Vietnam rises to become seventh largest trading partner to the US
VOV.VN - Vietnam is on track this year to jump ahead of the UK and break into the United States’ top seven trading partners, according to information compiled by Bloomberg.
The news publication pointed out that this would be the first time the UK hasn’t been among the group since 2004.
The UK’s share of trade with the US declined by 2.6% during the first 10 months of the year, while Vietnam’s rose to 2.7%, according to details given by the Census Bureau data.
In terms of full-year numbers going back almost 20 years, the top seven US partners in terms of goods trading have consistently been Canada, Mexico, China, Japan, Germany, the Republic of Korea, and the UK, though positions within the group have shifted around.
Most notably, the country didn’t appear in the top-15 list until 2019, with a rapid climb seeing it end last year at 10th position. If Vietnam’s lead over the UK holds for the final two months of the year, then it will be the first time that a majority of the top seven are Asian economies.
According to economic experts, the nation’s new position highlights that the Vietnamese economy has secured a stronger foothold within the global supply chain.
