Vietnamese exports to U.S. grow as supply chains shift

Vietnam recorded a 24% year-on-year increase in exports to the U.S. in the second quarter, ranking second in the ASEAN region after the Philippines, which saw a 35% rise, according to Nikkei Asia trade data published on its site on October 31.

Exports to U.S. accelerate

Vietnam's exports to U.S. steadily recover

Vietnam strives to increase competitiveness for agricultural exports to U.S.

In the semiconductor and machinery sectors, based on World Customs Organization (WCO) classifications, Vietnam’s shipments to the U.S. in the period surged by 41% year-on-year.

Export activities at Cai Mep - Thi Vai Port complex, Phu My town, Ba Ria - Vung Tau province

The Philippines, Thailand, and Malaysia followed with respective increases of 36%, 16% and 9%.

According to Nikkei Asia, many semiconductor manufacturers and tech companies have established factories in Northern Vietnam provinces, with Samsung Electronics operating large facilities in Bac Ninh and Thai Nguyen.

Barry Weisblatt, head of research at VNDirect Securities, noted that the growth in Vietnam's exports to the U.S. cannot be attributed solely to the latter’s robust economy. Vietnam’s share in total U.S. imports has been steadily rising, driven by the sides’ improving diplomatic relations as well as Vietnam’s low-cost yet skilled labor force and enhanced manufacturing competitiveness. These trends are expected to persist, regardless of the outcome of the upcoming U.S. presidential election.

Source: VNA