09:50 | 08/10/2019 Trade
(VEN) - In the first seven months of 2019, Vietnam-US trade reached US$41.14 billion (up 24 percent from the same period in 2018), including US$32.99 billion worth of Vietnamese exports (up 27.7 percent) and US$8.15 billion worth of US exports (up 11.2 percent). In the seven months, Vietnam exported US$24.83 billion more than it imported from the US, up 34.2 percent from the same time in 2018.
Textiles/garments were the biggest export in the first seven months, yielding US$8.49 billion, up 10.4 percent from the same period last year and accounting for 25.7 percent of the country’s total export value to America. It was followed by phones and components worth US$4.88 billion (up 77.9 percent and accounting for 14.8 percent of the total), footwear worth US$3.76 billion (14.5 percent and 11.4 percent), computers, electronics and components worth US$2.86 billion (85.7 percent and 8.7 percent), wood and wooden products worth US$2.7 billion (33.2 percent and 8.2 percent), and machinery, equipment, tools and spare parts worth US$2.48 billion (50.6 percent and 7.5 percent).
Vietnam’s participation in old and new-generation free trade agreements (FTAs), as well as the US-China trade war, is challenging certificate of origin (C/O)-related customs management.
Amanda Rasmussen, Chairwoman of American Chamber of Commerce in Vietnam (AmCham), Ho Chi Minh City Chapter said normal, healthy export growth of a market is 25-30 percent per year. Amcham realized that Vietnam’s high-tech exports are increasing and high-tech enterprises are shifting their investment from China to Vietnam.
The Vietnamese and US governments are working hard to develop bilateral economic relations, and there is huge potential for Vietnam to increase exports to the US. Vietnamese exporters need to comply with US import and export regulations, though these are quite specific compared to those of other countries. They should pay attention to exporting directly to the US instead of importing from China and then exporting to the US.
While exports to the US have grown rapidly and contributed to the country’s economic growth, some foreign goods
are fraudulently labeled Vietnamese brands to avoid duties under the terms of Vietnam’s trade pacts. In the trend of
shifting investment from China to Vietnam, Vietnam needs to only accept projects that help the country’s sustainable