Goods exported from Vietnam to the US increased sharply and reached the largest increase among ASEAN members, twice as high as Thailand and Singapore.
Americans spend tens of billions of dollars buying goods from Vietnam
A recent data published by Nikkei Asia has drawn attention to Vietnamese export goods. In the first quarter of the year, Vietnam's exports to the US reached 25.7 billion USD, up 24% over the same period last year - the largest increase among ASEAN members. Compared to other countries in the region, Vietnam far surpassed Thailand (only reaching 12.6 billion USD) and Singapore (12 billion USD). Total exports to the US of ASEAN in the first quarter of this year reached 67.2 billion USD, more than 10 billion USD higher than exports to China (57 billion USD).
The latest update from the General Department of Customs shows that in May, Vietnam's goods exports to the US market reached over 9.7 billion USD, up 8.3% compared to the previous month. Accumulated for 5 months, it reached over 44.4 billion USD, up 22.3% compared to the same period last year. Up to now, the US market accounts for nearly 1/3 of Vietnam's total goods export turnover. Notably, most of Vietnam's export items to the US have grown well. In 5 months, the group of computers, electronic products and components led the way with a turnover of nearly 9 billion USD, up 50% compared to the same period last year, accounting for over 20% of the export proportion; the group of machinery, equipment, tools and spare parts reached 7.3 billion USD, up nearly 11% compared to the same period last year, accounting for 16.5%; third was textiles and garments reaching 5.6 billion USD, accounting for nearly 13% of the export proportion. Although there are many products that do not have high value, they have grown strongly in the past 5 months, such as: plastic products increased by 43.5%, iron and steel of all kinds increased by 147%, pepper increased by 53%, animal feed and raw materials increased by 100%, glass and glass products increased by 80%, tea increased by 62%.
According to many export enterprises, many products in the consumer goods and food groups, which are the strengths of domestic enterprises in Vietnam, have also grown positively. Most notably, seafood exports have improved after a year of negative growth. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first 5 months of the year, seafood exports reached 3.6 billion USD, up 6.5% over the same period in 2023. Of which, the most important market is the US, reaching 635.5 million USD, up 13% over the same period last year. Among the 5 most important markets of the Vietnamese seafood industry, the US is also the market with the highest growth rate.
Dr. Ho Quoc Luc, Chairman of the Board of Directors of Sao Ta Food Joint Stock Company (FIMEX VN), shared: In the context of the general market still facing many difficulties, the positive signal from the US market is very encouraging. It will create momentum for the last 6 key months of the year and hopefully the optimistic signals can last. However, currently, the seafood business community is also closely monitoring market developments to be able to adjust production plans and business strategies to suit consumer needs.
Credit: Chi Nhan - Thanh Nien Magazine
