According to the Wall Street Journal, the US is accounting for a growing share of Vietnam’s exports, estimated at 29% of the Asian country’s total exports as of January 2021. This is a significant increase from the 20% recorded one year earlier. The newspaper also assessed that exports have been crucial for Vietnam’s quick recovery from the adverse effects of the Covid-19 pandemic.
With companies moving their supply chains away from China, Vietnam is benefitting from being a transshipment station to escape American tariffs, emerging as a major winner in the China-US trade war. Moreover, exports from the South East Asian country are expected to further benefit from the US’ economic growth, which the Organization for Economic Cooperation and Development projected at 6.5% for 2021.
(Sources: VNExpress, Asia Nikkei, The Wall Street Journal)