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Vietnam in top 10 biggest exporting countries to US market

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

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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.

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