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 29th largest goods trading partner with $24.9 billion in total (two ways) goods trade during 2012. Goods exports totaled $4.6 billion; goods imports totaled $20.3 billion. The U.S. good trade deficit with Vietnam was $15.6 billion in 2012.
Vietnam was the United States’ 46th largest goods export market in 2012.
U.S. goods exports to Vietnam in 2012 were $4.6 billion, up 7.3% ($314 million) from 2011.
The top export categories (2-digit HS) for 2012 were: Electrical Machinery ($765 million), Machinery ($482 million), Oil seeds and misc. grains (mainly soybeans and flour) ($355 million), Cotton/Yarn/Fabric ($249 million), and Meat (beef and poultry) ($225 million).
U.S. exports of agricultural products to Vietnam totaled $1.7 billion in 2012, making it the 16th largest U.S. Ag export market. Leading categories include: cotton ($249 million), red meats fresh/chilled/frozen ($163 million), horticultural products (mainly edible tree nuts) ($284 million), and feeds and fodders ($152 million).
Vietnam was the United States’ 23rd largest supplier of goods imports in 2012.
U.S. goods imports from Vietnam totaled $20.3 billion in 2012, a 15.9% increase ($2.8 billion) from 2011.
The top imports categories (2-digit HS) for 2012 were: Knit Apparel ($4.1 billion), Woven Apparel ($2.9 billion), Footwear ($2.4 billion), Furniture and Bedding ($2.3 billion), and Electrical Machinery ($1.4 billion).
U.S. imports of agricultural products from Vietnam totaled $2.5 billion in 2012. Leading categories include: coffee (mainly unroasted) ($621 million), shrimp and prawns ($448 million), fish ($434 million) and tree nuts ($400 million).
The U.S. goods trade deficit with Vietnam was $15.6 billion in 2012, an 18.7% increase ($2.5 billion) over 2011.
U.S. foreign direct investment (FDI) in Vietnam (stock) was $747 million in 2011, up 19.9% 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% from 2010. Vietnam’s FDI distribution in the United States was not available.
NOTE: No services trade data with Vietnam is available.