U.S. exports to Vietnam experienced a significant increase in January-July, having posted a record value of nearly US$10 billion in 2018, data from both sides show.
Vietnam is currently one of America’s fastest-growing markets, according to the Consulate General of the United States in Ho Chi Minh City.
The two countries started out with almost no two-way goods trade 25 years ago to nearly US$60 billion worth of bilateral trade today, the U.S. Consulate General said in an email, responding to a request for statistics from Tuoi Tre (Youth) newspaper on Tuesday.
The U.S. exported nearly $10 billion worth of goods to Vietnam in 2018, a surge of more than four times in the past decade.
Key U.S. exports include computers and electronics, cotton, machinery, fruit and nuts, and soybeans and grains.
In the meantime, the General Department of Vietnam Customs said exports from the States to the Southeast Asian country in the January-July period have been on the constant rise over the past five years.
In the same seven-month period in 2015, exports were worth $4.461 billion before slightly rising to $4,485 billion in 2016 and $5.541 billion in 2017.
The January-July exports from the U.S. to Vietnam jumped 37 percent year on year to $7.612 billion in 2018 and continued to rise to $8.152 billion this year, according to the general department.
|Customers shop for soft drinks imported from the U.S. at a supermarket in District 1, Ho Chi Minh City. Photo: Ngoc Hien / Tuoi Tre|
Among all sectors, agriculture trade between the two countries has been particularly strong, posting a value of $8.6 billion in 2018, up 26 percent from 2017, and making Vietnam the seventh-largest agricultural export market of the U.S.
Specifically, the U.S. exported $4.5 billion worth of farm produce and food to Vietnam last year, up 50 percent from 2017, according to the Consulate General of the United States in Ho Chi Minh City.
The American Chamber of Commerce (AmCham) in Vietnam attributed the agricultural export increase to Vietnam’s improvement of per capita income (PCI).
In addition, both sides have gradually lifted technical barriers to trade and make their markets more open, widening the access of U.S. agricultural products to Vietnam.
In other sectors, Vietnam imported $2.63 billion worth of computers, electronics, and machinery from the U.S. in the first half of this year, up $1.15 billion from the same period in 2017, and $1.12 billion worth of cotton, equivalent to a $282-million climb, according to the General Department of Vietnam Customs.
The U.S. Consulate General believed there is still great potential for further trading between the two countries, considering Vietnam’s growing middle class and strong and stable GDP growth.
“Ensuring free, fair, and reciprocal trade and investment terms with all U.S. partners, including friends like Vietnam, is a top priority for President Trump," the diplomatic body affirmed in the email.
“We remain committed to working with Vietnam to take steps to address both our trade imbalance and market access barriers in a constructive manner.
“We are working to become the preeminent exporter and partner in supporting the development of a prosperous Vietnam.”