Viet Nam's US trade surplus hits new heights

Viet Nam posted a trade surplus of US$8.3 billion with the US in the first half of the year, representing an 18.5 per cent year-on-year increase.

Statistics from the General Statistics Office showed that Viet Nam's exports to the country last year was 116 times higher than that of the same period in 1995, with average annual growth of 32 per cent.

Rising export turnover to the US would help to meet this year's export target of $23 billion.

Viet Nam saw 29 staples exported to the US with turnover of more than $10 million each, of which 14 items had turnover of over $100 million.

Garments and textile took the lead with turnover of $3.2 billion, followed by footwear with $1.03 billion, wood and wooden products posting $710 million, and computer, electronics and components at $479 million. Seafood at $470 million, and machinery and parts at $362 million.

Exports to the US accounted for 18 per cent of Viet Nam's total export value.

However, Viet Nam's exports accounted for only 1 per cent of US imports, with Viet Nam ranking 40th in countries with the greatest export values to the US.

Vietnamese enterprises should pay attention to technical barriers when exporting to the US, especially anti-dumping disputes.

Viet Nam's imports from the US last year also grew by 37 times when compared to 1995, with average annual growth of 24 per cent.

Import turnover from the US market in the first six months of the year rose 14 per cent over the same period last year.

The US exported 18 items to Viet Nam with turnover of more than $10 million, of which 5 items have turnover of more than $100 million.

Viet Nam expected it would post a trade surplus of $17 billion with the US this year, contributing to lowering the national trade deficit. US foreign direct investment in Viet Nam during the period was at $10.5 billion, with the US ranking 7th among top investors in Viet Nam. The number of US visitors to Viet Nam has also increased, with an average of 400,000 arrivals per year since 2007.

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