Vietnam’s exports to US accelerate
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Vietnam’s exports to the U.S. surged 24.4% year-on-year to $66.09 billion in the first seven months, the highest growth rate among its export markets.
In the seven-month period, American buyers spent a monthly average of close to $9.6 billion on purchasing goods from Vietnamese suppliers.
With the U.S. accelerating goods purchases for the year-end festive season and the volume of their goods in stock plunging, the number of orders from U.S. buyers is expected to grow significantly.
Vu Vinh Phu, an economic expert, predicted Vietnamese exports to the market such as electronics, leather and footwear, garment textiles, farm produce, machinery and equipment will continue to recover in months to come.
These product categories have seen improvement in quality and competitive pricing thanks to substantial foreign direct investment in production and export activities as well as their deep integration into supply chains, making them more favoured and trusted by U.S. importers.
If the current growth momentum is maintained, bilateral trade could reach $135 billion this year.
Questions & Answers
Q.What was the total value of Vietnamese exports to the US during the first seven months of this year?
What was the total value of Vietnamese exports to the US during the first seven months of this year?
Vietnam's exports to the US reached $66.09 billion in the first seven months. This figure represents a significant year-on-year increase of 24.4%, making it the highest growth rate among all of Vietnam's export markets.
Q.Which specific product categories are expected to see continued recovery in Vietnamese exports to the US market?
Which specific product categories are expected to see continued recovery in Vietnamese exports to the US market?
Economic expert Vu Vinh Phu predicts that electronics, leather and footwear, garment textiles, farm produce, machinery, and equipment will continue to recover. These products are favoured due to improved quality, competitive pricing, and deep integration into supply chains.
Q.What factors are driving the increased preference for Vietnamese goods among US importers?
What factors are driving the increased preference for Vietnamese goods among US importers?
Vietnamese goods are becoming more favoured and trusted by US importers due to improved quality and competitive pricing. This improvement is attributed to substantial foreign direct investment in production and export activities, alongside deep integration into supply chains.
Q.What is the projected total bilateral trade value between Vietnam and the US for this year?
What is the projected total bilateral trade value between Vietnam and the US for this year?
If the current growth momentum in exports is maintained, the total bilateral trade between Vietnam and the US could reach $135 billion this year. This projection highlights the strong performance seen in the first seven months.
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