US tops Vietnam's biggest export markets

The US once again topped the list of 200 countries and territories importing Vietnamese goods in 2016, with a total import value of over US$34.8 billion, according to the Government’s portal.

Photo for Illustration (Pho to: Thai Thien).

It was followed by China, Japan and the Republic of Korea, with respective values of US$19.6 billion, US$13.2 billion and US$10.4 billion.

Vietnam mainly shipped products such as garment-textile, footwear, machinery, equipment and spare parts, seafood, and timber products to the US.

With a combined import turnover of over US$78.1 billion, the four markets made up nearly 49% of Vietnam’s total export last year.

In 2016, the highest growth in exports were recorded by the RoK, with a year-on-year increase of 27.34%. The figures for China, the US and Japan were 26.68%, 14.58% and 3.1%, respectively.

As of November 2016, Vietnam had eight groups of commodities exported to the US and six groups shipped to China that earned at minimum of US$1 billion.

The country’s total export revenue was estimated to grow by up to 8.6% in 2016, reaching approximately US$175.94 billion, reported the General Department of Customs.

According to a resolution on the socio-economic development plan for 2017 adopted by the National Assembly, Vietnam targets a 6%-7% rise in export-import revenue this year.

(Source: NDO)