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 2019, Vietnam GDP was an estimated $261.6 billion (current market exchange rates); real GDP was up by an estimated 7.0%; and the population was 95 million. (Source: IMF)
U.S. goods and services trade with Vietnam totaled an estimated $81.3 billion in 2019. Exports were $13.4 billion; imports were $67.9 billion. The U.S. goods and services trade deficit with Vietnam was $54.5 billion in 2019.
Vietnam is currently our 13th largest goods trading partner with $77.5 billion in total (two way) goods trade during 2019. Goods exports totaled $10.9 billion; goods imports totaled $66.6 billion. The U.S. goods trade deficit with Vietnam was $55.8 billion in 2019.
Trade in services with Vietnam (exports and imports) totaled an estimated $3.8 billion in 2019. 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 2019.
Exports
- Vietnam was the United States' 27th largest goods export market in 2019.
- U.S. goods exports to Vietnam in 2019 were $10.9 billion, up 12.2% ($1.2 billion) from 2018 and up 250.7% from 2009.
- The top export categories (2-digit HS) in 2019 were: electrical machinery ($1.7 billion), cotton ($1.5 billion), aircraft ($787 million), plastics ($772 million), and machinery ($476 million).
- U.S. total exports of agricultural products to Vietnam totaled $3.5 billion in 2019, our 7th largest agricultural export market. Leading domestic export categories include: cotton ($1.4 billion), soybeans ($262 million), distillers grains ($257 million), soybean meal ($195 million), and dairy products ($170 million).
- U.S. exports of services to Vietnam were an estimated $2.5 billion in 2019, 7.8% ($180 million) more than 2018, and 107% greater than 2009 levels. Leading services exports from the U.S. to Vietnam were in the travel, transportation, and intellectual property (computer software) sectors.
Imports
- Vietnam was the United States' 7th largest supplier of goods imports in 2019.
- U.S. goods imports from Vietnam totaled $66.6 billion in 2019, up 35.5% ($17.5 billion) from 2018, and up 442.2% from 2009. U.S. imports from Vietnam account for 2.7% of overall U.S. imports in 2019.
- The top import categories (2-digit HS) in 2019 were: electrical machinery ($22 billion), knit apparel ($7.7 billion), furniture and bedding ($7.2 billion), footwear ($7.0 billion), and woven apparel ($5.8 billion).
- U.S. total imports of agricultural products from Vietnam totaled $2.0 billion in 2019, our 21th largest supplier of agricultural imports. Leading categories include: tree nuts ($1.1 billion), unroasted coffee ($277 million), spices ($194 million), processed fruit & vegetables ($53 million), and rubber & allied products ($43 million).
- U.S. imports of services from Vietnam were an estimated $1.3 billion in 2019, 13.3% ($149 million) more than 2018, and 120% greater than 2009 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 $55.8 billion in 2019, a 41.2% increase ($16.3 billion) over 2018.
- The United States had a services trade surplus of an estimated $1.2 billion with Vietnam in 2019, up 2.6% from 2018.
Investment
- U.S. foreign direct investment (FDI) in Vietnam (stock) was $2.6 billion in 2019, a 8.2% decrease from 2018. There is no information on the distribution of U.S. FDI in Vietnam.
- Vietnam's FDI in the United States (stock) was $57 million in 2019, down 3.4% from 2018. 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.
