US is Vietnam’s largest consumer market
Two-way trade between Vietnam and the US in the first quarter of this year hit a record high compared to the same period of previous years, according to the Customs Department’s statistics.
The US continues to be Vietnam’s largest consumer earning a total of US$2.84 billion, a sharp increase of 23.2 percent against the same period last year. US exports to Vietnam occupies 19.6 percent of all total exports from foreign businesses to the country.
Vietnam imported US$809 million worth of goods from the US, a rise of 77.8 percent over the same period in 2009.
If this growth rate remains constant, the trade turnover between Vietnam and the US by the end of this year is estimated to reach US$19 billion, including US$14 billion in export turnover and US$5 billion in import turnover.
Since 2003, the US has usually topped the list as Vietnam’s biggest consumer market. The country ranks 7th in the list of the main markets to supply goods to Vietnam.
During the period of 2005-2008, the US was the third biggest partner of Vietnamese businesses. In 2009, the country rose to second place, coming behind China. Vietnam exports mainly garments, wooden products, footwear, crude oil, seafood and electronic products to the US.