AloTrip

Where do you travel?

trustpilot

Vietnam in top 10 biggest exporting countries to US market

Fri, 27 Feb 2015. Last updated Thu, 25 Jun 2015 09:00

Related stories

In 2014, Vietnam replaced India to be shortlisted in 10 biggest exporting countries in American market. It is predicted that in future, if Vietnam makes successful reform, the country will attract not only US investors but also other foreign enterprises.

According to the new figures published by US Commercial Department, the total bilateral trade turnover between Vietnam and the United States increased from 29.6 billion dollars in 2013 to 36.3 billion dollars in 2014. In which, the value of imports amounted to more than 30.6 billion dollars, an increase of 24% in comparison to the previous year. With this number, Vietnam occupied the 15th position in a list of exporting countries in American market. On the other hand, US exported 5.7 billion dollars in Vietnam market and ranked the 44th. With the trade surplus of over 24.9 billion dollars, Vietnam surpassed India to take 10th position compared to 234 countries and regions having the trade relations with US - the biggest economy in the world.  In comparison to the figures of the previous year, the total trade surplus of Vietnam in American market increased 27%, which was higher than Malaysia (17.3 billion USD) and Thailand (15.3 billion USD). This number made Vietnam become the largest supplier in ASEAN region for US market.

 

A garment factory in Vietnam

 

On the side of Vietnam, the figure provided by General Department of Vietnam Customs shown that American is the largest export partner of Vietnam with 28.7 billion dollars (2014), which was nearly double China and Japan.  Major export products of Vietnam are textiles and garments, footwear, wood, bags, etc. Meanwhile, Vietnam often imports machinery, raw materials for textiles and footwear, cotton, plastics, animal feeds, and so on. American Chamber Of Commerce and Industry (AMCHAM) assessed that Vietnam would become bigger and bigger trading partner in ASEAN region. It is predicted that the increase of trade turnover will reach 57 billion USD in 2020. This will strengthen its role of as a foreign leading destination for American enterprises.

Mr. Truong Gia Binh, Chairman of Vietnam Software and its Services Association (Vinasa) said that American was a large potential market for Vietnam software enterprises. Some researchers shown that in a period of 2015 - 2017, the total expenditure on American information technology services will reach approximately 1.286 billion USD, nearly 2.5 times compared to the total number of Asia Pacific region including Australia, Japan, New Zealand, Singapore, and Korea. FPT Software - Vietnam technology Company operated by Mr. Truong Gia Binh gained the revenues of 40 million dollars from the US market in 2014, increasing 39% in comparison to 2013. It is expected that in 2016, this number will reach 100 million USD.

 

Mr. Dinh La Thang in a meeting with IL&FS leaders

 

According to the analysis of foreign experts, the key to the success of Vietnam economy has come from the increase of production capacity in fields of agriculture when Vietnam became the third largest exporter in US market. However, the most outstanding achievement of Vietnam is the country's textiles and garments. Vietnam are making good use of opportunities when international manufacturers are shifting from China to other countries like Vietnam. In 2015, Vietnam will continue to negotiate Trans-Pacific Strategic Economic Partnership Agreement (TPP). If the agreement is successfully negotiated, trade barriers in US market will significantly reduce and the bilateral trade relations between Vietnam and US will be promoted. When the labor productivity is higher, Vietnam will become a serious competitor of China. Nonetheless, in addition to great opportunities, Vietnam will face many challenges to improve Vietnam business environment including simplifying administrative procedures, enhancing the quality of labor, and preparing a clear strategy for each industry. "Vietnam will become more attractive to US investors if the country successfully reform", Mr. Truong Gia Binh stated.

  • View
    2687
  • Share
    0
  • Comment
    0
  • 0
  • 0
  • 0
More FDI for Vietnam from US
More FDI for Vietnam from US

Vietnam is on the line of becoming a new tiger in Asian economy. With the support from other countries, especially US, in the future, the wish of Vietnam will come true. At present, apart from invesments from Korea, FDI for Vietnam from US is increased.

Vietnam stock market attracts foreign investors
Vietnam stock market attracts foreign investors

With improved macroeconomic situation in Vietnam, low inflation and interest rates, Vietnam stock market is heading for the 14th year of constant net buying of foreigners. The improvement is accepted by international stock markets and financial community.

