Vietnam will surpass all other ASEAN nations to become the largest exporter to the U.S. next year, the American Chamber of Commerce in Vietnam has predicted.
Vietnam currently stands behind Malaysia and Thailand in terms of export turnovers to the U.S., the AmCham said in a report released last weekend. Vietnam will take over the top position in 2015, the report stated.
In 2014, the bilateral trade between the Southeast Asian country and the U.S. is forecast to top US$33.6 billion, with Vietnam’s shipments totaling $28.1 billion.
Exports of textile and garment products alone are predicted to reach $9.7 billion by the end of this year, according to the report.
In 2020, Vietnam’s exports to the North American country will rise to $51.4 billion, with textile and garment accounting for $15.2 billion.
Earlier AmCham forecast that total exports would only jump to $48.8 billion, and textile and garment would generate $13.7 billion in 2020.
These predictions did not take into account the impacts of the Trans-Pacific Partnership, the report noted.
AmCham is an independent association of companies with the objective of promoting trade and investment between Vietnam and the U.S.
ASEAN stands for Association of Southeast Asian Nations, a political and economic economic organization of ten countries located in Southeast Asia, which was formed on August 8, 1967. ASEAN members include Indonesia, Malaysia, the Philippines, Singapore, Thailand, Brunei, Myanmar, Cambodia, Laos, and Vietnam.