At present, Vietnam is ranked 16th among the leading trade partners of the US and the annual bilateral trade growth reaches 20 percent. Statistics showed that Vietnam’s exports to the US in January 2019 were estimated at over 5.1 billion USD, up 42.1 percent compared the same period last year.

The US-Vietnam Business Summit 2018.

Garment-textile exports to the US increased 34.1 percent to hit over 1.59 billion USD. Other Vietnamese staples include footwear with the export turnover of 620 million USD, up by over 100 million USD; wood and timber products at 475 million USD, up by 156 million USD; and mobile phones at 473 million USD, up 259 million USD.

According to the department in charge of Asian and American markets under the Ministry of Industry and Trade, the US made up 23.3 percent of Vietnam’s total export turnover in January, maintaining its position as a key trade market.

Additionally, a range of Vietnamese goods have been growing in popularity in the US. Vietnam has been able to export mangoes to the US after a decade of negotiations and the completion of all procedures required by one of the most choosy markets in the world.

In January, the country imported over 1 billion USD worth of goods from the US, resulting in Vietnam’s trade surplus of over 4 billion USD to the market.

Minister Counsellor Bui Huy Son, head of the Vietnam Trade Office in the US, stated that his office recently worked with one of the biggest Asian food distribution chains in the US, the Rhee Brothers, to expand Vietnamese food distribution in the market.

With the largest total import value of over 2.4 trillion USD in 2018, the US will continue to be a key export market of Vietnam in the coming years, Son said, adding that this is also a fiercely competitive one.

According to experts, the trade relations between Vietnam and the US in 2019 will see important changes because the US looks likely to recognize the market economy of Vietnam after July 1, 2019. Therefore, the bilateral ties will be laid on the important legal foundation of international commitments.

To promote exports to the US, Son suggested that government agencies and the business community continue to create a favorable environment, while also improving goods quality, building brands, making good use of distribution systems, and effectively implementing trade promotion activities.

27 most popular Vietnamese trademarks in 2019 announced

The Sai Gon Giai Phong (Liberated Sai Gon) newspaper hosted a ceremony in Ho Chi Minh City on January 26 to honor 27 most popular Vietnamese brand names in 2019 selected by its readers.

 

South Africa remains Vietnam’s biggest trade partner in Africa

South Africa retained its top position among African trade partners of Vietnam in 2018, with bilateral trade topping US$1.1 billion, up 11.7% from 2017 and accounting for 16% of total trade between Vietnam and African countries.

 

Vietnam-Africa trade reaches US$6.6 billion in 2018

Bilateral trade between Vietnam and African nations hit US$6.6 billion in 2018, with Vietnam’s exports worth US$3 billion, up 10% from the previous year.

 

Vietnam, Bulgaria boost trade, investment

The Vietnam-Bulgaria Trade Promotion and Investment Centre has opened in Hanoi recently, improving conditions for Vietnamese businesses to boost investment and exports to Bulgaria as well as accessing other EU markets.

 

Vietnam records surplus in trade with Canada

According to preliminary data of Statistics Canada, Vietnam’s exports to the North American country rebounded in 2018 to CAD5.35 billion, up 5.2% year on year. Its imports from Canada stayed flat at around CAD1.01 billion.

 

Source: VNA