Vietnam Business Forum 2014 opened
Vietnam Business Forum 2014 opened

On December 2nd morning, Vietnam Business Forum 2014 was officially launched. The forum gave many concerning issues in current situation of Vietnam economy and the world’s one. Vietnam businesses are facing difficulties and advantages.

Vietnam economy 2015 prospect
Vietnam economy 2015 prospect

Overall, in middle term, according to the assessment of experts, Vietnam GDP growth rate will remain at a modest level. And, the stable status of macro-economy will be improved. Vietnam economy 2015 will be more sustainable than that in 2014.

Vietnam - UK Economic Cooperation boosted
Vietnam - UK Economic Cooperation boosted

The eighth session of UK-Vietnam Joint Economic and Trade Committee (JETCO) took place in the afternoon of March 2nd in London to seek new appeals to promote Vietnam - UK Economic Cooperation.

Vietnam economy shows bright spots in international looks
Vietnam economy shows bright spots in international looks

Vietnam economy in 2015 is predicted to develop strongly. With great achievements in the first quarter, Vietnam is highly appreciated by international organizations such as Bloomberg, Economist Intelligence Unit, HSBC or ASEAN Stats.

Vietnam export has golden opportunities in 2015
Vietnam export has golden opportunities in 2015

The door of Vietnam export in 2015 is widely opened with eight free trade agreements were signed. Currently, Vietnam is conducting to complete elimination of tariffs and prepare for the sign of next five free trade agreements.

Deepen Vietnam - Denmark relation comprehensively
Deepen Vietnam - Denmark relation comprehensively

Vietnam - Denmark relation has ben got on well with each other in various fields. To deepen and make the coopertion more comprehensive, two governments have decisions on improving the relations to bring benefits to peoples in two countries.

Vietnam economy jumps 2 notches in global competitiveness
Vietnam economy jumps 2 notches in global competitiveness

According to the latest report of World Economic Forum (WEF), Vietnam economy has jumped 2 notches on the ranking of global competitiveness. The new position of Vietnam is 68.

Australia has 320 investment projects in Vietnam
Australia has 320 investment projects in Vietnam

Up until now, Australia has 320 direct investment projects in Vietnam that are valid for a total registered investment capital of more than $ 1.65 billion US dollar. These projects are mostly in South Central Coast of Vietnam.

All ready for IPU 132 in Vietnam
All ready for IPU 132 in Vietnam

From March 28 to April 1, the 132nd IPU Assembly will be hosted by Vietnam. The politic and diplomatic event of IPU 132 in Vietnam has a great significance to the country. Vietnam has completed all preparations for the important General Assembly.

Great potentials seen in Vietnam automotive industry
Great potentials seen in Vietnam automotive industry

It is estimated that there are approximately 4% Vietnamese people owning a private car. According to a forecast of EuroCham, with impressive economic growth rate, Vietnam automotive industry has enormous potentials to develop.

Seaplane flight service in Vietnam for the first time
Seaplane flight service in Vietnam for the first time

Seaplane flight service in Vietnam is exploited commercially for the first time. The seaplane will be used on stage of Hanoi – Ha Long with the price of 10,000 million VND for a return ticket.

Vietnam to hold ASEAN Ethnics Photos and Films Contest
Vietnam to hold ASEAN Ethnics Photos and Films Contest

The photos and documentary films contest on ethnics in ASEAN Community in Vietnam 2015 will be held in Hanoi to welcome the foundation of ASEAN Community. From from June 15 to 17:00 October 31 photos and films will be sent to the organizers.

Vietravel Airlines - A new airline born in Vietnam
Vietravel Airlines - A new airline born in Vietnam

On April 3, 2020, Vietnamese Prime Minister has issued a Decision No. 457/QĐ-TTg with an approval for opening Vietravel Airlines. The project aims to open an airline associated with tourism, air domestic and international transportation services.

Vietnam attracts large smartphone corporations
Vietnam attracts large smartphone corporations

The latest plans of Samsung and Microsoft have proved that investment in Vietnam is increasingly attracting large investors. Expectedly, Vietnam will be come a meeting place for high-tech corporations in the future.

