Bloomberg forecasts VN among ranks of top exporters to U.S.in 2019

VGP - Viet Nam was one of the fastest-growing sources of American imports from Asia last quarter, and could potentially overtake the U.K. as a bigger supplier to the U.S. if it keeps up that pace, according to the Bloomberg.com.

May 29, 2019 10:00 AM GMT+7

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The article stated that if Viet Nam’s pace of growth can be sustained for a full year -- which would be a major feat -- it could leapfrog Italy, France, the U.K., and India in the ranks of top exporters to the U.S.

Viet Nam has become a standout in a region where the world’s export engines largely are hurting amid trade-war tensions and a slowing electronics cycle. Japan, the Republic of Korea, Singapore, and Chinese Taipei all saw export contractions in April, while in the same month Viet Nam’s exports gained 7.5% from a year earlier.

Viet Nam is benefiting from businesses shifting their supply chains in response to increased American tariffs on Chinese goods.

According to Viet Nam’s General Statistics Office, the U.S. maintained the largest exporter of Viet Nam over the recent five months of 2019 with US$22.6 billion, a year-on-year increase of 28%.

Viet Nam’s key export items to the U.S. include phones and accessories (up 109.2%), electronics, computers and spare parts (up 58.4%) and garment (up 9.8%).

By Thuy Dung