Vietnam-U.S. trade continues to heat up due to textile and apparel products

“Vietnam Business Times” reported on November 3: Recently, the American Chamber of Commerce in Vietnam released a Vietnam-US trade outlook report, saying that Vietnam-US trade is expected to reach 34.9 billion US dollars this year, following 249 and 249 in 2012 and 2013 respectively. After reaching US$29.7 billion, Vietnam-US bilateral trade will see a growth rate of nearly 20% for two consecutive years. According to the report, Vietnam’s exports to the United States in 2014 are expected to be US$29.4 billion and imports are US$5.5 billion, an increase of 19% and 10% respectively. Among them, the U.S. imports of textile and clothing products from Vietnam are expected to reach US$9.8 billion, accounting for 10% of the U.S. market and about 33% of Vietnam’s total exports of all products to the United States. The report quoted Herman, vice president of the American Apparel, Footwear and Hats Association, as saying, “In the past, the United States mainly imported textile and apparel products from China and Bangladesh, but now Vietnam has become the main importer, and this trend will not change in the short term.” The report believes that Vietnam’s increase in exports of textile and apparel products to the United States should be mainly attributed to the slowdown in labor cost increases and the increase in foreign investment in Vietnam’s textile and apparel and supporting industries.