Socialist Republic of Vietnam

HCM CITY — Bilateral trade between Viet Nam and the US this year is expected to reach up to US$6 billion, including $4.5 billion from Vietnamese exports to the US, a US Customs report stated.

By the end of October, the two countries had recorded $5.1 billion in trade, more than double the value for the same period last year. Of that figure, exports to the US comprised $3.9 billion and imports from the US accounted for $1.2 billion.

Major exports from Viet Nam included textiles and apparel, which recorded a 240 per cent increase over last year and earned $2.3 billion. Aquaculture exports were next with revenue of $609 million, up 26 per cent over the same period last year.

Footwear posted earnings of $276 million, an increase of 54 per cent. Processed food and agro-forest produce hit $207 million, a jump of 32 per cent. Other export products such as crude oil and wood furniture each earned revenues around $100 million.

Thanks to tax reductions imposed by the bilateral trade agreement, Viet Nam has been able to step up exports to the US. Nevertheless, Viet Nam’s exports to the US still only represent a mere 0.37 per cent of total imports to the US. — VNS