Seafood processing (Source: VNA)
Vietnam accelerated exports to the US market over the past eight months, resulting in a record trade surplus of 11.68 billion USD, according to the General Department of Customs.Exports rose modestly by 4 percent year-on-year to 15.14 billion USD, while imports dropped by 5 percent to 3.46 billion USD.
Two-way trade has increased significantly in recent years, especially after Vietnam joined the WTO in 2007. Despite the negative impact of the global economic recession, trade last year still topped 24.49 billion USD, more than double the figure recorded in 2007.
Trade surplus with the US jumped from 10 billion USD in 2010 to 14.8 billion USD in 2012 thanks to increasing exports of goods such as garments, timber products, seafood and footwear. Key imports from the US are machinery, equipment, tools, computers, electronics and components, cotton, plastic material, animal food and soybeans.
The US is now Vietnam's second biggest trading partner after China. However, Vietnam's exports account for only 1 percent of US imports, with the country ranking 40th out of nations with the greatest export value to the US.
Experts suggested domestic businesses closely obey US market regulations and requirements to minimise the risk of being blocked by anti-dumping and anti-subsidy legislation.
VNA
