The US accounts for one of the largest markets for Vietnamese exports and experts contemplating the future growth believe that in this current fiscal year, export value will see a rise of 20 percent to reach US $12 billion over last year.
Although non-traditional Vietnamese products are also getting a grip of the market, the country will continue to focus on the exports of garments, leather and footwear items. Presently, a backlash in US economy is taking its toll on Vietnam's export market; however, the situation is unlikely to continue for long.
Japan comes next in the line of the country's largest trading partner. The nation spends nearly $6 billion on imports from Vietnam contributing to a 15 percent hike in exports for the latter.
Last year, Japan imported a total of $677 billion in product value of which Vietnam holds a petty 0.9 percent. Handicraft exports to Japanese market, in particular, saw a perceptible increase but there is still a need to improve product design if domestic exporters seek an expansion in their trade.
Additionally, trade value between Vietnam and China reached $15.86 billion, marking a 52.2 percent leap compared to the year preceding it.
While Vietnam exported products worth $3.36 billion to China, it in turn imported goods valuing $9.1 billion from the country.
Even with regard to China, domestic exporters need to concentrate on lifting handicraft exports in order to have a stronger hold over the markets. Besides, the amount of imports made by the country also needs to get reduced.
Over the years, Egypt has also emerged as a potential market for local exporters and this can be amply evidenced from the fact that Vietnam earned nearly $100 million from exports made to the country last year.
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