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 [LINK TO 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 31st largest goods trading partner with $21.8 billion in total (two ways) goods trade during 2011. Goods exports totaled $4.3 billion; Goods imports totaled $17.5 billion. The U.S. good trade deficit with Vietnam was $13.2 billion in 2011.
Vietnam was the United States= 45th largest goods export market in 2010.
U.S. goods exports to Vietnam in 2011 were $4.3 billion, up 16.2% ($600 million) from 2010.
The top export categories (2-digit HS) for 2011 were: Machinery ($520 million), Electrical Machinery ($372 million), Cotton/Yarn/Fabric ($364 million), Meat (beef and poultry) ($298 million), and Vehicles ($271 million),
U.S. exports of agricultural products to Vietnam totaled $1.6 billion in 2011, the 13th largest U.S. Ag export market. Leading categories include: cotton ($362 million), red meats fresh/chilled/frozen ($197 million), dairy products ($187 million), and feeds and fodders ($186 million).
Vietnam was the United States= 26th largest supplier of goods imports in 2011.
U.S. goods imports from Vietnam totaled $17.5 billion in 2011, a 17.6% increase ($2.6 billion) from 2010.
The top imports categories (2-digit HS) for 2011 were: Knit Apparel ($3.8 billion), Woven Apparel ($2.8 billion), Footwear ($2.0 billion), Furniture and Bedding ($1.8 billion), and Electrical Machinery ($998 million).
U.S. imports of agricultural products from Vietnam totaled $1.3 billion in 2011. Leading categories include: coffee (unroasted) ($487 million), and tree nuts ($410 million).
The U.S. goods trade deficit with Vietnam was $13.2 billion in 2011, a 18.1% increase ($2.0 billion) over 2009.
U.S. foreign direct investment (FDI) in Vietnam (stock) was $747 million in 2011, up 19.9 percent from 2010.
U.S. FDI distribution in Vietnam was not available
Vietnam FDI in the United States (stock) was $20 million in 2011, down 66.1 percent from 2010.
Vietnam FDI distribution in the United States was not available.
NOTE: No services trade data with Vietnam is available.