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The United States and Vietnam meet regularly on trade and investment issues, including under our 2007 Trade and Investment Framework Agreement, which provides a platform for addressing bilateral issues, monitoring Vietnam’s implementation of its WTO accession commitments, and coordinating on regional and multilateral issues.
In 2018, Vietnam GDP was an estimated $241.3 billion (current market exchange rates); real GDP was up by an estimated 7.1%; and the population was 95 million. (Source: IMF)
U.S. goods and services trade with Vietnam totaled an estimated $62.6 billion in 2018. Exports were $12.1 billion; imports were $50.5 billion. The U.S. goods and services trade deficit with Vietnam was $38.3 billion in 2018.
Vietnam is currently our 17th largest goods trading partner with $58.8 billion in total (two way) goods trade during 2018. Goods exports totaled $9.7 billion; goods imports totaled $49.2 billion. The U.S. goods trade deficit with Vietnam was $39.5 billion in 2018.
Trade in services with Vietnam (exports and imports) totaled an estimated $3.7 billion in 2018. Services exports were $2.5 billion; services imports were $1.3 billion. The U.S. services trade surplus with Vietnam was $1.2 billion in 2018.
According to the Department of Commerce, U.S. exports of Goods and Services to Vietnam supported an estimated 54 thousand jobs in 2015 (latest data available) (41 thousand supported by goods exports and 13 thousand supported by services exports).
- Vietnam was the United States' 31st largest goods export market in 2018.
- U.S. goods exports to Vietnam in 2018 were $9.7 billion, up 18.9% ($1.5 billion) from 2017 and up 246.9% from 2008.
- The top export categories (2-digit HS) in 2018 were: electrical machinery ($1.6 billion), cotton ($1.3 billion), miscellaneous grain, seeds, fruit (other nut, fresh, dried) ($591 million), food waste, animal feed ($576 million), and plastics ($524 million).
- U.S. total exports of agricultural products to Vietnam totaled $4.0 billion in 2018. Leading domestic export categories include: cotton ($1.3 billion), soybeans ($470 million), corn ($353 million), soybean meal ($305 million), and tree nuts ($287 million).
- U.S. exports of services to Vietnam were an estimated $2.5 billion in 2018, 8.6% ($194 million) more than 2017, and 110% greater than 2008 levels. Leading services exports from the U.S. to Vietnam were in the travel, transport, and intellectual property (computer software) sectors.
- Vietnam was the United States' 12th largest supplier of goods imports in 2018.
- U.S. goods imports from Vietnam totaled $49.2 billion in 2018, up 5.8% ($2.7 billion) from 2017, and up 281.2% from 2008. U.S. imports from Vietnam account for 1.9% of overall U.S. imports in 2018.
- The top import categories (2-digit HS) in 2018 were: electrical machinery ($11 billion), knit apparel ($7.2 billion), footwear ($6.2 billion), furniture and bedding ($5.1 billion), and woven apparel ($5.0 billion).
- U.S. total imports of agricultural products from Vietnam totaled $2.3 billion in 2018. Leading categories include: tree nuts ($1.3 billion), coffee, unroasted ($391 million), spices ($201 million), processed fruit & vegetables ($56 million), and rubber & allied products ($51 million).
- U.S. imports of services from Vietnam were an estimated $1.3 billion in 2018, unchanged from 2017, and 81.2% greater than 2008 levels. Leading services imports from Vietnam to the U.S. were in the travel, transport, and professional and management services sectors.
- The U.S. goods trade deficit with Vietnam was $39.5 billion in 2018, a 3.0% increase ($1.2 billion) over 2017.
- The United States has a services trade surplus of an estimated $1.2 billion with Vietnam in 2018, up 19.9% from 2017.
- U.S. foreign direct investment (FDI) in Vietnam (stock) was $2.4 billion in 2018, a 17.3% increase from 2017. There is no information on the distribution of U.S. FDI in Vietnam.
- Vietnam's FDI in the United States (stock) was $37 million in 2018, down 49.3% from 2017. There is no information on the distribution of Vietnam FDI in the U.S.
- Sales of services in Vietnam by majority U.S.-owned affiliates were $835 million in 2017 (latest data available), while sales of services in the United States by majority Vietnam-owned firms were $1 million.