The Business Times
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Vietnam’s tightrope walk in Trump’s new tariff order

In a world where tariffs shift with politics, the South-east Asian nation must move faster than the storm

Summarise
    • With the US as Vietnam’s largest export market, the ripple effects could reach thousands of SMEs and slow the country’s momentum.
    • With the US as Vietnam’s largest export market, the ripple effects could reach thousands of SMEs and slow the country’s momentum. PHOTO: AFP

    Banh Thi Hang and Tran Thi Ngoc My

    Published Wed, Aug 27, 2025 · 07:00 AM

    WHEN US President Trump declared “Liberation Day” tariffs earlier this year and signalled a reset in global trade, Hanoi moved fast – offering tariff cuts, pledging to buy more US goods, and hinting at deeper cooperation.

    The goal? Avoid being caught in Trump’s tariff dragnet. 

    Yet, in early July, Washington slapped a 20 per cent tariff on Vietnamese exports. That was less than the threatened 40 per cent, but still a punishing blow for a small economy deeply reliant on US access.

    VietnamTrump tariffsAsia-PacificUS-China relations

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    Some of the fastest growth is being recorded across a cluster of northern industrial provinces closely tied to electronics manufacturing and global supply chains.

    Vietnam’s northern provinces, not Hanoi or Ho Chi Minh City, are powering near 10% GDP growth

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