Vietnam’s export value to US reaches record high in August
Vietnam’s export value to the US reached 4.89 billion USD in August, the highest level since January this year, according to the General Department of Vietnam Customs.
- Forestry exports estimated at US$6.64 billion in nine months
- VN’s fruits need to gain domestic market before exporting: experts
- Vietnam’s seafood exports to ASEAN expected to reach US$1 billion soon
This figure rose 15 percent against that in July and 24 percent compared with that in August 2017. This was the third consecutive month the export value exceeded 4 billion USD. Most of Vietnam’s major export products to the US maintained a positive growth rate over the same period last year, including textiles, telephones, footwear, wood and wooden products, machinery and equipment.
Despite the rising US-China trade war, experts are still positive about the outlook of local exports to the US. According to the Ministry of Industry and Trade, so far, the structure of imports and exports between the US and Vietnam has not changed overall.
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Vietnam mainly exported seafood, textiles, footwear, wood and wood products, computers, electronic products and components, and agricultural products to the US.
Meanwhile, it imported machinery, computers, electrical components, cotton, animal food and materials for animal food production, soybeans, machinery, equipment and tools.
According to local trade experts, the US will remain the key export market for Vietnam in the future. This is a large and high-potential market but also a very demanding one, so local exporters need to improve their competitive ability in business and cooperate with each other in the supply chains for success in exports to this market.
In addition, some commodities such as seafood and agricultural products have faced strict regulations and standards for imported products. To meet the requirements, firms will have to increase production costs, thus losing competitive advantage in the short run.
However, for the long term, those obstacles would be factors forcing local enterprises to implement food safety standards, improving quality and competitive ability of their export products on the world market, according to the experts.
The Ministry of Industry and Trade has encouraged Vietnamese enterprises to jointly build up a supply chain for exporting to the US market, thereby creating added value for export goods. It would also support the enterprises in developing this supply chain.
