Wednesday, 31/07/2024 16:12 (GMT+7)
The US will continue to be Vietnam’s largest export market from now until the end of the year with the expectation of reaching the target of over 100 billion USD.
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| Leather and footwear exports to the US enjoyed growth in the first half of the year. (Photo: HNMO) |
The information was announced by Mr. Do Ngoc Hung, Vietnam Trade Counselor in the US, at the Trade Promotion Conference with the Vietnamese Trade Office System abroad, organized by the Ministry of Industry and Trade on July 29.
Mr. Hung said that Vietnam’s exports to the US in the first half of the year reached 55.1 billion USD, up 24% (accounting for 30% of Vietnam’s total export turnover), with a trade surplus of 48 billion USD and contributing 12 billion USD to Vietnam's total trade surplus.
Vietnam’s commodities with export strengths continue to contribute to the growth momentum, including: Textiles and garments, leather and footwear, wooden products and interiors, electronics, machinery and equipment.
After a period of stagnation, wood and wood product exports have grown again at an impressive rate of 22.9% in the first five months of 2024, while other countries saw an average growth of 5%.
Footwear export turnover in the five months reached 3.5 billion USD, up 10.7% over the same period in 2023, ranking second in footwear and handbag exports to the United States.
Mr. Do Ngoc Hung said that the latest information from the US Department of Commerce (DOC) showed that it has not yet recorded mandatory regulations related to green standards and regulations applicable to imported goods into the United States (including textiles).
He predicted that Vietnam’s textile and garment exports to the United States may continue to increase in the coming time when autumn and winter are coming, as suppliers actively purchase goods for stockpiling before the election in November 2024./.
BTA