export products of Vietnam are textiles and garments, footwear, wood, bags, etc. Meanwhile, Vietnam often imports machinery, raw materials for textiles and footwear, cotton, plastics, animal feeds, and so on. American Chamber Of Commerce and Industry (AMCHAM) assessed that Vietnam would become bigger and bigger trading partner in ASEAN region. It is predicted that the increase of trade turnover will reach 57 billion USD in 2020. This will strengthen its role of as a foreign leading destination for American enterprises.

Mr. Truong Gia Binh, Chairman of Vietnam Software and its Services Association (Vinasa) said that American was a large potential market for Vietnam software enterprises. Some researchers shown that in a period of 2015 - 2017, the total expenditure on American information technology services will reach approximately 1.286 billion USD, nearly 2.5 times compared to the total number of Asia Pacific region including Australia, Japan, New Zealand, Singapore, and Korea. FPT Software - Vietnam technology Company operated by Mr. Truong Gia Binh gained the revenues of 40 million dollars from the US market in 2014, increasing 39% in comparison to 2013. It is expected that in 2016, this number will reach 100 million USD.

 

Mr. Dinh La Thang in a meeting with IL&FS leaders

 

According to the analysis of foreign experts, the key to the success of Vietnam economy has come from the increase of production capacity in fields of agriculture when Vietnam became the third largest exporter in US market. However, the most outstanding achievement of Vietnam is the country's textiles and garments. Vietnam are making good use of opportunities when international manufacturers are shifting from China to other countries like Vietnam. In 2015, Vietnam will continue to negotiate Trans-Pacific Strategic Economic Partnership Agreement (TPP). If the agreement is successfully negotiated, trade barriers in US market will significantly reduce and the bilateral trade relations between Vietnam and US will be promoted. When the labor productivity is higher, Vietnam will become a serious competitor of China. Nonetheless, in addition to great opportunities, Vietnam will face many challenges to improve Vietnam business environment including simplifying administrative procedures, enhancing the quality of labor, and preparing a clear strategy for each industry. "Vietnam will become more attractive to US investors if the country successfully reform", Mr. Truong Gia Binh stated.

  • View
    3052
  • Share
    0
  • Comment
    0
  • 0
  • 0
  • 0
Vietnam goods spread in Chile and Latin America
Vietnam goods spread in Chile and Latin America

After signing the free trade agreement with Chile, Vietnam goods are exported more to the market, raising Vietnam export turnover significantly with lower tariff. In addition, Vietnam goods are increasingly imported in Latin American market.

Vietnam coffee price strongly increases
Vietnam coffee price strongly increases

Coffee output of Brazil falls sharply, which will be a great chance for Vietnam coffee to surpass world coffee market. By dint of this, the price of Vietnam coffee will increase significantly, creating benefit for farmers planting coffee in Vietnam.

Vietnam mergers and acquisitions market has a great potential
Vietnam mergers and acquisitions market has a great potential

On August 7, 2014, Vietnam Mergers and Acquisitions Forum 2014 took place in Ho Chi Minh City with a subject of Mergers And Acquisitions Before The Second Wave. The event was organized by an investment magazine of Ministry of Planning and Investment.

Businesses in Vietnam enhance Russian cooperation
Businesses in Vietnam enhance Russian cooperation

At the Vietnam Russian business meeting, business in Vietnam expressed their great goodwill to enhance cooperation with businesses in Russia. Accordingly, Vietnam and Russia will boost to cooperate in many fields to develop two sides’ economy and society.

Vietnam market attracts French investors
Vietnam market attracts French investors

According to Mr. Marc Cagnard, an Commercial Counselor and Head of the Representative Office of French Trade in Vietnam, there are approximately 15 groups of French enterprises are seeking opportunities to invest in Vietnam market.

Vietnam stock market attracts foreign investors
Vietnam stock market attracts foreign investors

With improved macroeconomic situation in Vietnam, low inflation and interest rates, Vietnam stock market is heading for the 14th year of constant net buying of foreigners. The improvement is accepted by international stock markets and financial community.

Vietnam attracts large smartphone corporations
Vietnam attracts large smartphone corporations

The latest plans of Samsung and Microsoft have proved that investment in Vietnam is increasingly attracting large investors. Expectedly, Vietnam will be come a meeting place for high-tech corporations in the future.

Vietnam stock market receives huge investment from Singapore
Vietnam stock market receives huge investment from Singapore

Vietnam is becoming a potential destination for foreign investors. The clearest evidence is that Vietnam stock market continuously receives positive information from Singaporean investors in the early months.

Vietnam economy with opportunities and challenges in 2015
Vietnam economy with opportunities and challenges in 2015

2015 is considered to be an important year of the further and greater international integration of Vietnam economy. This is a not only the golden time of FTA between Vietnam and other countries but also an important milestone of establishing AEC.

Vietnam and Russia hold conference of investment promotion
Vietnam and Russia hold conference of investment promotion

On May 20th, the conference of investment and commerce promotion between Vietnam and Russia was held in Ho Chi Minh City with the theme of “Hanoi – Moscow Center for Culture, Trade and Hotel: the commercial bridge between Vietnam and Russia.

Vietnam enterprises promoting trade in France
Vietnam enterprises promoting trade in France

On June 23rd, a delegation of representatives of Vietnam enterprises has a meeting with French counterparts to introduce and promote Vietnam market as well as to seek for business opportunities in France.

