Vietnam has become the biggest exporter to the United States in the Southeast Asian region with a record trade surplus of almost $25 billion in 2014, surpassing even Malaysia and Thailand. The two-way trade reached $36.3 billion, of which Vietnam exported $30.6 billion worth of goods to the US in 2014 while its imports were only $5.7 billion.
The figures show an increase of 24 per cent in export and 13.6 per cent in import compared with the previous year. Ending 2014, Vietnam enjoyed a trade surplus of $24.9 billion with the US, the highest-ever value since the two countries normalised relations.
Export of garment and textile was the main contributor in Vietnam's success with an export value of nearly $10 billion, accounting for one-third of the country’s total export value. Vietnamese textile also raised its market share in the US to 9.26 per cent.
Vietnamese textile and garment enterprises are expecting the Trans-Pacific Partnership, if ratified, will boost their exports, especially to the US as import tax will be reduced to 0 per cent from the current rates of 16 to 32 per cent. Presently, Vietnam relies to a great extent on Asian countries like China, Taiwan and South Korea for its input materials.