Vietnam

Trans-Pacific Partnership (TPP)

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 Australia, the TPP negotiating partners include Brunei Darussalem, Chile, Malaysia, 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.

For further information about TPP, click here.

Trade and Investment Framework Agreement

The United States and Vietnam concluded a Trade and Investment Framework Agreement (TIFA) in 2007. Since then, the United States and Vietnam have held frequent meetings and dialogues under the TIFA to review Vietnam's implementation of its WTO commitments and consider additional initiatives to further enhance trade and investment opportunities between the two countries.

In addition, under the TIFA, the two sides seek to resolve bilateral issues and agree on cooperative activities of mutual interest. Among the key issues discussed in recent meetings have been customs cooperation, Vietnam's new import licensing regime, telecommunications, environmental issues, sanitary and phytosanitary measures inhibiting exports of U.S. beef to Vietnam, and new biotechnology policies being developed by the Vietnamese government. The two sides also discussed intellectual property rights (IPR) enforcement under an IPR working group established under the TIFA to expand further the already close cooperation and coordination efforts between the two countries. The two sides also consulted closely on Vietnam's plans to reform its labor laws.

U.S.-Vietnam Trade Facts

Vietnam is currently our 30th largest goods trading partner with $18.6 billion in total (two ways) goods trade during 2010. Goods exports totaled $3.7 billion; Goods imports totaled $14.9 billion. The U.S. good trade deficit with Vietnam was $11.2 billion in 2010.

Exports

Vietnam was the United States' 45th largest goods export market in 2010.

U.S. goods exports to Vietnam in 2010 were $3.7 billion, up 19.8% ($613 million) from 2009.

The top export categories (2-digit HS) for 2010 were: Machinery ($466 million), Vehicles ($307 million), Food Waste/Animal Feed ($266 million), Iron and Steel Products ($255 million), and Cotton/Yarn/Fabric ($254 million).

U.S. exports of agricultural products to Vietnam totaled $1.3 billion in 2010, the 15th largest U.S. Ag export market. Leading categories include: cotton ($253 million), red meats fresh/chilled/frozen ($163 million), dairy products ($158 million), and feeds and fodders ($152 million).

Imports

Vietnam was the United States' 27th largest supplier of goods imports in 2010.

U.S. goods imports from Vietnam totaled $14.9 billion in 2010, a 21% increase ($2.6 billion) from 2009.

The top imports categories (2-digit HS) for 2010 were: Knit Apparel ($3.4 billion); Woven Apparel ($2.4 billion); Furniture and Bedding ($1.8 billion); Footwear ($1.6 billion); and Electrical Machinery ($808 million).

U.S. imports of agricultural products from Vietnam totaled $970 million in 2010. Leading categories include: coffee (unroasted) ($360 million), and tree nuts ($352 million)

Trade Balance

The U.S. goods trade deficit with Vietnam was $11.2 billion in 2010, a 21.4% increase ($2.0 billion) over 2009.

Investment

U.S. foreign direct investment (FDI) in Vietnam (stock) was $524 million in 2009 (latest data available), up 10.8 percent from 2008.

U.S. FDI distribution in Vietnam was not available in 2009.

Vietnam FDI in the United States (stock) was $17 million in 2009 (latest data available), up 30.8 percent from 2008.

Vietnam FDI distribution in the United States was not available in 2009.