US tops Vietnam’s biggest export markets
It was followed by China, Japan and the Republic of Korea, with respective values of US$19.6 billion, US$13.2 billion and US$10.4 billion.
Vietnam mainly shipped products such as garment-textile, footwear, machinery, equipment and spare parts, seafood, and timber products to the US.
With a combined import turnover of over US$78.1 billion, the four markets made up nearly 49% of Vietnam’s total export last year.
In 2016, the highest growth in exports were recorded by the RoK, with a year-on-year increase of 27.34%. The figures for China, the US and Japan were 26.68%, 14.58% and 3.1%, respectively.
As of November 2016, Vietnam had eight groups of commodities exported to the US and six groups shipped to China that earned at minimum of US$1 billion.
The country’s total export revenue was estimated to grow by up to 8.6% in 2016, reaching approximately US$175.94 billion, reported the General Department of Customs.
According to a resolution on the socio-economic development plan for 2017 adopted by the National Assembly, Vietnam targets a 6%-7% rise in export-import revenue this year.