- Export turnover to the US this year is estimated at over US$76.4 billion
- Wide room for more Vietnamese exports since these account for only 2.7% of total US imports worldwide
- Textiles, footwear, aquatic products, electronics, components and furniture have strong potential for growth in the US market
Vietnam is the second largest exporter to the United States in 2020, with its export turnover to the Western country to date surging to an estimated US$76.4 billion.
Vietnam has advanced by four notches from sixth place in 2015 to second place in 2020 on the list of the largest exporting countries to the US market, according to a news report from Vietnam News Agency.
The US remains the biggest importer of Vietnamese goods in recent years, although Vietnam’s exports to the US account for only 2.7% of the American country’s total imports from all countries and territories worldwide.
This shows room in the US market for more Vietnamese exports in the future. 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 bilateral trade turnover, especially Vietnam’s exports to the US.
Statistics from the US side show that the two-way trade increased to $75.7 billion in 2019 from just $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 sustainable cooperation between the two economies in the future.
The General Statistics Office said Vietnam’s total export turnover in 2020 reached $281.5 billion, up 6.5% year-on-year. The country enjoyed a trade surplus of $19.1 billion this year.
Photo by Phó Nháy