Vietnam has become alternative sourcing region along with India and Turkey, which have experienced sustained levels of growth despite COVID-19 pandemic, the article says.
Statistics released by the Ministry of Industry and Trade indicate that during the opening four months of the year, US enterprises imported goods worth US$30.26 billion from the Vietnamese market.
Meanwhile, the General Department of Vietnam Customs states that the US has increased its import of Vietnamese goods, with the group of computers, electronic products, and components recording a turnover of US$3.92 billion. Elsewhere, the group made up of mobile phones and components saw turnover of US$3.17 billion, up 6%, whilst the category of machinery, equipment, tools and spare parts was at US$5.71 billion.
The US continues to represent the largest consumer of Vietnamese garment and textiles, importing US$4.7 billion worth of the products in the reviewed period, an increase of 18.7% against the same period from last year, or accounting for 48.7% of Vietnam’s total export value of the products.
In contrast, Vietnam imported goods worth US$5.1 billion from the US, an annual rise of 8%. Major imports were computers, electronics and components, cotton, machinery and equipment, plastic materials, and animal feed.
The article also provides details of a barometer report which was informed by internal QIMA data and the findings of a survey of over 700 firms with international supply chains. This looked into the supply chain highlights of Q1 of this year, along with emerging trends that may influence the global sourcing landscape in the months ahead.
Data indicate a 16% year-over-year increase in demand for inspections and audits in the country during Q1, marking a third consecutive quarter of growth that had initially begun as part of a post-lockdown rebound starting during the middle of last year.
At present, the appetite for Vietnamese sourcing is far from satisfied and is anticipated to redefine the sourcing landscape in the year ahead. Indeed, around one-third of buyers globally and 38% of U.S-based buyers name Vietnam among the countries where they plan to buy more items this year.
The report also reveals that Vietnam is not the only place in the region to benefit from expanded business volumes, as data on inspection and audits demand in Southeast Asia records double-digit growth across the board. This growing trend is largely fueled by the renewed interest from both US and European brands.