Vietnam, US trade to reach US$33.6 billion

The Vietnam Economic Times quoted the American Chamber of Commerce in Vietnam's forecast as stating that exports of Vietnam's textiles and apparel to the US, which currently account for one-third of total Vietnamese exports to the market, will top US$9.7 billion by the year-end. 

According to the General Department of Customs, Vietnam had already exported over US$8.49 billion worth of goods to the US in the first four months of this year, up 27.5% year-on-year. 

During the reviewed period, textiles and garments took the lead in terms of turnover, with US$2.94 billion, making up 30% of total exports or increasing 18% against the same period last year. Footwear was second, with US$950 million (up 25.5%), and wood and wooden goods ranked third, with US$677.6 million (up 26%). 

Among other export items recording significant turnover growth were mobile phones and their components, seafood, machines and equipment. Some agricultural goods also recorded significant turnover growth, including cashew nuts, pepper, fruits and vegetables. 

Trade experts attributed this good result to the great efforts of Vietnamese firms in ensuring their export growth rates in the context of having to cope with harsher competition from rival countries and stricter US trade barriers. 

At present, Vietnam ranks third among ASEAN countries exporting goods to the United States, close behind Malaysia and Thailand. The country is set to be an export leader among Southeast Asian nations to the US by 2015.