Vietnam-US bilateral trade to surpass US$100 billion

Saturday, 15/10/2022 15:40
Bilateral trade between the nation and the United States is anticipated to exceed the US$100 billion mark during the opening 10 months of the year, reported the Voice of Vietnam according to the latest data released by the General Department of Vietnam Customs.
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This marks the second consecutive year that two-way trade turnover has exceeded this milestone.

During the initial nine months of the year, Vietnamese exports to the US market surged by 23.7% to reach US$85.17 billion compared to the same period from last year.

There were a total of 11 groups of export commodities to the US which had a turnover exceeding US$1 billion, of which four groups raked in revenue of more than US$10 billion, including computers, electronic products and components with US$11.6 billion, as well as phones and components with nearly US$10.1 billion.

Most notably, the group of machinery, equipment, tools and spare parts surpassed the textile and garment category to become the largest export group in the US market, with turnover reaching approximately US$15.1 billion, representing an annual rise of 30.17%.

The garment and textile group ranked second with US$13.87 billion, an increase of 19.36% against the same period from last year.

Furthermore, the US also makes up the leading major market for Vietnamese export items such as timber and wood products, seafood, means of transport and spare parts, toys, sports equipment.

At present, the US is seen as Vietnam's largest export market, accounting for 30.16% of the country's total export turnover during the first nine months of the year.

Meanwhile, the country imported goods from the US worth US$11.15 billion in the reviewed period, a decline of US$600 million on-year, with the nation enjoying a trade surplus of US$ 74.02 billion with the US.

Central region urged to brace for heavy downpours and massive flooding

With a tropical depression in the East Sea being forecast to develop into a storm, central localities have been asked to make thorough preparations in a bid to cope with heavy rains and severe flooding in the next few days, reported the Voice of Vietnam.

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Border guards of Thua Thien Hue province reinforce the local shoreline threatened by high tides 

According to details given by the National Center for Hydro-Meteorological Forecasting, the central region is anticipated to enter the peak of heavy rain from October 14 to October 16 with total rainfall in some places measuring over 800 mm.

Forecasters said that at 4 a.m., the tropical depression’s eye was located approximately 330 km east of the mainland of Quang Ngai - Binh Dinh. Moving forward, it is expected to travel northwest at a speed of  between 10 km and 15 km per hour and is likely to gain strengthen to become a storm.

At 4:00 a.m. on October 15, the storm's center will be located on the waters of Da Nang - Binh Dinh, with sustained winds reaching between level seven and level nine.

Hoang Phuc Lam, deputy director of the National Center for Hydro-Meteorological Forecasting, said that the storm is forecast to reach strongest winds of level eight when it entered the localities of Quang Nam - Binh Dinh area on the morning of October 15.

Furthermore, the weather pattern will trigger heavy downpours in the central, south central, and Central Highlands regions over the next three days, said forecasters, adding that there will be massive flooding hitting low-lying areas, deltas, and coastal provinces from Quang Tri to Phu Yen.

Most notably, severe flooding is anticipated to take place over four districts with 58 communes in Thua Thien - Hue, seven districts with 75 communes in Quang Nam, and seven districts with 74 communes in Quang Ngai.

Experts have warned about the potentially high risk of flash flooding and landslides occuring in the midland and mountainous areas of provinces from Quang Tri to Phu Yen, Kon Tum, and Gia Lai.

They also urged localities to evacuate residents from districts which are typically prone to risks of landslides such as Phong Dien, Nam Dong, Huong Tra (Thua Thien - Hue); Bac Tra My, Nam Tra My, Phuoc Son, Tay Giang (Quang Nam); Son Tay, Minh Long, Ba To, Son Ha, Tra Bong (Quang Ngai); Daklei, Kon Ray, Tu Mo Rong (Kon Tum).

People residing in coastal provinces from Thua Thien - Hue to Phu Yen are therefore urged to prepare for high sea waves and high tides that could lead to severe flooding in low-lying areas in the early morning October 15 to October 16.

As a means of proactively responding to the weather pattern, Thua Thien Hue province’s authorities have called on vessels operating at sea to seek shelter from the storm. In addition, they require hydropower reservoirs to operate and regulate water levels in a bid to ensure people’s safety and to reduce potential property damage.

Fund raising programme for the poor to take place on October 17

A live television and radio programme will be held in Hanoi on October 17 in response to the emulation movement "For the poor - Leave no one behind" launched by the Prime Minister, reported Vietnam News Agency.

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Truong Thi Ngoc Anh, Vice Chairwoman of the Vietnam Fatherland Front Central Committee (Photo: VNA) 

Entitled "Journey of Hope", the programme promotes the tradition of solidarity, mutual love, care, and helping the community out of poverty sustainably.

Truong Thi Ngoc Anh, Vice Chairwoman of the Vietnam Fatherland Front Central Committee, the event organizer, told a press conference in Hanoi on October 14, said 50 businesses have registered to join the programme.

Enterprises will overcome difficulties and share the nation’s spirit of mutual affection and corporate responsibility. The poor will be given opportunities to escape poverty and become masters of their lives, so that no one will be left behind, said Ngoc Anh.

Over the past three years, the Vietnam Fatherland Front has raised nearly 800 million USD for the Fund For the Poor, helping to build and repair charity houses for disadvantaged people, cover medical examination and treatment, and build civil works.

Vietnam becomes third largest coffee supplier to US

Vietnam has become the third largest supplier of coffee to the US over the first eight months of 2022, reported Vietnam News Agency according to statistics from the General Department of Customs.

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Illustrative image (Source: VNA) 

The Southeast Asian nation exported 96,530 tonnes of coffee to the US in eight months, gaining 227.46 million USD, up 5.2% and 35.9% in terms of volume and value over the same period last year.

Vietnam's coffee market share in the US increased from 6.27% to 6.45%, the VGP cited the source as saying.

During the January-September period, the nation earned 3.06 billion USD from exporting 1.34 million tonnes of coffee, up 13.1% in volume and an increase of 37% in value against the same period last year.

Vietnam's coffee has been shipped to more than 80 countries and territories, making the country the second biggest exporter in the world, with a global market share of 14.2 percent.

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Illustrative photo (Source: dantri.com.vn) 

Coffee is one of the six key currency earners with an annual revenue of over 3 billion USD.

Its major markets are Europe, the US, Russia, Japan and the UK. In Europe, Vietnam is the second biggest coffee supplier with a market share of 16.1 percent, behind Brazil.

At present, the nation is home to 97 coffee bean processing plants with an annual capacity of 1.5 million tonnes, 160 coffee roasting, 8 instant coffee and 11 coffee blending facilities./.

Compiled by BTA

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