Vietnam ranks among the top 10 countries with a trade surplus with the US.

In 2014, Vietnam replaced India in the list of the top 10 countries with the largest trade surplus with the US market.

Vietnam has surpassed India to become the 10th largest exporter to the US market.

Newly released data from the U.S. Chamber of Commerce shows that total bilateral trade with Vietnam increased from $29.6 billion in 2013 to $36.3 billion in 2014. Of this, imports totaled over $30.6 billion, a 24% increase from the previous year, placing Vietnam 15th on the list of countries exporting goods to the U.S., a jump of five positions. On the other hand, the U.S. exported $5.7 billion to Vietnam, maintaining its 44th position.

With a trade surplus exceeding $24.9 billion, Vietnam ranks 10th among 234 countries and territories with trade relations with the world's number one economy, an increase from 11th place in 2013 and surpassing India.

Compared to the previous year, Vietnam's total trade surplus with the US market increased by 27%, higher than Malaysia (US$17.3 billion) and Thailand (US$15.3 billion). This result makes Vietnam the largest supplier in the ASEAN region to this market.

Unit: million USD. Source: US Department of Commerce

On the Vietnamese side, data from the General Department of Customs also reflects that the US is the largest export partner with $28.7 billion in 2014, nearly double that of the next two countries, China and Japan. Vietnam's statistics differ by approximately one billion USD compared to its US counterpart.

Vietnam primarily exports textiles, footwear, wood, handbags, etc., while importing machinery, raw materials for the textile and footwear industries, cotton, plastics, animal feed, and more.

Top 10 countries with the largest trade surplus with the US in 2014

Unit: billion USD. Source: US Department of Commerce

The American Chamber of Commerce and Industry (Amcham) assesses that Vietnam will increasingly become an important trading partner in Southeast Asia, with bilateral trade projected to increase to $57 billion by 2020, solidifying its role as a leading destination for overseas trade and investment for American businesses.

Speaking to VnExpress, Mr. Truong Gia Binh, Chairman of the Vietnam Software and Information Technology Services Association (Vinasa), said that the US is a large potential market for domestic software export businesses. Studies show that in the period 2015-2017, total spending on information technology services in the US reached approximately $1.286 trillion, nearly 2.5 times the total of the Asia-Pacific region including Australia, Japan, New Zealand, Singapore, and South Korea.

Specifically, FPT, the technology company chaired by Mr. Truong Gia Binh, estimated its revenue from the US market in 2014 at nearly $40 million, a 39% increase compared to 2013. This figure is projected to reach $100 million by 2016.

According to analyses by foreign experts, the secret to Vietnam's economic success lies in its increased production capacity in the agricultural sector, becoming the third largest exporter of shrimp to the US, behind only Indonesia and India. However, the most impressive sector is textiles, as Vietnam is effectively taking advantage of the opportunity presented by manufacturers shifting orders away from China.

In 2015, Vietnam will continue negotiations to join the Trans-Pacific Strategic Economic Partnership Agreement (TPP). If successful, trade barriers with the US will be significantly reduced, further boosting trade relations between the two countries. And with higher labor productivity, Vietnam could become a serious competitor to China.

However, Vietnam also faces the challenge of improving its business environment, such as streamlining administrative procedures, enhancing the quality of its workforce, and developing clearer strategies for each industry. "Vietnam will become even more attractive to American investors if reforms are successful," Mr. Truong Gia Binh shared.

According to VnExpress