Workers produce wooden containers for export at the Thanh Son Wood Company in Ha Noi. Garments, footwear and wood were all major Vietnamese export items to the US, each posting over $1 billion in revenue. — VNS Photo Hong Hoa

HA NOI (Biz Hub)— The US remained Viet Nam's largest goods consumer, importing more than US$13 billion worth of goods over the past seven months (18 per cent of Viet Nam's total export value), according to the Ministry of Industry and Trade's Information Centre.

Exports to the US had experienced a year-on-year increase of 17.2 per cent, the centre reported.

During the reviewed period, garments, footwear and wood were all major Vietnamese export items that had each posted over $1 billion in revenue.

Garments topped the export list, fetching $4.8 billion, up 15.5 per cent. Footwear came next with $1.4 billion, up 20.12 per cent, followed by timber products at $1.05 billion, a gain of 7.24 per cent.

Other items that also recorded significant export turnover included computers and electronics, seafood, machinery and equipment, vehicles and component, cashew nuts, and steel products.

Crude oil was the standout performer, registering growth of 111.11 per cent year-on-year despite recording modest export earnings of $357.6 million.

Statistics from the General Statistics Office showed Viet Nam's exports to the US last year were 116 times higher than the same period in 1995, with average annual growth of 32 per cent.

Rising export turnover to the US would help meet this year's target of $23 billion.

However, Viet Nam's exports accounted for only 1 per cent of US imports, with the country ranking 40th out of nations with the greatest export values to the US.

Experts suggested domestic businesses should closely obey US market regulations and requirements to minimise the risk of being blocked by anti-dumping and anti-subsidy barriers. — VNS