Vietnam is very close to becoming one of the seven largest trading partners of USAa fact that would remove the United Kingdom from that group for the first time since 2004.
According to data from the US Census Bureau, the United Kingdom’s share of the Commerce of goods in the country in the first ten months of 2022 fell to 2.6%, while this figure from Vietnam rose to 2.7%, according to a note published by digital media Nhan Dan.
JUST IN: Vietnam’s economy grew faster than expected at 5.92% in the fourth quarter, signaling continued momentum in its recovery https://t.co/ieNbBq89m4
—Bloomberg Next China (@next_china) December 29, 2022
Over the past two decades, Canada, Mexico, China, Japan, Germany, South Korea, and the United Kingdom have been the United States’ seven largest trading partners.
Vietnam entered the list of the 15 main commercial partners of the United States in 2019 prepared by the US Bureau of Statistics, and was located in the tenth position of that list last year, according to information from Bloomberg cited by the medium.
The report refers, from the same source, that the total export value of Vietnam between January and November increased by 13.4% compared to the same period last year.
China’s share of US merchandise trade represented 13.2% in October this year, a considerable reduction compared to the same period in 2017.
Among the reasons that have led the United Kingdom to give up positions in trade with the United States, the Vietnamese media outlet points to its abrupt departure from the European Union after the approval of Brexit, as well as the impact of the COVID-19 pandemic, facts that have led the British economy to go through a period full of fluctuations.
Despite adverse global conditions, Vietnam’s economic growth accelerated faster than expected during the second quarter of 2022 thanks to the recovery of the export and manufacturing sectors, according to Bloomberg.
Data from Vietnam General Bureau of Statistics announced on June 29, 2022 indicate that in the period from April to June 2022, the country’s Gross Domestic Product (GDP) increased by 5.05% compared to the first quarter and 7.72% compared to the same period of last year.
Experts point out that Vietnam is currently emerging as one of the alternative destinations for foreign investment in the context of global trade disruption due to China’s epidemic blockade, the military conflict between Russia and Ukraine and the protracted tension between China and the United States.
Bloomberg stresses, furthermore, that the Vietnamese economy also benefits from the recovery support package of approximately USD 15 billion and its loose monetary policy makes the State Bank of Vietnam one of the few financial institutions in the world that does not fall into a constraint cycle.
