Last updated: Thursday, March 23, 2017
US Tops Vietnam’s Biggest Export MarketsPosted: Thursday, January 05, 2017
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.
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 per cent of Vietnam’s total export last year.
In 2016, the highest growth in exports was recorded by the RoK, with a year-on-year increase of 27.34 per cent. The figures for China, the US and Japan were 26.68 per cent, 14.58 per cent and 3.1 per cent, 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 per cent 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 per cent-7 per cent rise in export-import revenue this year.