Vietnam’s imports from China and exports to the United States hit post-pandemic highs in April, amid talks with Washington to reduce Hanoi’s trade surplus and crack down on Chinese goods shipped to the United States through its territory.
The Southeast Asian country faces the risk of a 46% tariff on U.S. exports if the White House confirms the rate when the global tariff suspension ends in July. This could derail Vietnam’s growth model and hit multinational companies that export from Vietnam, including Samsung and Nike.
Hanoi has repeatedly made suggestions to the Trump administration to avoid high tariffs, including measures to crack down on illegal transshipment of Chinese goods through Vietnam to the United States. Goods labeled “Made in Vietnam” are eligible for lower tariffs.
However, trade trends that have drawn criticism from the United States are accelerating, which could complicate Vietnam’s efforts to win concessions from the United States in ongoing trade talks.
The Trump administration wants to reduce the trade imbalance, but Vietnam’s trade surplus with the United States, already one of the highest in the world, grew nearly 25% year-on-year in the four months through April, according to data from the Vietnam Statistics Office.
U.S. data showed that in March alone, exports exceeded $13.5 billion, the highest monthly level on record.
Several industry executives said Vietnamese manufacturers are increasing exports to the United States in preparation for possible tariff increases.
Exports to the United States exceeded $12 billion in April, up 34% year-on-year, the highest level since the outbreak of the coronavirus, according to Vietnamese customs data.
The deep sea port of Cai Mep, which handles most of Vietnam’s seaborne exports to the United States, is currently experiencing a surge in exports to the United States, said Soren Pedersen, vice president of SSA Marine, which operates Cai Mep and is one of the world’s largest port operators.
Cai Mep, a port for all major shipping lines including Maersk, MSC and COSCO, has 26 container ships booked per week in May to the United States, “a record high” compared with an average of 20-22 per week, he told Reuters.
“Most container terminals are currently operating at or close to full capacity,” he said, noting that this was in anticipation of possible tariff increases.
Chinese imports
Meanwhile, Vietnam is increasing imports from China, with customs data showing imports from China also hitting a post-pandemic record of more than $15 billion in April.
In recent years, Vietnam’s exports to the United States have been driven by imports from China, with imports from Beijing closely matching the value and volatility of exports to Washington.
In April, Vietnam’s imports of goods from China, typically parts or raw materials used in Vietnamese factories, increased by nearly 31% year-on-year. Industrial production grew 8.9% over the same period.
White House officials have accused Vietnam of being a mere transit point for Chinese-made goods shipped to the United States, with products that have no or insufficient added value to warrant the “Made in Vietnam” label.
In response, Hanoi began cracking down on illegal transshipments in April, tightening controls on imported goods and issuing product certificates of origin.
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