Trans-Pacific Partnership (TPP)
The United States and Vietnam held numerous discussions throughout 2011 under the Trade and Investment Framework Agreement, including convening at the Ministerial level in May 2011. The TIFA provided a forum to help monitor and implement Vietnam’s WTO commitments, address bilateral trade issues, and promote increased trade and investment. In June 2008, the two countries launched negotiations for a Bilateral Investment Treaty (BIT). Three rounds of BIT negotiations were held in 2009 and 2010. Information Communication Technology Commercial Dialogues were held in 2009 and 2010.
Vietnam and the United States are partners in the ongoing Trans-Pacific Partnership (TPP) negotiations. In this negotiation, the United States is seeking to develop a high-standard, 21st-century regional trade agreement that will support the creation and retention of jobs in the United States and promote economic growth. In addition to the United States and Vietnam, the TPP negotiating partners include Australia, Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, and Singapore. Starting with a group of like-minded countries, the goal is to expand the agreement to include countries across the Asia Pacific, which together represent more than half of global output and over 40 percent of world trade.
U.S.-Vietnam Trade Facts
Vietnam is currently our 27th largest goods trading partner with $29.7 billion in total (two ways) goods trade during 2013. Goods exports totaled $5.0 billion; Goods imports totaled $24.6 billion. The U.S. good trade deficit with Vietnam was $19.6 billion in 2013.
Vietnam was the United States’ 44th largest goods export market in 2013.
U.S. goods exports to Vietnam in 2013 were $5.0 billion, up 8.4% ($389 million) from 2012.
The top export categories (2-digit HS) for 2013 were: Electrical Machinery ($611 million), Miscellaneous Grain and Seed (soybeans) ($556 million), Machinery ($426 million), Cotton/Yarn/Fabric ($403 million), and Edible Fruit and Nuts ($309 million).
U.S. exports of agricultural products to Vietnam totaled $2.1 billion in 2013, the 12th largest U.S. Ag export market. Leading categories include: cotton ($401 million), soybeans ($319 million), dairy products ($240 million), and tree nuts (walnuts, almonds) ($237 million).
Vietnam was the United States’ 20th largest supplier of goods imports in 2013.
U.S. goods imports from Vietnam totaled $24.6 billion in 2013, a 21.6% increase ($4.4 billion) from 2012.
The top imports categories (2-digit HS) for 2013 were: Knit Apparel ($4.7 billion), Woven Apparel ($3.3 billion), Footwear ($2.9 billion), Furniture and Bedding ($2.6 billion), and Machinery ($2.1 billion).
U.S. imports of agricultural products from Vietnam totaled $1.5 billion in 2013, the 20th largest ag supplier. Leading categories include: tree nuts ($527 million) and coffee (unroasted) ($468 million).
The U.S. goods trade deficit with Vietnam was $19.6 billion in 2013, a 25.5% increase ($4.0 billion) over 2012.
U.S. foreign direct investment (FDI) in Vietnam (stock) was $1.1 billion in 2012 (latest data available), up 10.4 percent from 2011.
U.S. FDI distribution in Vietnam was not available.
Vietnam FDI in the United States (stock) was $44 million in 2012 (latest data available), up 158.8 percent from 2011.
Vietnam’s FDI distribution in the United States was not available.
*NOTE: No services trade data with Vietnam is available.