Bắc Ninh
Vietnamese exports to US grow as supply chains shift
Vietnam recorded a 24% year-on-year increase in exports to the US in the second quarter, ranking second in the ASEAN region after the Philippines, which saw a 35% rise, according to Nikkei Asia trade data published on its site on October 31.
In the semiconductor and machinery sectors, based on World Customs Organization (WCO) classifications, Vietnam’s shipments to the US in the period surged by 41% year-on-year. The Philippines, Thailand, and Malaysia followed with respective increases of 36%, 16% and 9%.
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Export activities at Cai Mep - Thi Vai Port complex, Phu My town, Ba Ria - Vung Tau province. |
According to Nikkei Asia, many semiconductor manufacturers and tech companies have established factories in northern Vietnam provinces, with Samsung Electronics operating large facilities in Bac Ninh and Thai Nguyen.
Barry Weisblatt, head of research at VNDirect Securities, noted that the growth in Vietnam's exports to the US cannot be attributed solely to the latter’s robust economy.
Vietnam’s share in total US imports has been steadily rising, driven by the sides’ improving diplomatic relations as well as Vietnam’s low-cost yet skilled labour force and enhanced manufacturing competitiveness. These trends are expected to persist, regardless of the outcome of the upcoming US presidential election.
An exhibition showcasing Vietnam’s distinctive farm produce exported to China opened in Hanoi on October 13, featuring the participation of 16 local enterprises and introducing over 50 categories of high-quality products from across the three regions of the country.
With positive results recorded in the first nine months of 2024 and efforts of businesses, experts are optimistic about the country’s bright export prospects in the rest of the year towards a historical record of 400 billion USD.
Vietnam exported over 7 million tonnes of rice worth 4.37 billion USD in the first three quarters of 2024, up 9.2% in volume and 23.5% in value compared to the same period last year, the Ministry of Agriculture and Rural Development (MARD) has reported.
State budget revenue from import-export activities in the first nine months of 2024 reached more than 306 trillion VND (12.4 billion USD), accounting for 81.7% of the set target and increasing 13.5% from the same period last year, the General Department of Vietnam Customs (GDVC) has reported.
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