Vietnam-US bilateral trade to surpass US$100 billion
Bilateral trade between the nation and the United States is anticipated to exceed the US$100 billion mark during the past 10 months of the year, according to the latest data released by the General Department of Vietnam Customs.
This marks the second consecutive year that two-way trade turnover has exceeded this milestone.
During the initial nine months of the year, Vietnamese exports to the US market surged by 23.7% to reach US$85.17 billion compared to the same period from last year.
There were a total of 11 groups of export commodities to the US which had a turnover exceeding US$1 billion, of which four groups raked in revenue of more than US$10 billion, including computers, electronic products and components with US$11.6 billion, as well as phones and components with nearly US$10.1 billion.
Most notably, the group of machinery, equipment, tools and spare parts surpassed the textile and garment category to become the largest export group in the US market, with turnover reaching approximately US$15.1 billion, representing an annual rise of 30.17%.
The garment and textile group ranked second with US$13.87 billion, an increase of 19.36% against the same period from last year.
Furthermore, the US also makes up the leading major market for Vietnamese export items such as timber and wood products, seafood, means of transport and spare parts, toys, sports equipment.
At present, the US is seen as Vietnam's largest export market, accounting for 30.16% of the country's total export turnover during the first nine months of the year.
Meanwhile, the country imported goods from the US worth US$11.15 billion in the reviewed period, a decline of US$600 million on-year, with the nation enjoying a trade surplus of US$ 74.02 billion with the US.