Hardest-hit Vietnam risks losing $25 billion from US tariffs, UN estimates
By Francesco Guarascio
According to estimates made by the United Nations Development Program, Hanoi (Reuters) -us -US tariffs made a way to one fifth of Vietnam’s exports to the United States in August and made the worst country in Southeast Asia.
The US trade data show was the world’s largest exporter in the world with the goods referred to $ 136.5 billion last year. These goods are largely produced in factories operated by US and foreign multinational companies or suppliers.
In the worst situation scenario of very high tariff-oriented US inflation, 20% tasks that benefit from Vietnam goods may cause US exports to fall more than $ 25 billion in time, “UNDP Chief economist Philip Schelkens, Reuters, said.
Vietnam’s finance and industry ministries did not immediately respond to comments.
According to the Customs Department, the first comprehensive Vietnamese data published since the entry into force of tariffs on August 7, the US largest market, the United States fell by 2% in July, the US fell by 2% decreased in July. This followed an increase in exports before tariffs.
The World Bank revised Vietnam’s growth forecasts this year after the US tariffs entered into force.
Nike, Adidas and Puma, who produced a large part of global shoe outputs through suppliers in Vietnam, refrained from commenting.
Vietnam hit the hardest
The 19.2% potential decrease in exports to the United States in Vietnamese exports would be almost twice the possible decrease in an average of 9.7% possible decrease in exports from Southeast Asia and a large industrial centers on the continent, according to a UNDP report published last week.
Yanında No country in Southeast Asia is exposed to US tariff increases any more than Vietnam, Schec Schelekens said that China in East Asia will be hit more in terms of dollars.
According to the UNDP report, Thailand’s US exports among the Great Southeastern Asian countries may drop by 12.7%, 10.4%of Malaysia and 6.4%of Indonesia.
The estimated decline of US exports will be about 5% of Vietnam’s gross domestic product, but it may take years to fully realize the tariff effect, and it is possible that exporters sucking some costs, diversify Vietnam to other regions and reduce larger domestic expenditures.
