Vietnam’s exports to US accelerate

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.