Vietnam’s this year export target to US within reach
Data from the US Commerce Department shows that by the end of October, two-way trade between the US and Vietnam reached over 12.8 billion USD, a year-on-year increase of 27.9 percent.
Of the value, Vietnam exported to the US as much as 10.529 billion USD worth of goods, representing a year-to-year rise of 21.3 percent or an equivalence to the export value of the whole 2007.
Vietnam’s exports that recorded rises in value included textile and apparel products with export value of 4.471 billion USD and a year-to-year increase of 22.54 percent; wooden products, 1.186 billion USD and a yearly rise of 19.3 percent; and footwear, more than 1 billion USD and a yearly surge of 14.6 percent.
Meanwhile, US exports to Vietnam rose by nearly 70 percent on year-to-year basis to 2.340 billion USD.
The Vietnamese Commercial Counselor said as the global economy was sinking deeper into recession, having negative impacts on consumer sales and production orders, ten-month exports rise of 21.3 percent represented a big success for Vietnam and America’s highest export growth (except those countries exporting oil to this market).
He predicted that in 2009, Vietnam’s exports to the US would rise by 14 percent from 2008.
In another development, US Senate Finance Committee Chairman Max Baucus would pay a visit to Vietnam this month with the aim to strengthen relations between the two countries.
During the Vietnam visit, Senator Baucus is expected to meet with government leaders and trade officials to discuss economics and trade, and will give a major address at a university in Hanoi on how the two nations should relate on trade and other issues.
