Post-pandemic robust rebound in the American market has ushered in multiple opportunities for Viet Nam to expand its export of key products, according to the Ministry of Industry and Trade.

Viet Nam’s export to the American market jumped by nearly 22% to nearly 77 billion USD in the first seven months of 2022. Of which, shipment to the US was a bright spot, reaching 66.7 billion USD, up 23.7% year-on-year.

In 2021, Vietnam made a hallmark in exporting its goods to the American market in the context of the global COVID-9 crisis, earning 114 billion in total export value, representing a year-on-year increase of 27%. It enjoyed a trade surplus of 89 billion USD with the market in the year.

Exports to the US surpassed 96 billion USD last year, 21 billion USD higher than that reported in 2020, placing the US in the leading position among Viet Nam’s importers with export turnover far exceeding that to other markets like China, the EU, ASEAN, the Republic of Korea, and Japan.

Many new markets that signed free trade agreements (FTAs) with Viet Nam in America such as Canada and Mexico have also increased imports from the Southeast Asian nation.

In January – July, Viet Nam’s export turnover to Canada and Mexico hit 3.23 billion USD and 2.4 billion USD, up 31.5% and 14.2 percent, respectively.

Vo Hong Anh, Deputy Director of the MoIT’s European - American Market Department, said apart from the US market, Viet Nam’s exports to other American markets recorded robust growth thanks to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Aquatic products, wooden products, textiles, footwear and farm produce and electronics were among those recording impressive export growth in the American market.

Anh cited shrimp export as an example for effectively tapping CPTPP, saying Vietnam earned over 100 million USD from shipping shrimp to Canada in the first half of 2022, soaring nearly 90% as compared to the same period last year.

According to the MoIT, handsets, computers, and electronic items hold the largest proportion in Viet Nam’s export structure to the American market, reaching 43.3%; followed by textile, apparel, and footwear products with 25%; wood and wooden items with 8%; and agricultural and agro-aquatic products with 4%.

However, the foreign-invested sector remains a main contributor to Vietnam’s total export value to this market.

Source: VNA