The United States remains Vietnam’s leading trade partner in the region with Vietnam’s exports and imports to the market reaching 7.2 billion USD and 860 billion USD, respectively. It was followed by Canada with about 360 million USD and 45 million USD, respectively.
Trade between Vietnam and the Americas totalled 153.9 billion USD in 2022, up 10.7% compared to 2021, the MoIT said.
Of which, Vietnam’s exports to the market were valued at 128.2 billion USD, an increase of 12.4% year-on-year while imports were worth 25.7 billion USD, up 3%.
Notably, trade with all major markets in the region recorded stable export growth, with an 11% increase in trade with the US, 6.6% with Brazil, 16.5% with Canada, 7.1% with Mexico, 9% with Chile, and 8.3% with Argentina.
Thanks to free trade agreements (FTAs), such as the Comprehensive and Progress Agreement for Trans-Pacific Partnership (CPTPP) and the Vietnam-Chile Free Trade Agreement (VCFTA), Vietnam’s exports to four CPTPP member countries in the region, namely Canada, Mexico, Chile and Peru, went up 8.7% compared to 2021 to hit 13.1 billion USD in 2022.
Strong growth was also recorded in the MERCOSUR bloc, known as the Common Market of the South, which includes Brazil, Argentina, Uruguay and Paraguay, with the two-way trade surging by 9.2% to more than 12 billion USD last year.