Soho Street in Hong Kong is dying by COVID 19
Soho Street in Hong Kong is dying by COVID 19

Facing the constant shortage of customers due to the Covid-19 epidemic and the high renting expense, a series of restaurants on Soho Street - the Hong Kong's most bustling area had to close.

Vietnam Science and Technology supported by Israel
Vietnam Science and Technology supported by Israel

In the near future, Vietnam Science and Technology will welcome application of high-technology from Israel, a country lacking natural resources but still develops its economy in all fields. This also highlights more the Vietnam – Israel relation.

The opening ceremony of La Lay international border gate
The opening ceremony of La Lay international border gate

On June 25, 2014, the Governments of two countries Vietnam and Lao officially organized the opening ceremony of La Lay international border gate in A Ngo Commune, Dakrong District, Quang Tri province.

Japan immigration restricts Vietnamese
Japan immigration restricts Vietnamese

On March 26, 2020, the Government of Japan held a meeting of the Steering Committee for COVID-19 Prevention Policy and decided to apply the following new Japan immigration measure to Vietnamese.

Landmark 81 – the highest building in Vietnam
Landmark 81 – the highest building in Vietnam

On December 13th, an 81-storey skyscraper named The Landmark 81, which belongs to luxury urban area Vinhomes Central Park was started construction by Vingroup. It is expected that this highest building in Vietnam will be inaugurated in 2017.

Starbucks Vietnam opens three stores in Hanoi
Starbucks Vietnam opens three stores in Hanoi

Starbucks will open its three coffee shops in Hanoi in the effort to conquer the demanding palates of residents in this city. According to a representative of Starbucks Vietnam, the first three stores will be opened in prime locations of Hanoi.

Ho Chi Minh City opens 2nd McDonalds restaurant
Ho Chi Minh City opens 2nd McDonalds restaurant

After the success of the first restaurant on Dien Bien Phu Street, District 1, McDonalds Ho Chi Minh City will open the second on May 16th. The new restaurant is located near Ben Thanh Market, on Tran Hung Dao Street.

Da Nang becoming the most worth-living city in Vietnam
Da Nang becoming the most worth-living city in Vietnam

39 years after the Vietnam Liberation Day, Da Nang has developed significantly in all aspects. More importantly, Da Nang City has leave impression on tourists and residents as the most worth-living city in Vietnam.

Vietnam economy forecasted to grow in 2014
Vietnam economy forecasted to grow in 2014

As global economy is having positive changes, Vietnam economy will be definitely boosted. It is expected to increase 5.6 percent in this 2014 thanks to the recovery of the United States and Eurozone in banking reforms.

Vietnamese middle class increases most rapidly in Asia
Vietnamese middle class increases most rapidly in Asia

According to a recent survey conducted by ANZ, it is reported that Vietnamese middle class increases most rapidly in Asia, about 2 million Vietnamese joining the middle-class of Vietnamese society every year.

Asia Park Da Nang begins forthcoming operations
Asia Park Da Nang begins forthcoming operations

Sun Group Corporation recently has celebrated groundbreaking ceremony to construct Asia Park Da Nang cultural park and recreation on 2/9 street with a total investment of $ 200 million.

Thu Thiem new urban area of Ho Chi Minh City in future
Thu Thiem new urban area of Ho Chi Minh City in future

Ho Chi Minh City decided to expand center area including the whole Thu Thiem new urban area. There are accordingly some changes in Ho Chi Minh districts as well as the city urban area.

Ho Chi Minh Vincom Center will open Kids World
Ho Chi Minh Vincom Center will open Kids World

The second Kids World will be opened on Dong Khoi Street by Ho Chi Minh Vincom Center, on April 25th. With a scale of more than 5000 square meters, Kids World is expected to be the paradise for children.

Attractive activities for Children Day in Hanoi
Attractive activities for Children Day in Hanoi

June 1st has been chosen as the International Children’s Day since 1950. On this occasion annually, a large number of attractive activities for Children Day in Hanoi will be celebrated in several attractions and amusement parks across the city.