Exports to US rise $6.5 billion

23 Jan '06

1 min read

Vietnamese exports to the US were $6.5 billion in 2005 compared to $5.2 billion in 2004.

Its imports from the US stood at $1.1 billion.

Vietnam exports to the US accounted for 20 percent of total export turnover in 2005, making the US, its largest export market.

Under Vietnam-US Bilateral Trade Agreement (BTA), Vietnam's other commitments will come into force in 2006.

Levies on all categories of products and services, power and aviation had to be removed by Vietnam, including removal of certain import quotas, by December 10, 2005 under BTA commitments.

Joint ventures (JV) to provide basic telecommunication services will be set up by Vietnam.

US capital will not exceed 49 percent in such JV's.

Important export products will face difficulties in the US market in 2006 because of quota scheme still applicable on apparel export, antibiotic residues and bond payment for shrimp exports.

Meanwhile, turnover of $2.9 billion for apparel export, $1.3 billion for wooden furniture, $1 billion for footwear, $630 million for seafood, $450 million for agricultural products and $230 million for mechanical and electronic equipment has been forecast for 2006, by the Ministry of Trade.

More Textiles News - Vietnam...