America Market Division under The Ministry of Industry and Trade (MOIT), expects that Vietnam exports to US market would reach nearly US $11 billion in 2008. On the other hand, the imports from the US would be approximately $1.7 billion.
According to MOIT, in first quarter of 2008, bilateral trade between Vietnam and US reached almost $2.891 billion, in which Vietnam exported commodities of approximately $2.3 billion, showing an increase of 8.1 percent and imported goods worth of $591 million, observing a hike of 101 percent.
Key products shipped to US include textile and garment worth nearly $1.10 billion, footwear fetched almost $227.54 million and crude oil generated $215.85 million of revenue for the nation.
Vietnam imported machines and equipments of approximately $88.77 million. The nation had to spend nearly $33.25 million on textile, apparel and footwear and cotton for $31.07 million.
Apparently, the local Government has been proposing the US authorities to grant Vietnamese products with US Generalized System of Preferences (GSP).
Fibre2fashion News Desk - Vietnam
marketing@alchempro.com