Retail groups increase investment in Ho Chi Minh City
Retail groups increase investment in Ho Chi Minh City

A series of large retail groups worldwide along with leading brands of beverage, fast foods, and fashion are strengthening investment in Ho Chi Minh City to expand market share and exploit Vietnam market.

Exciting activities in Vietnam Family Day 2015
Exciting activities in Vietnam Family Day 2015

With the theme of Central Highland Culture with matriarchy tradition, activities of Vietnam Family Day 2015 will take place from 26-28 June 2015 at Vietnam National Village for Ethnic Culture and Tourism to establish and improve a stable society.

Vietnam real estate attracts investment from foreign investors
Vietnam real estate attracts investment from foreign investors

Vietnam real estate is assessed to overcome the most difficult period and is entering into recovering period. Therefore, international investors are pouring a huge amount of money into Vietnam market.

Vietnam business environment 2015 sees a better hope
Vietnam business environment 2015 sees a better hope

Most businesses and industry associations presage about Vietnam business environment in 2015 better than that in 2014. Many fields as taxation, customs, banking, and government pond will see a new reform in time to come.

BMW M4 Coupé in Vietnam firstly released
BMW M4 Coupé in Vietnam firstly released

Euro Auto has launched the showroom of BMW Motorsport & Individual in Ho Chi Minh City. This is the first and only showroom in Vietnam for two subsidiary brands: BMW Motorsport and Individual, especially BMW M4 Coupé in Vietnam.

Electronic industry in Vietnam attracts foreign investors
Electronic industry in Vietnam attracts foreign investors

According to Mr. Adam See, the Chairman of AIES (the Association of Electronic Industries in Singapore), the development of Electronic industry in Vietnam will be a phenomenon in the next years.

ADB supports to develop Green City in Hue
ADB supports to develop Green City in Hue

On March 10, in Hue City, Mr. Nguyen Van Cao, Chairman of Hue People's Committee had a meeting with Ms. Sofia, Head of the delegation of Asian Development Bank experts on infrastructure project for Green City in Hue development program.

Summer Concert in Hanoi on April 9
Summer Concert in Hanoi on April 9

Summer Concert in Hanoi is one of the most expected classical events in 2015 of Vietnam National Academy of Music. The event witnesses the participation of famous and professional artists, including Nguyen Khac Thanh, Nguyen Nguyet Thu and Tran Quang Duy.

GetGreen contributes to Vietnam environment improvement
GetGreen contributes to Vietnam environment improvement

After three year of implementation, GetGreen project has gained many achievements in improving Vietnam environment. The GetGreen Vietnam project was widely and successfully organized in four major cities as Hanoi, Da Nang, Ho Chi Minh City, and Can Tho.

Landmark 81 – the highest building in Vietnam
Landmark 81 – the highest building in Vietnam

On December 13th, an 81-storey skyscraper named The Landmark 81, which belongs to luxury urban area Vinhomes Central Park was started construction by Vingroup. It is expected that this highest building in Vietnam will be inaugurated in 2017.

Starbucks Vietnam opens three stores in Hanoi
Starbucks Vietnam opens three stores in Hanoi

Starbucks will open its three coffee shops in Hanoi in the effort to conquer the demanding palates of residents in this city. According to a representative of Starbucks Vietnam, the first three stores will be opened in prime locations of Hanoi.

Ho Chi Minh City opens 2nd McDonalds restaurant
Ho Chi Minh City opens 2nd McDonalds restaurant

After the success of the first restaurant on Dien Bien Phu Street, District 1, McDonalds Ho Chi Minh City will open the second on May 16th. The new restaurant is located near Ben Thanh Market, on Tran Hung Dao Street.

Da Nang becoming the most worth-living city in Vietnam
Da Nang becoming the most worth-living city in Vietnam

39 years after the Vietnam Liberation Day, Da Nang has developed significantly in all aspects. More importantly, Da Nang City has leave impression on tourists and residents as the most worth-living city in Vietnam.

Vietnam economy forecasted to grow in 2014
Vietnam economy forecasted to grow in 2014

As global economy is having positive changes, Vietnam economy will be definitely boosted. It is expected to increase 5.6 percent in this 2014 thanks to the recovery of the United States and Eurozone in banking reforms.

Vietnamese middle class increases most rapidly in Asia
Vietnamese middle class increases most rapidly in Asia

According to a recent survey conducted by ANZ, it is reported that Vietnamese middle class increases most rapidly in Asia, about 2 million Vietnamese joining the middle-class of Vietnamese society every year.

Asia Park Da Nang begins forthcoming operations
Asia Park Da Nang begins forthcoming operations

Sun Group Corporation recently has celebrated groundbreaking ceremony to construct Asia Park Da Nang cultural park and recreation on 2/9 street with a total investment of $ 200 million.

Thu Thiem new urban area of Ho Chi Minh City in future
Thu Thiem new urban area of Ho Chi Minh City in future

Ho Chi Minh City decided to expand center area including the whole Thu Thiem new urban area. There are accordingly some changes in Ho Chi Minh districts as well as the city urban area.

Ho Chi Minh Vincom Center will open Kids World
Ho Chi Minh Vincom Center will open Kids World

The second Kids World will be opened on Dong Khoi Street by Ho Chi Minh Vincom Center, on April 25th. With a scale of more than 5000 square meters, Kids World is expected to be the paradise for children.

Attractive activities for Children Day in Hanoi
Attractive activities for Children Day in Hanoi

June 1st has been chosen as the International Children’s Day since 1950. On this occasion annually, a large number of attractive activities for Children Day in Hanoi will be celebrated in several attractions and amusement parks across the city.