According to the General Statistics Office, in the first quarter of 2021, the US is Vietnam’s largest export market with a turnover of 21.2 billion USD, up 32.8% over the same period last year. It is forecasted that from now until the end of the year, along with China and Europe (EU), the US will continue to be a potential export market of Vietnam.
Export index of many commodities surged
According to the Department of Agricultural Product Processing and Market Development (Ministry of Agriculture and Rural Development – Agriculture and Rural Development), despite COVID-19, Vietnam’s export turnover to the US still increased sharply and is likely to reach a high level. This increase will continue for many months to come. Regarding the commodity export market in the first quarter of 2021, the US is the largest export market of Vietnam with a turnover of 21.2 billion USD, up 32.8% over the same period last year; followed by China with 12.5 billion USD, up 34.3%; EU market reached 9.6 billion USD, up 14.2%; ASEAN market reached 6.5 billion USD, up 3.4%; Korea reached 5 billion USD, up 6.4%; Japan reached $ 4.9 billion, down 1.5%.
According to the Department of Agricultural Product Processing and Market Development (Ministry of Agriculture and Rural Development), in the first 3 months of 2021, exporting vegetables and fruits to the US market ranked second (after China), with a turnover of 23.4 million USD, accounting for 4 .2% market share, up 3.7%; Coffee exports to the US increased by 7.2%; Vietnam’s cashew exports to the US accounted for 21.5%; Seafood exports to the US reached nearly 189.15 million USD, accounting for 18.9% of the country’s total seafood export turnover, up 5.4% over the same period in 2020.
Statistics from the Ministry of Industry and Trade also show that, in the main export group, right from the first month of 2021, exports to the US market have grown very strongly: In the group of phones and components, export value in January 2021 reached $ 6.1 billion, an increase of $ 1.49 billion compared to the previous month and an increase of $ 3.4 billion over the same period last year. The group of machinery, equipment, tools and spare parts exported to the US in January 2021 reached $1.58 billion, a sharp increase of 215%… Along with Germany and Italy, the US is Vietnam’s big coffee consuming market. South with a market share of 7.2% in the first quarter of 2021. For cashews, exports to the US also accounted for the highest proportion with 25.1% – the highest group among the top 3 countries (including the US, China and the Netherlands).
Maintain an optimistic export rate in 2021
According to the Ministry of Industry and Trade, optimism about a strong economic recovery is the main reason why US government bond yields have continuously increased in recent weeks.
In the US, the aggregate purchasing power management index (PMI) for both the US service and manufacturing sectors published by IHS Markit reached 58.8 points in February 2021, higher than 58.7 points in previous month. In which, the manufacturing PMI stood at 58.5 points and the service PMI reached 58.9 points. In addition, sales of available homes in the US in January 2021 increased 0.6% month-on-month to 6.69 million, higher than the previous forecast of 6.61 million. Facing the accelerating trend of the US economy, the Conference Board’s US consumer confidence index increased for the second consecutive time, reaching 91.3 points in February 2021, higher than 88.9 points. in January 2021 and also higher than the previous estimate of 90 points.
Mr. Cao Huu Hieu – Deputy General Director of Vietnam Textile and Garment Group – also expressed his optimism and confidence in exporting to the US market when since 5 years, Vietnam has always ranked second in terms of growth, market share and Up to now, exports to the US are still very stable.
Mr. Tran Thanh Hai – Deputy Director of the Import-Export Department (Ministry of Industry and Trade) – also commented: Although the COVID-19 epidemic is gradually controlled, it will still have a lasting impact in the next few years. Therefore, e-commerce and digital transformation are urgent issues that need to be invested and developed. In the field of import and export, currently, the Ministry of Industry and Trade is considering to submit to the Prime Minister for promulgation a new strategy on import and export activities in the coming period, both to replace the 10-year strategy of the past 10 years. via. The Government, ministries, sectors, localities and businesses need to determine a new direction in the context that the world has changed a lot today, after the pandemic will change even more, the business environment is changing. step into a new phase on a global scale.