Vietnam-US trade turnover hits record high

Two-way trade value between Vietnam and the US in the first 11 months of 2010 reached over US$16.9 billion, a record high since the two countries established diplomatic relations in 1995.

According to data released by the US Department of Commerce on Jan. 13, by the end of November 2010, the US imported from Vietnam more than US$13.6 billion worth of goods, an increase of 11 percent over the previous year while it exported goods worth nearly US$3.3 billion, a 1 percent rise from the 2009 export value.

Two-way trade turnover in the first 11 months of 2010 reflected an 11 percent-increase over the turnover of the whole 2009, when it stood at almost US$15.4 billion.

In 1995 when Vietnam and the US established diplomatic relations, Vietnam’s exports to the US were valued at US$199 million and it imported US$252 million worth of goods from the world’s largest economy.

Cotton apparel, furniture, footwear, farm produce and seafood remained the top five exports of Vietnam to the US. Together with the above five products, electronics and products of mechanical engineering will be exported in higher quantities in the time to come.

However, Vietnam’s exports to the US are still at a disadvantage as the country has not yet enjoyed the Generalised System of Preferences (GSP) for developing countries and some of its seafood products such as “tra” and “basa” and shrimp are facing anti-dumping tax imposed by the US.

To boost exports to the US market, Vietnamese businesses need to grasp the US export-import regulations, improve the quality of products, food hygienic safety and the environment. – VOV

Tags: Vietnam US Trade