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Vietnam's Trade Prospects Amid Trump’s Return
Vietnam's trade with the United States could face increased volatility if Donald Trump wins a second term as president, according to officials and supply chain experts. While Vietnam stands to benefit from U.S.-China trade tensions, it may also suffer "collateral damage" to Trump's protectionist policies.
Trade Surplus with the U.S.
As a major exporter to the U.S., Vietnam reported a $90 billion trade surplus with Washington by September, ranking fourth after China, the EU, and Mexico. The country has been a significant beneficiary of Trump's tariff hikes on Chinese goods during his first presidency.
Risks of Protectionism
Trump’s threat to impose a 60% tariff on Chinese imports and an additional 20% tariff on all imports could severely disrupt global trade. Vietnam’s trade surplus with the U.S. is partly due to its role as an assembly hub for Chinese-made components, occasionally leading to U.S. sanctions for illegal transshipment.
Shift in Supply Chains
While protectionism may harm Vietnam's trade, it could also drive further shifts in supply chains from China to other markets. Vietnam is expected to remain a key destination for companies relocating production, as noted by international law expert Leif Schneider.
Diplomatic and Economic Strategies
To reduce trade tensions, Vietnam may purchase high-value U.S. imports like Liquefied Natural Gas (LNG) and military equipment, along with a potential partnership involving a $1.5 billion Trump Organization project in Vietnam.
Uncertainty Ahead
Experts agree that while Vietnam's ability to attract companies leaving China remains strong, any shift in U.S. trade policy could bring both opportunities and challenges, making the actual impact of a second Trump presidency uncertain.
