Vietnam's agricultural trade has grown rapidly in the past decade

Vietnam's agricultural trade has grown rapidly in the past decade

After Vietnam joined the Association of Southeast Asian Nations (ASEAN), its agricultural trade within the 10-member regional trade bloc expanded. The normalization of trade with the United States in 2001 and WTO accession in 2007 also provided catalysts for growth and integration. Subsequent preferential trade agreements (PTAs) have led to tariff reductions that have only recently begun to take effect. Today, Vietnam’s agricultural trade is still led by trade with its ASEAN partners; however, China has become a major export market and Vietnam’s largest trade partner, while the United States is a close second, and also the largest source of imports. Trade growth with both partners has been significant, growing 7- and 10-fold, respectively, while imports from South America have also grown. The Trans-Pacific Partnership (TPP) agreement, now under negotiation, is viewed as important to Vietnam’s long-term economic strategy as it could potentially secure markets abroad and facilitate the flow of foreign investment. Vietnam seeks greater access for its textile and footwear industry, while exporting countries, including the United States, see Vietnam as a market with growth potential. This report is from the Amber Waves article, “Japan, Vietnam, and the Asian Model of Agricultural Development and Trade.”


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Last updated: Friday, April 24, 2015

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