Vietnam’s export to American market sees sharp rebound
Post-pandemic robust rebound in the American market has ushered in multiple opportunities for Vietnam to expand its export of key products, according to the Ministry of Industry and Trade.
Vietnam’s export to the American market jumped by nearly 22% to nearly US$77 billion in the first seven months of 2022. Of which, shipment to the US was a bright spot, reaching US$66.7 billion, up 23.7% year-on-year.
In 2021, Vietnam made a hallmark in exporting its goods to the American market in the context of the global COVID-9 crisis, earning 114 billion in total export value, representing a year-on-year increase of 27%. It enjoyed a trade surplus of US$89 billion with the market in the year.
Exports to the US surpassed US$96 billion last year, US$21 billion higher than that reported in 2020, placing the US in the leading position among Vietnam’s importers with export turnover far exceeding that to other markets like China, the EU, ASEAN, the Republic of Korea, and Japan.
Many new markets that signed free trade agreements (FTAs) with Vietnam in America such as Canada and Mexico have also increased imports from the Southeast Asian nation.
In January – July, Vietnam’s export turnover to Canada and Mexico hit US$3.23 billion and US$2.4 billion, up 31.5% and 14.2%, respectively.
Vo Hong Anh, Deputy Director of the MoIT’s European - American Market Department, said apart from the US market, Vietnam’s exports to other American markets recorded robust growth thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Aquatic products, wooden products, textiles, footwear and farm produce and electronics were among those recording impressive export growth in the American market.
Anh cited shrimp export as an example for effectively tapping CPTPP, saying Vietnam earned over US$100 million from shipping shrimp to Canada in the first half of 2022, soaring nearly 90% as compared to the same period last year.
According to the MoIT, handsets, computers, and electronic items hold the largest proportion in Vietnam’s export structure to the American market, reaching 43.3%; followed by textile, apparel, and footwear products with 25%; wood and wooden items with 8%; and agricultural and agro-aquatic products with 4%.
However, the foreign-invested sector remains a main contributor to Vietnam’s total export value to this market.
