February 26, 2015 | 20:31 (GMT+7)
Vietnam tops ASEAN exporters to US market
Vietnam has become the biggest exporter to the United States in the Southeast Asian region with a record trade surplus of almost USD 25 billion in 2014, surpassing even Malaysia and Thailand...
Vietnam has become the biggest exporter to the United States in the Southeast Asian region with a record trade surplus of almost USD 25 billion in 2014, surpassing even Malaysia and Thailand.
The two-way trade reached USD 36.3 billion, of which Vietnam exported USD 30.6 billion worth of goods to the US in 2014 while its imports were only USD 5.7 billion, the US Census Bureau data showed.
These figures represented increases of 24 percent in export and 13.6 percent in import compared with the previous year.
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Garment and textile sector, the main contributor to the success. Photo: VNA
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Ending 2014, Vietnam enjoyed a trade surplus of USD 24.9 billion with the US, the highest-ever value since the two countries normalized relations.
Export of garment and textile was the main contributor in the Vietnam's success with the export value of nearly USD 10 billion, accounting for one-third of the country's total export value. Vietnamese textile also raised its market share in the US to 9.26 percent.
This result is also higher than the previous forecast of a trade surplus of USD 23.9 billion by the American Chamber of Commerce in Vietnam (AmCham). Last October, AmCham forecast Vietnam-US two-way trade revenue would likely reach USD 34.9 billion in 2014, including USD 29.4 billion from Vietnam's exports to the US.
The United States' reported statistics are also larger than the figures released by the Vietnam's General Department of Customs. According to the customs department, Vietnam shipped nearly USD 28.7 billion worth of goods to the US and imported USD 6.3 billion from this country, registering a trade surplus of USD 22.4 billion.
Source: VNA