Trade turnover between Vietnam and the US was estimated at $11 billion in January, according to the General Statistics Office of Vietnam.

Vietnam’s export to the US reached $9.8 billion, while import was valued at $1.3 billion. This resulted in a trade surplus of $8.5 billion, down 3.5% year-on-year.

As a result, the U.S. was Vietnam’s largest export market in January.  China came second with an export value of $4.6 billion, but it was the only major market to record high growth of 25.2 per cent, in terms of export value from Vietnam in the month.

Trade experts said the US is a pivotal market for Vietnamese businesses seeking to expand their international market share.

High-tech products, garments and textiles and footwear accounted for around 50% of Vietnam’s export value to the US.

Meanwhile, Vietnam has been attracting significant high-tech investment from the US, especially in microchips and semiconductors.

Last year,  their two-way trade exceeded $132 billion, with Vietnam’s export to the US worth nearly $119 billion, marking a 23.3% year-on-year.