Country Focus: Vietnam

The U.S. is now Vietnam’s largest export market, worth nearly $70 billion in 2020, and a major source of foreign direct investment, helping fuel Vietnam’s remarkable economic growth. Exports from the United States to Vietnam totaled $10.8 billion in 2019. industrial inputs continue to see steady growth as Vietnam imports machinery, chemicals, instruments, and software to support its growing industrial sector.

Vietnam in 2019 was the United State 27th largest export market (US Census Bureau Foreign Trade, n.d.). Over the past five years, Vietnam’s import value was up by more than 175 percent. This country of over 98 million consumers, with a positive view towards the United States, exhibits the demographics needed for continuous growth over the next 20 years, and it is a rising star among Asia’s bustling economies. According to the U.S. Commercial Service, U.S. firms were slow to take advantage of the growing opportunities that Vietnam presented; however, they are increasingly looking towards this market as a key component to their growth strategies in Asia. It cites the following as the country’s advantages as an export market:

  • The fastest growing middle and affluent class in the region, providing the right demographics for growth and receptivity to U.S. products and services.
  • U.S. export of agricultural products account for 30-40 percent of total exports to Vietnam, and the country remains a top ten market for U.S. food and agricultural products, and it is the fastest growing market in the top ten.
  • U.S. export of agricultural products account for 30-40 percent of total exports to Vietnam, and the country remains a top ten market for U.S. food and agricultural products, and it is the fastest growing market in the top ten.
Fields in Vietnam

Top exports categories from US to Vietnam in 2019 included electrical machinery ($1.7 billion), cotton ($1.5 billion), aircraft ($787 million), plastics ($772 million), and machinery ($476 million) (Vietnam | United States Trade Representative, n.d.).

If you are interested in pursuing opportunities in Vietnam through the SEA Change project, or would like to learn more, please contact the Project Director, Jim Ryan, at jryan@bradley.edu.