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Vietnam's GDP grew by 7.09% in 2024, ahead of government forecasts of 6.5%. Yet Vietnam's trade surplus with the U.S. could put it at risk of new tariffs.
U.S. trade data released on Thursday showed the country's deficit with Vietnam reached $102 billion in the first ten months of this year, nearly a 20% increase over the same period in 2023.
U.S. - Vietnam Trade Relations refer to the bilateral trade relationship between the United States of America (U.S.) and the Socialist Republic of Vietnam (Vietnam) from 1990s to 2012. After more than two decades of no economic relationship since the end of the Vietnam War , [ 1 ] the two governments reestablished economic relationship during ...
Vietnam's foreign trade has been growing fast since state controls were relaxed in the 1990s. The country imports machinery, refined petroleum, and steel; it exports crude oil, textiles and garments, and footwear. The balance of trade has in the past been positive but recent statistics (2004) showed that it was negative.
In the early 2020s, despite trade wars with Vietnam's major trade partners, a pandemic and the increasing trend in deglobalisation, Vietnam has still managed to become Asia's top-performing economy. [65] Since 2000, Vietnam has now managed to manufacture higher-value goods with better paying jobs due to its more highly skilled workers.
Last year, the Southeast Asian manufacturing hub posted a $104 billion trade surplus with Washington, lower only than China, the European Union and Mexico, U.S. data show. "Vietnam (is) most ...
Country Imports (millions of $) . Year United States 3,375,948 2022 European Union [n 1] 2,743,745 [3]: 2022 China 2,706,601 2022 Germany 1,571,057 2022 Japan 898,099 ...
Anhao Paper Factory, 1961. South Vietnam had a small industrial sector and fell far behind other countries in the region in this respect. [1] Output increased 2.5 to 3 times over the 20 years of the country's existence, but the share in total GDP remained at only around 10%, even dropping to 6% in some years, while the economy was dominated by strong agricultural and service sectors. [1]
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