The American Chamber of Commerce says Vietnam is poised to overtake Malaysia and Thailand next year and become Southeast Asia’s largest exporter to the American market.
For 2014, bilateral trade between Vietnam and the US is projected to reach $34 billion, with Vietnam’s exports exceeding $28 billion, including nearly $10 billion in textiles and garments. By 2020, Vietnam’s exports to the US are likely to reach $51 billion, including $15 billion in garments. And those figures to not count the potential impact of the Trans-Pacific Partnership yet to be implemented.
In addition to Vietnam, Southeast Asian (ASEAN) countries include Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Myanmar, Cambodia, and Laos.
Vietnam’s latest report shows a global trade surplus for 2014 exceeding $2 billion through August, with $97 billion in export value and $95 billion in imports. The largest export market was the US, with nearly $19 billion in export value, up 23% from last year.
Vietnam is among global leaders in export of seafood, vegetables, coffee, tea, pepper, rice, cassava, rubber, textiles, shoes, ceramics, and garments. The list is expected to grow over the next few years.