Trade between Vietnam and the US continues to expand in spite of domestic and international economic difficulties.
|Illustrative image (Source: VNA)|
The American Chamber of Commerce in Vietnam made the announcement in an outlook report that it posted on its website early this week.
According to the report, bilateral trade may reach US$34.9 billion this year after hitting US$24.9 billion in 2012 and US$29.7 billion in 2013, a healthy increase of nearly 20 percent for two years in a row.
The quoted figure is higher than the US$34.6 billion forecast the chamber announced last July.
In 2014, Vietnam's exports to the US will likely reach US$29.4 billion, a 19-percent year-on-year increase, and its imports from the market will likely reach US$5.5 billion, a 10-percent rise compared to last year.
US importation of garments and textiles from Vietnam may reach US$9.8 billion, approaching a 10 percent share of the US market. This amount will account for about one-third of Vietnam’s total exports to the US.
"Overall, apparel import growth used to come from China and Bangladesh, but today Vietnam is the main driver. I don't think you will see that trend abate in the short term," the chamber quoted Nate Herman, vice president for international trade of the American Apparel and Footwear Association, as saying.
According to the report, the growth of Vietnam's garments and textiles exports to the US will likely rise steadily because of a slowdown in labour expenses and increased foreign direct investments in support industries related to the sector.
Vietnam is now one of the top three ASEAN exporters to the US, ahead of Thailand and Malaysia. Vietnam accounts for 20 percent of ASEAN exports to the US, and if present trends continue, it will have a market share of more than 30 percent by 2020.