HCM City, Jun 26, 2012. Despite the difficult domestic and international economic environment, Vietnam – U.S. trade in 2011 continued its steady increase, up almost 20% over 2010. Based on four months trade data from the U.S. Department of Commerce, bilateral trade may increase by about 10% in 2012.
Total bilateral trade in 2011 was about US$ 21.8 billion, with Vietnam’s exports to the U.S. about $ 17.5 billion (up 18%), and imports from the U.S. about $ 4.3 billion (up 17%), demonstrating once again that manufacturing foreign direct investment (FDI) and trade are strong and stable factors that support Vietnam’s economic and social development.
Total Vietnam – U.S. trade in 2012 may reach about US$ 24.0 billion, with Vietnam’s exports to the U.S. about $ 19.3 billion (up 10%), and imports from the U.S. about $ 4.7 billion (up 9%). This estimate is based on four months data from the U.S. Department of Commerce (see source below).
Growth of Vietnam’s apparel exports to the U.S. is likely to slow because of increasing costs, increased competition from countries such as India, Indonesia, Mexico, and Bangladesh, not to mention Cambodia and Myanmar, and reduced demand in the United States. The hope is that exports of “modern manufacturing” and services will take up the slack.
If present trends continue, Vietnam – U.S. trade in 2020 may reach about US$ 45 billion a year, Vietnam’s exports to the U.S. about US$ 36.4 billion, and U.S. exports to Vietnam about US$ 8.6 billion.
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Source of data
|US Department of Commerce Trade Data|
|US Department of Commerce Apparel Imports Date|
|Vietnam Trade Data: General Statistics Office of Vietnam|