Vietnam likely to enter top seven trade partners of US: Bloomberg
Vietnam is on track this year to bump Britain from its long-time place among the US’s top seven goods trading partners, according to an article run by Bloomberg on December 19.
Hoa Phat galvanized steel products for export (Photo: VNA)
Hanoi (VNA) - Vietnam is on track this year to bump Britain from its long-time place among the US’s top seven goods trading partners, according to an article run by Bloomberg on December 19.
The article cited data from the US Census Bureau showing that the UK’s share of the US merchandise trade slid to 2.6% through the first 10 months of this year while Vietnam’s rose to 2.7%.
In full-year numbers going back almost 20 years, the top seven US partners in goods trade have consistently been Canada, Mexico, China, Japan, Germany, the Republic of Korea and the UK, though their position within the group has shifted around, it said.
Vietnamese pomelos at a US supermarket (Photo: VNA)
Vietnam didn’t appear in the bureau’s top-15 list until 2019, and it has climbed ever since, ending last year at No. 10. If Vietnam’s lead over the UK holds for the final two months of 2022, it will be the first time that a majority of the top seven are Asian economies, read the article.
The numbers reflect trends that both predate the pandemic and were accelerated by it. China’s share of US goods trade, which stood at 13.2% in October, has been edging down since it peaked on a full-year basis at 16.4% in 2017.
As American companies sought suppliers outside of China during the trade war between Beijing and Washington, the share of US trade with countries like Mexico and Vietnam has been rising, it noted.
Vietnam’s total exports from January to November were up 13.4% over the same period last year, according to Vietnam's General Statistics Office./.
Vietnam is seeing great opportunities in the US market, said Commercial Counsellor in the US Do Ngoc Hung who showed optimism about Vietnam-US trade prospects.
Vice Chairman of the Hanoi People’s Committee Nguyen Manh Quyen led a delegation to the US to strengthen investment, trade and tourism promotion activities and seek more US business partners.
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Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
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Hoa Phat galvanized steel products for export (Photo: VNA) 
Vietnamese pomelos at a US supermarket (Photo: VNA) 
