Vietnam has set to be a bright alternative in Asia for US businesses amid the unprecedented challenges. Vietnam, one of few countries in the world that have controlled the Covid-19 and reopened the economy early amid global uncertainties, has gained positive sentiment among US investors. Moreover, the closer relationship has resulted in billion-dollar economic deals as part of efforts to balance the bilateral trade that Vietnam has been beneficiary for years. In terms of trade, the US-Vietnam trade totaled an estimated US$81.3 billion in 2019. The US goods and services trade deficit with Vietnam was US$54.5 billion in the same year, according to the Office of the United States Trade Representative (USTR). Vietnam was the US’s seventh largest supplier of goods imports in 2019 with US$66.6 billion in 2019, up 35.5% on-year, and up 442.2% from 2009. US imports from Vietnam account for 2.7% of overall US imports in 2019. Top exports to the US from Vietnam include phones and spare parts; computers, electronic products, and components; garments and textiles; agricultural products; and footwear. In terms of investment, in 2019, US foreign direct investment (FDI) in Vietnam was US$2.6 billion, down 8.2% on-year. In a latest move, US and Vietnamese… Read full this story
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