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Products from Vietnam have become more popular in the United States than ever before.
U.S. imports from the Southeast Asian nation increased 36 percent last year to $67 billion, the U.S. Census1 Bureau reported. This represents the highest increase in a single year since 2003.
Vietnam is a major supplier of electronic products, furniture, clothing, footwear, and fish to the United States. It also is a major exporter of coffee, rice, and other foods.
Michael Ryan is the director of economics2 at IHS Markit Economics, an investment research service. He told VOA the latest increase shows Vietnam is making a "massive3 reorientation" in trade toward the U.S. market.
"The United States has become far and away the most important driver of Vietnam's export engine, accounting4 for two-thirds of Vietnam's total export growth in 2019," Ryan said.
After U.S. officials asked Vietnam buy more American goods, the country announced in March it would buy $3 billion worth of farm goods. That promise came after Vietnam said it would buy American-made airplanes.
Less than a year ago, U.S. President Donald Trump5 threatened Vietnam with tariffs7. He accused Vietnam of abusing the trading system, but did not say how. Trump said he wants to increase U.S. exports to Vietnam to help make up for the much larger levels of imported goods.
Instead, the difference between what the U.S. imports from Vietnam compared to the U.S. exports has increased every year from 2008 to 2019, the Census Bureau found.
Jing Wu is an assistant professor of business at the Chinese University of Hong Kong. He told VOA that the trade war did not get companies to move to the United States. Instead, it caused many to move to other nations, like Vietnam, he said.
Wu and others at the university's business school studied the relationship between trade uncertainty8 and the movement of companies.
Their research supported the idea that many companies seek out new markets during a trade war. As examples, they named major companies including Apple, Chevron9, and Victoria's Secret owner L Brands, which all have moved more business to Vietnam.
Their study was carried out before the arrival of COVID-19. The virus has greatly damaged supply chains and economic activity around the world.
But some businesses say they expect to be active in Vietnam after the crisis10 and continue to invest there. For example, the U.S.-ASEAN Business Council recently acted on plans to send business representatives to Vietnam.
Words in This Story
furniture – n. objects such as chairs, tables and beds that are put inside rooms or buildings
reorientation – n. the action of changing the focus or direction of something
account for – v. to be part of a total number of something
tariff6 – n. a tax on goods coming into or leaving a country
uncertainty – n. the state of not being sure about or not being able to decide something
supply chain – n. the processes involved in the production and sales of a product or products
1 census | |
n.(官方的)人口调查,人口普查 | |
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2 economics | |
n.经济学,经济情况 | |
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3 massive | |
adj.巨大的,大规模的,大量的,大范围的 | |
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4 accounting | |
n.会计,会计学,借贷对照表 | |
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5 trump | |
n.王牌,法宝;v.打出王牌,吹喇叭 | |
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6 tariff | |
n.关税,税率;(旅馆、饭店等)价目表,收费表 | |
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7 tariffs | |
关税制度; 关税( tariff的名词复数 ); 关税表; (旅馆或饭店等的)收费表; 量刑标准 | |
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8 uncertainty | |
n.易变,靠不住,不确知,不确定的事物 | |
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9 chevron | |
n.V形臂章;V形图案 | |
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10 crisis | |
n.危机,危急关头,决定性时刻,关键阶段 | |
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