Business
Vietnam records over $24b trade surplus with US
Vietnam enjoyed a US$24.1 billion trade surplus with the United States in the first nine months of this year, a report from the General Department of Vietnam Customs revealed.
The amount was equivalent to 78 per cent of Vietnam’s total export turnover to the United States.
In September alone, Vietnam exported goods worth $3.62 billion to the United States, raising the country’s total exports to the world’s largest economy in the January-September period to nearly $31 billion, up 9.4 per cent from a year earlier.
In the first nine months of 2017, the country had eight commodity groups, of which export turnover to the US market reached over $1 billion each for each group.
Garment exports were the largest earner with $9.25 billion, equivalent to almost 30 per cent of Vietnam’s total export revenue to the United States during the period.
Three other export items each brought in more than $1 billion, namely machinery, seafood and leather products.
According to experts, some of Vietnam’s export items such as textile and garment, and footwear still have competitive advantages in the US market though the latter has pulled out of the Trans-Pacific Partnership (TPP) agreement.
Nate Herman, senior vice president of supply chain at the American Apparel and Footwear Association, said that the products take the lead in Vietnam’s exports stateside in terms of revenue, though the country is at a disadvantage, as the US has pulled out of the TPP agreement.
He forecast the export growth rate of commodities from Vietnam to the US will outstrip the rates of its competitors, even if Vietnam does not benefit from any trade incentive programs and free trade agreements.
Jon Fee, senior counsel at Alston & Bird LLP, said behind China, Vietnam is the US’s second largest provider of these products. American retailers and consumers are aware of Vietnam’s plus points in terms of quality, price and delivery commitment.
Trade relations between Vietnam and the United States are on the rise, having increased from 2008’s trade value of $15 billion to 2016’s number of $52 billion. Furthermore, the US exports to Vietnam surged by 43 percent between 2015 and 2016, proving that bilateral economic ties are the fruits of joint announcements and oriented visions.
In September alone, Vietnam exported goods worth $3.62 billion to the United States, raising the country’s total exports to the world’s largest economy in the January-September period to nearly $31 billion, up 9.4 per cent from a year earlier.
In the first nine months of 2017, the country had eight commodity groups, of which export turnover to the US market reached over $1 billion each for each group.
Garment exports were the largest earner with $9.25 billion, equivalent to almost 30 per cent of Vietnam’s total export revenue to the United States during the period.
Footwear exports contributed $3.76 billion to Vietnam’s export turnover in the first nine months of 2017, up 13.7 per cent year-on-year.
|
Footwear came second with revenue totaling $3.76 billion, up 13.7 per cent year-on-year, followed by phones and phone parts with $2.89 billion.
Timber and timber products also raked in $2.36 billion, while computers and electronic products made up $2.41 billion.Three other export items each brought in more than $1 billion, namely machinery, seafood and leather products.
According to experts, some of Vietnam’s export items such as textile and garment, and footwear still have competitive advantages in the US market though the latter has pulled out of the Trans-Pacific Partnership (TPP) agreement.
Nate Herman, senior vice president of supply chain at the American Apparel and Footwear Association, said that the products take the lead in Vietnam’s exports stateside in terms of revenue, though the country is at a disadvantage, as the US has pulled out of the TPP agreement.
He forecast the export growth rate of commodities from Vietnam to the US will outstrip the rates of its competitors, even if Vietnam does not benefit from any trade incentive programs and free trade agreements.
Jon Fee, senior counsel at Alston & Bird LLP, said behind China, Vietnam is the US’s second largest provider of these products. American retailers and consumers are aware of Vietnam’s plus points in terms of quality, price and delivery commitment.
Trade relations between Vietnam and the United States are on the rise, having increased from 2008’s trade value of $15 billion to 2016’s number of $52 billion. Furthermore, the US exports to Vietnam surged by 43 percent between 2015 and 2016, proving that bilateral economic ties are the fruits of joint announcements and oriented visions.
