Ample room ahead for Vietnamese exports to US market

Vietnam raked in US$25.77 billion from exports to the US between January – March, 2024, accounting for 27.7% of the country's total export turnover and representing a rise of 24.1% against the same period last year.

Among the 36 exported commodities, 19 items earned over US$100 million each in exports earnings. In particular, six export items grossed over US$1 billion each, namely computers, electronics products and components; machinery, equipment, and tools; phones and spare parts; garments and textiles; timber and wooden products; and footwear.

With exports outnumbering imports, Vietnam racked up a trade surplus of US$22.38 billion with the US in the first quarter.

Insiders pointed out that although Vietnam is among the top exporters to the US, its overall market share accounts for only 3% of the US’ total imports.

Due to this there are sanguine prospects ahead for exports to the US, especially after the upgrade of joint relations to a comprehensive strategic partnership last year.

Furthermore, a large Vietnamese community of over 2.5 million people living in the US serves as a bridge for both countries to strengthen ties in multiple fields, such as investment, trade, tourism, and remittances.

Moreover, Vietnamese exports to the US enjoyed advantages in terms of highly competitive prices, mainly due to cheap labour costs.

According to experts, there are two scenarios for Vietnamese export growth in the US market this year. In the first scenario, exports to the US for the entire year are likely to gross over US$103 billion, with the trade surplus reaching over US$90 billion.

In the second scenario, Vietnam may earn US$120 billion from exports to the stringent market, with the trade surplus hitting over US$104 billion.

Vietnam set a record in trade exchanges with the US in 2022 when it earned US$104.5 billion from exports to this market. Its export surplus also hit a record high of US%94.8 billion that year.

Source: VOV