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 Vietnam
 Trans-Pacific Partnership

Vietnam is a Key U.S. Export Market

  • Vietnam's economy is valued at $191.5 billion*
  • $7.1 billion in goods in 2015 were exported from the United States to Vietnam
  • 7,165 U.S. companies exported goods to Vietnam in 2014 – 84.2% were small and medium-sized companies
  • 40,682 U.S. jobs supported by goods exports to Vietnam and 13,041 U.S. jobs supported by services exports to Vietnam in 2015

TPP Will Eliminate All Foreign Import Taxes on Industrial and Consumer Goods in the Top Export Sectors in Vietnam for U.S. Exporters

Before TPP

After TPP

Chemicals


$530 Million
In Exports
To Vietnam

35% Current Maximum Tariff
in Sector


87.5%
of U.S. Goods Exports will be
Duty–Free Immediately
in Vietnam

Information and Communication Technologies

$523 Million
In Exports
To Vietnam

35% Current Maximum Tariff
in Sector


96.9%
of U.S. Goods Exports will be
Duty–Free Immediately
in Vietnam

Machinery


$452 Million
In Exports
To Vietnam

59% Current Maximum Tariff
in Sector


82.9%
of U.S. Goods Exports will be
Duty–Free Immediately
in Vietnam

Forest
Products


$308 Million
In Exports
To Vietnam

25% Current Maximum Tariff
in Sector


95.4%
of U.S. Goods Exports will be
Duty–Free Immediately
in Vietnam

Textiles and
Apparel


$220 Million
In Exports
To Vietnam

100% Current Maximum Tariff
in Sector


98.4%
of U.S. Goods Exports will be
Duty–Free Immediately
in Vietnam


TPP Works for America

2,991,102:

Jobs Supported by Goods Exported to TPP countries in 2015
$679.6 Billion:

2015 Total
U.S. Goods
Exported to
TPP Countries
174,331:

U.S. Companies
Exported Goods to
TPP Countries in 2014
97%:

SME share of U.S. Goods-Exporting
Companies to TPP Countries in 2014
30%:

SME share of U.S. Goods Exports to TPP Countries in 2014

Market Opportunity Spotlights

Auto Parts:

The United States exports nearly $1.3 billion in auto parts to new TPP markets each year. These exports face tariffs as high as 32% in Vietnam. At the same time, competing auto parts made in China face lower—or even zero—tariffs in Vietnam as a result of trade agreements China has with those countries. Under TPP, 98.1% of U.S. auto parts exports will be eligible for immediate duty-free treatment into the new TPP markets, and all remaining tariffs will be eliminated over time.

Construction Equipment:

Although Vietnam is currently a small market for U.S. construction equipment exports (by volume), it is a very attractive market for U.S. construction equipment manufacturers because of its growth potential and strong demand. The United States exported $37.1 million in construction machinery to Vietnam in 2014, a 52.7 percent increase from 2012. In Vietnam, U.S. machinery competes with lower cost (but less efficient and less reliable) Chinese products. The high tariffs U.S. construction equipment manufacturers face in Vietnam (up to 59 percent) have been prohibitive while their Chinese competitors face significantly lower tariffs, thanks to existing trade agreements between Vietnam and China. The elimination of those tariffs through TPP will level the playing field and further strengthen U.S. manufacturers' competitive position.

* 2015 Nominal GDP
** TPP Countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru,
Singapore, the United States, and Vietnam
*** New TPP Countries: Countries with which the United States currently does not have preferential
market access - Brunei, Japan, Malaysia, New Zealand, and Vietnam

 


 

 

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