Vietnam was one of the fastest-growing import sources of the US in Asia in the first quarter of 2019, according to Bloomberg.

 

The Southeast Asian country could leapfrog Italy, France, the UK and India to rank seventh in the top exporters to the US if its pace of growth can be sustained for a full year, Bloomberg said, forecasting Vietnam’s exports to the US could hit nearly 69 billion USD this year.

 

It cited data from the US Census Bureau which showed that imports from Vietnam jumped 40.2 percent year-on-year in the first three months of 2019.

 

Vietnam has become a standout in a region where the world’s export engines are heavily hurting amid the trade-war tensions between China and the US, and a slowing electronics cycle, according to Bloomberg.

 

Exports of Japan, the Republic of Korea, Singapore, and Taiwan all saw declines in April, while in the same month Vietnam’s exports gained 7.5 percent from a year earlier.

 

Bloomberg said Vietnam offers low-cost labor and an improving business climate alongside boasting one of the fastest growth rates in the world.

 

According to the General Department of Vietnam Customs, in the first four months of this year, the US continued to be the biggest importer of Vietnamese goods, buying 4.42 billion USD worth of garment-textile, up 9.1 percent year-on-year; 2 billion USD worth of footwear, up 13.5 percent; 1.3 billion USD worth of machinery, equipment, and spare parts, up 54 percent; and 1.42 billion USD worth of wood and timber products, up 34.7 percent.-VNA