|Nam Dinh Garment and Textile Co workers produce clothes for export. Many will be sold to the US. Viet Nam-US trade continues to grow steadily despite ongoing domestic economic woes. — VNA/VNS Photo Danh Lam
HA NOI (VNS)— Despite ongoing economic woes in Viet Nam, there has been an upswing in Viet Nam-US trade, as it continues to grow steadily.
According to the American Chamber of Commerce, the two-way trade is likely to reach about US$28.7 billion, indicating a year-on-year rise of 15.3 per cent.
Of the sum, Viet Nam's exports account for $23.7 billion and is up 16.7 per cent, while its imports contribute to approximately $5 billion, up 8.7 per cent.
The changes in the financial landscape will be most noticeable in the exports of Viet Nam's textiles and apparel to the US, which might reach $8.5 billion by year-end, with a sharp rise of 10.4 per cent against the $7.7 billion turnover that it saw one year ago.
Textiles and apparel currently account for about 36 per cent of the country's total exports to the US market.
According to the chamber, the escalation of the exports of Viet Nam's textiles, apparel, footwear and furniture to the US was poised to grow steadily. This is due to the slowdown of labour cost increases for 2014 when compared to previous years, and the increased FDI in textiles and apparel that support industries in anticipation of the Trans Pacific Partnership.
Viet Nam posted the largest surge in textiles and apparel exports to the US in September, compared to the previous year, as it continued to take business away from other Asian countries such as Indonesia.
On the other hand, Bangladesh showed signs of a slowdown in production, a report of the US Commerce Department showed.
"The 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 this trend abate shortly," Nate Herman, Vice President of International Trade, American Apparel and Footwear Association, said. — VNS