Vietnam Exports to United States was US$77.07 Billion during 2020, according to the United Nations COMTRADE database on international trade. Vietnam Exports to United States – data, historical chart and statistics – was last updated on September of 2021.
Looking back in the not-so-distant past, the U.S. Treasury Department in December labeled Vietnam a “currency manipulator” due to its growing trade surplus with the United States, its large global current account surplus and heavy foreign exchange market intervention to hold down the value of its dong currency. Does this mean that Vietnam is out of the woods? For now, but the new administration has cause to stay on the alert for product coming out of Vietnam bound for the U.S.
Honestly, Vietnam should feel pretty good about its future heading into the 2021 year of international trade. As countries around the world launch Covid-19 vaccination programs, and focus an abundance of government resources on beating the pandemic, Vietnam is emerging from the darker days as one of the global economy’s strongest survivors.
Per Trade Data Monitor: The gross domestic product of the Asian nation of 96 million people rose 2.9% last year, making it one of the only economies in the world, along with China, to record positive growth in 2020. It’s also been a nice boost for international investors, who’ve shifted their focus to Vietnam, and more specifically for those who have actually relocated their manufacturing to the country, (mostly from China to avoid the Section 301 tariffs). I wrote an article on this a little while back:Good-Bye China, Hello Vietnam – Braumiller Law Group
U.S. imports from Vietnam have increased to $64.8 billion in the first 10 months of 2020, up from $12.3 billion back in 2010. The U.S. trade deficit has increased to $56.6 billion in 2020, which by the way was only $9.4 billion a decade ago, in 2010. That’s impressive growth, given the lack of infrastructure when compared to China.
In the even bigger picture with Vietnam and the U.S., with the coast being cleared of tariffs, at least more focus can be put on exporting to the U.S. who has now become their leading trade partner. Per U.S. Census data, Vietnam’s total trade with the United States was $8.69 billion in November 2020, a change of 36.12 percent from the same month one year ago. The change in exports was -7.87 percent and the change in imports was 29.79 percent. Over the past decade U.S. imports from Vietnam grew from just under $15 billion to $77 billion at the close of 2020, which makes Vietnam the #10 ranked trade partner with the U.S.
With the increase of export trade from Vietnam to the U.S.More and more attention has been paid to its transportation and export issues.Next,I will focus on the shipping and export from Vietnam to.the U.S.
- Observe specific rules
According to Vietnamese regulations, companies wishing to import, or export goods must meet specific requirements and adhere to certain rules. For instance, some things cannot be exported like petroleum products or oil. In addition, they do now allow imports for goods such as cigars, tobacco, newspapers, journals, aircraft, and also petroleum oils.In addition, the ocean freight forwarder must obtain import and export documents for certain goods as listed in a government decree that clearly defines these items and materials. In general, these include:
Goods subject to import control in accordance with international treaties to which Vietnam is an operating partner.Goods subject to export control in accordance with international treaties to which Vietnam is an operating partner.Chemicals, explosive pre-substances, and industrial explosives; and Goods exported within quotas set by foreign countries.Importers are also required to prepare and submit a customs dossier that is a clear description of the contents of the cargo and certification that the cargo meets the standards of the Vietnamese government. This information is readily available to ocean shipping companies that ship to this country. Asiana USA is up to date on all regulations and can guide you through the import and export process.
Duties Levied with Imports and Exports Most of the goods that are imported or exported in Vietnam and cross over the borders or pass between the domestic market and the non-tariff zone are subject to import and export duties. There are some exceptions to this, and ocean freight forwarders need to be aware that goods in transit, goods exported abroad from a non-tariff zone, goods passing from one non-tariff zone to another, and goods imported from foreign countries into non-tariff areas for use in non-tariff zones are included in these exemptions.Machinery, materials and supplies, and equipment enjoy lower duty rates due to the need for supporting production, but luxury consumer items may have a higher rate than average. Items not produced within the Vietnamese economy will usually receive better rates depending on the need for commercial use within the country.The government of Vietnam issues governmental declarations for all goods that are imported or exported. These documents are required once the goods have been registered with the customs office. Import duties must be paid before the cargo can enter the country, and export dues must be paid within 30 days of shipment. The types of duties imposed by the Vietnamese government relates directly to the status of the current market and the demand for the goods on the international market. This calculation can be done on a daily basis, so ocean shipping companies must have updated and accurate information at all times.
Export taxes range from 0 to 45% of the value of the cargo, but only certain items are subject to this tax. In some instances, exporters who sell goods domestically instead of exporting them may also be subject to a tax. This tax information is updated regularly through circulars distributed by the Ministry of Finance to ensure that the shipping activity is keeping pace with the changing markets.Many goods are exempt from these taxes and include the following:Goods temporarily imported for re-export and goods temporarily exported for re-import.Goods imported for service to petroleum industries.Goods imported for processing other goods that will be exported to foreign countries.Goods imported to create fixed assets for in-country investment.Final Thoughts Vietnam is a country whose economy is growing by leaps and bounds. They owe this growth in large part to investors who see the rise in the consumer market and the increase in manufacturing because many businesses are relocating to Vietnam to take advantage of cheaper labor and fewer regulations regarding industry and commerce.While Vietnam has been highly regarded as a leader in the textile market, the additions of high technology like Samsung and Nokia, and other industries related to the automotive, communications, and medical devices has created a worldwide demand for its products.Shipping in and out of Vietnam can be complicated unless you have a firm grasp of the strict and detailed regulations that control the import and export of goods. Asiana USA handles a great deal of international sea freight exported from Vietnam destined for world markets.
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