Vietnam’s exports to the US estimated at 76.4 billion USD in 2020 - Illustrative image (Photo: VNA)Hanoi (VNA) – Vietnam moved up fourgrades to become the second largest exporterto the US in 2020, with its export turnover to the country surging 24.5 percentto an estimated 76.4 billion USD.
The US remains the biggest importer of Vietnamese goods in recent years,importantly contributing to expanding markets, promoting production andincreasing foreign currency income.
However, Vietnam’s exports to the US accounts for 2.7 percent of the Americancountry’s total imports from all countries and territories worldwide.
Besides traditional exports such as textiles, footwear and aquatic products,Vietnam has also shipped electronics, spare parts and wooden products to the market.
According to the Vietnam Trade Office inthe US, the two countries have witnessed a strong breakthrough in the bilateraltrade turnover, especially Vietnam’s exports to the US.
Statistics from the US side show that the two-way trade increased to75.7 billion in 2019 from juts 450 million USD in 1995 when Vietnam and the USestablished diplomatic relations.
Apart from trade cooperation, the two countries have also enhanced cooperationin investment, research, sci-tech development, transportation, education,telecommunication and energy.
According to Deputy Minister of Industry and Trade Do Thang Hai, the groups of textiles,footwear, aquatic products, electronics, components and furniture will havegreat opportunities to boost exports the US in the coming time.
The diverse cooperation is expected to create a foundation for substantial,extensive and and sustainable cooperation between the two economies in thefuture.
According to the General Statistics Office (GSO), Vietnam’s total export turnoverin 2020 reached 281.5 billion USD, up 6.5 percent year-on-year. The countryenjoyed a trade surplus of 19.1 billion USD this year./.
VNA
