(VOVWORLD) - Due to the COVID-19 pandemic Vietnam faced multiple problems in 2020, particularly in production and export. But Vietnam’s export to the US saw positive signs.
 (Photo: taichinhdoanhnghiep) |
The Ministry of Industry and Trade reported that Vietnam’s exports earned nearly 255 billion USD in November, 5.5% more than last year. The US is Vietnam’s largest export market, worth nearly 70 billion USD this year, 25.7% more than last year. The US market is followed by China, the EU, ASEAN, South Korea, and Japan.
In the past Vietnam’s major exports to the US have been garments, textiles, and footwear. In recent years, agricultural and fisheries products and seafood have been added to that list, and exports have included a growing percentage of processed and manufactured products. Vietnam now has 10 export items that earn 1 billion USD each in the US market. Economists say changes in the global supply chain have made Vietnam the US’s 27th largest exporter and 16th largest trade partner. Mr. Mark Gillin, former President of the American Chamber of Commerce in Vietnam, said: “ We went from zero export to the situation now that Vietnam is the 16th largest trade partner with the US. Vietnam’s export to the US is from 7-8 to 15 billion USD a year. It’s really fantastic when you consider how we started and where we were.”
The Ministry of Industry and Trade has accelerated an Action Plan toward harmonious, sustainable Vietnam-US trade. Vietnam plans to import more from the US, particularly energy, agricultural products, pharmaceuticals, machinery, and tools. The US will also increase imports of Vietnam’s agricultural products, garments and textiles, machinery, and electronics. Trade between the two countries is expected to grow strongly in the near future.