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. The latest information regarding significant trade barriers can be found in the 2021 National Trade Estimate Report, see here.
Economic and Trade Statistics
In 2020, Vietnam GDP was an estimated $340.6 billion (current market exchange rates); real GDP was up by an estimated 1.6 percent; and the population was 97 million. (Source: IMF)
U.S. goods and services trade with Vietnam totaled an estimated $92.2 billion in 2020. Exports were $12.1 billion; imports were $80.1 billion. The U.S. goods and services trade deficit with Vietnam was $68.0 billion in 2020.
Vietnam is currently our 10th largest goods trading partner with $89.5 billion in total (two way) goods trade during 2020. Goods exports totaled $9.9 billion; goods imports totaled $79.6 billion. The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020.
Trade in services with Vietnam (exports and imports) totaled an estimated $2.6 billion in 2020. Services exports were $2.2 billion; services imports were $461 million. The U.S. services trade surplus with Vietnam was $1.7 billion in 2020.
According to the Department of Commerce, U.S. exports of goods and services to Vietnam supported an estimated 65 thousand jobs in 2019 (latest data available) (53 thousand supported by goods exports and 12 thousand supported by services exports).
Exports
• Vietnam was the United States' 28th largest goods export market in 2020.
• U.S. goods exports to Vietnam in 2020 were $9.9 billion, down 8.4 percent ($909 million) from 2019 but up 167 percent from 2010.
• The top export categories (2-digit HS) in 2020 were: electrical machinery ($2.1 billion), cotton ($1.2 billion), plastics ($544 million), food waste, animal feed ($484 million), and machinery ($473 million).
• U.S. total exports of agricultural products to Vietnam totaled $3.4 billion in 2020, our 7th largest agricultural export market. Leading domestic export categories include: cotton ($1.2 billion), soybeans ($425 million), distillers grains ($284 million), dairy products ($185 million), and other feeds, meals and fodders ($155 million).
• U.S. exports of services to Vietnam were an estimated $2.2 billion in 2020, 18.1 percent ($482 million) less than 2019, but 79 percent greater than 2010 levels. Leading services exports from the U.S. to Vietnam were in the travel, transportation, and technical and other services sectors.
Imports
• Vietnam was the United States' 6th largest supplier of goods imports in 2020.
• U.S. goods imports from Vietnam totaled $79.6 billion in 2020, up 19.8 percent ($13.2 billion) from 2019, and up 436 percent from 2010. U.S. imports from Vietnam account for 3.4 percent of overall U.S. imports in 2020.
• The top import categories (2-digit HS) in 2020 were: electrical machinery ($27 billion), furniture and bedding ($9.9 billion), knit apparel ($7.1 billion), machinery ($6.8 billion), and footwear ($6.5 billion).
• U.S. total imports of agricultural products from Vietnam totaled $2.1 billion in 2020, our 20th largest supplier of agricultural imports. Leading categories include: tree nuts ($1.1 billion), unroasted coffee ($275 million), spices ($203 million), sugars, sweeteners, beverages bases ($71 million), and dog and cat food ($70 million).
• U.S. imports of services from Vietnam were an estimated $461 million in 2020, 62.9 percent ($782 million) less than 2019, but 27 percent less than 2010 levels. Leading services imports from Vietnam to the U.S. were in the travel, transportation, and professional and management services sectors.
Trade Balance
• The U.S. goods trade deficit with Vietnam was $69.7 billion in 2020, a 25.3 percent increase ($14.1 billion) over 2019.
• The United States has a services trade surplus of an estimated $1.7 billion with Vietnam in 2020, up 21.2 percent from 2019.
Investment
• U.S. foreign direct investment (FDI) in Vietnam (stock) was $2.8 billion in 2020, a 2.2 percent decrease from 2019. There is no information on the distribution of U.S. FDI in Vietnam.
• Data on Vietnam's FDI in the U.S. are not available.
• Sales of services in Vietnam by majority U.S.-owned affiliates were $860 million in 2018 (latest data available). There were no sales of services in the United States by majority Vietnam owned firms in 2018.
