US trade increases over 40 times in 16 years

The General Department of Vietnam Customs have reported that trade between the US and Vietnam increased by 43.5 times between 2000 and 2016 with turnover rising from USD1.08bn to USD47.15bn.

The General Department of Vietnam Customs have reported that trade between the US and Vietnam increased by 43.5 times between 2000 and 2016 with turnover rising from USD1.08bn to USD47.15bn.

The average annual growth rate of import-export in the past 16 years was 26.6%. The report emphasised that the US was Vietnam's current major export market with an annual export growth rate of 28.1%, from 2000's USD732m to 2016's USD38.45bn. Import growth rate also reached 22.2%, from USD354m to USD8.7bn.

Vietnam enjoyed a trade surplus with the US for years. The balance of trade between the US and Vietnam in the first four months topped USD9.42bn.

According to the United Nations International Trade Statistics Database, Vietnam ranked 12th among the US’ export markets, accounting for 1.9% of the US' import turnover. It is ranked 27th among the import markets from the US.

In the first four months, the trade turnover reached USD15.47bn, an increase of 11% compared to the same period last year. Imports and exports to the US now account for 12.3% of Vietnam's total trade turnover.

Most Vietnamese export goods still have limited added value added such as footwear, wood furniture and textiles. Imported products from the US include food, electronic devices and spare parts.