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| Employees arrange products at a local garment firm. US importation of garments and textiles from Viet Nam may reach $9.8 billion in 2014. — Photo tinnhanhchungkhoan.vn |
HA NOI (Biz Hub) ─ Trade between Viet Nam and the United States continues to expand in spite of domestic and international economic difficulties.
The American Chamber of Commerce in Viet Nam made the announcement in an outlook report that it posted on its website last October 27.
According to the report, bilateral trade may reach US$34.9 billion this year after hitting $24.9 billion in 2012 and $29.7 billion in 2013, a healthy increase of nearly 20 per cent for two years in a row.
The quoted figure is higher than the $34.6-billion forecast that the chamber announced last July.
In 2014, Viet Nam's exports to the US will likely reach $29.4 billion, a 19-per cent year-on-year increase, and its imports from the US will likely reach $5.5 billion, a 10-per cent year-on-year increase.
US importation of garments and textiles from Viet Nam may reach $9.8 billion, approaching a 10 per cent share of the US market. This amount will account for about one-third of Viet Nam's total exports to the US.
"Overall, apparel import growth used to come from China and Bangladesh, but today Viet Nam is the main driver. I don't think you will see that trend abate in the short term," the chamber quoted Nate Herman, vice president for international trade of the American Apparel and Footwear Association, as saying.
According to the report, the growth of Viet Nam's garments and textiles exports to the US will likely rise steadily because of a slowdown in labour expenses and increased foreign direct investments in support industries related to the sector.
Viet Nam is now one of the top three ASEAN exporters to the US, ahead of Thailand and Malaysia. Viet Nam accounts for 20 per cent of ASEAN exports to the US, and if present trends continue, it will have a market share of more than 30 per cent by 2020.
"With the conclusion and implementation of the Trans-Pacific Partnership, the ASEAN Economic Community 2015, the Viet Nam-European Union Free Trade Agreement and the Trade Facilitation Agreement, Viet Nam's international trade and economy are likely to demonstrate even stronger growth," the report said. ─ VNS