HANOI - As the United States intensifies efforts to reduce trade with China by hiking tariffs, it has greatly boosted imports from Vietnam, which relies on Chinese input for much of its exports, data show.
FILE PHOTO: Employees work at a shoe factory for export in Hanoi, Vietnam December 29, 2020. REUTERS/Kham/File Photo
It shows that Vietnam's export boom has been fuelled by imports from neighbouring China, with inflows from China almost exactly matching the value and swings of exports to the United States in recent years. At over $114 billion last year, U.S. imports of goods from Vietnam were more than twice as big as in 2018 when the Sino-American trade war began, which boosted the Southeast Asian nation's appeal among manufacturers and traders who sought to reduce risks linked to China-U.S. tensions.
Imported components accounted in 2022 for about 80% of the value of Vietnam's export of electronics - the U.S.'s main import from Hanoi - according to data from the Asian Development Bank. As inflation remains high, the White House has remained quiet on Vietnam's large trade surplus, but that may change after the November vote, analysts say.
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