The growth rate of import-export turnover between the two countries increased with an average of more than 16 percent per year, whereas the growth rate of Vietnam’s goods export to the United States market grew sharply from US$ 14.24 billion in 2010 to US$ 47.53 billion in 2018, pushing trade balance in 2018 to reach a surplus of nearly US$34.8 billion, equaling to 73.2 percent of Vietnam's export value to the US market. According to the General Department of Vietnam Customs’ statistics, the total value of 10 largest Vietnamese commodity groups exported to the US market in 2018 reached US$ 40.58 billion, accounting for 85.4 percent of the total value of exports to the United States. Textiles and garments earned US$ 13.7 billion, footwear brought US$ 5.82 billion, cell-phones and components reached US$ 5.41 billion, wood and wood products gained US$ 3.9 billion. There were nearly 7,200 Vietnamese enterprises exporting goods to this market in 2018, an increase of 7.6 … [Read more...] about Vietnam’s goods export to US increases sharply
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Vietnam’s exports to US exceed US$35 billion in 9 months
Since the Vietnam-US free trade agreement came into effect in at the turn of the millennium in 2000, the bilateral trade value between the two countries has constantly gone up. It increased from US$730 million in 2000 to US$41.6 billion in 2017. It shows the strength of relations and both economies of the two countries. In the first nine months of this year, seven groups of products exported to the US obtained a value of more than US$1 billion each. Garment topped exported items with a huge value of US$10.33 billion, up 11.3% and accounting for nearly 46% of Vietnam’s total exports to the US showing what a key market it is. It was trailed by footwear (US$4.27 billion), telephones and components (US$4.12 billion), wood and timber products (US$2.73 billion), computers, electronics and components (US$2.07 billion), machines, equipment and tools (US$2.34 billion) and lastly seafood (US$1.14 billion). In the opposite direction, Vietnam imported US$9.55 billion worth of products from … [Read more...] about Vietnam’s exports to US exceed US$35 billion in 9 months
VASEP urges boosting shrimp exports to US
The Vietnam Association of Seafood Producers and Exporters (VASEP) has proposed to the State to find solutions in dealing with trade barriers in the United States (US) market and promoting shrimp exports to this market. The Vietnam Association of Seafood Producers and Exporters (VASEP) has proposed to the State to find solutions in dealing with trade barriers in the United States (US) market and promoting shrimp exports to this market.-Photo nhipcaudautu.vn The proposal was under a series of suggestions submitted to the Ministry of Agriculture and Rural Development to ensure sustainable development of Vietnam’s fishery industry, including shrimp. The association suggested that the government should continue to pay more attention to diplomatic activities with the US to quickly remove trade barriers, especially anti-dumping tariffs for shrimp. According to local shrimp exporters, high anti-dumping duties and the Seafood Import Monitoring Programme (SIMP) are major … [Read more...] about VASEP urges boosting shrimp exports to US
Vietnam exports to China, S.Korea surge in Q1
Vietnam exports to China, S.Korea surge in Q1Le Hoang The first quarter of the year has seen Vietnam’s exports to key markets, especially China and South Korea, soaring - PHOTO: LE ANH HCMC – Vietnam’s exports to key markets, especially China and South Korea, have grown sharply in the first quarter of the year, according to a report by the General Statistics Office. In January-March, Vietnam has exported US$54.31 billion worth of goods, up 22% over the same period last year. Of which, domestic firms have contributed US$14.97 billion and foreign direct investment (FDI) enterprises US$39.34 billion including crude oil, up 18.9% and 23.2% respectively. China has spent US$9 billion on imports from Vietnam, up a strong 46% over the first quarter of last year. Revenues from phones and phone parts, vegetables and electronics-computers-accessories shipped to the northern neighbor have surged a staggering 674.4%, 56% and 31.7% respectively. Meanwhile, South Korea has … [Read more...] about Vietnam exports to China, S.Korea surge in Q1
Record high tariffs threaten Vietnam’s pangasius exports to US
By Vu Minh  March 20, 2018 | 10:40 am GMT+7 Two Vietnamese workers move pangasius fish into buckets for transport to a processing plant in An Giang Province in southern Vietnam. Photo by Reuters The U.S. has decided to slap its highest ever anti-dumping tariffs on shipments of the fish from Vietnam. Vietnam’s pangasius exporters are facing higher tariffs of shipments of the fish to the U.S. market following the completion of an anti-dumping investigation by the Department of Commerce, a senior agricultural official told local media. The department has decided to apply a tariff of $7.74 per kilo on products from the two companies that were the subject of the investigation, while other exporters face a fee of $3.87 per kilo, the highest tax the U.S. has ever imposed on Vietnamese pangasius. According to exporters, the rate of $3.87 per kilo is almost equivalent to the export price of Vietnamese pangasius in the U.S. Truong Dinh Hoe, chairman of the … [Read more...] about Record high tariffs threaten Vietnam’s pangasius exports to US