U.S. / Donald Trump / Vietnam

Vietnam Is Receiving Diverted U.S. Orders From China. That Doesn't Mean It's Winning the Trade War

Posted On: Jul 18, 2019   |   Posted By: Fortune

There's a common saying within the C-suite that a trade war has no winners. But recent reports suggest maybe one victor is emerging from the U.S.-China trade spat: Vietnam.
According to data from Japanese investment bank Nomura, Vietnam is the largest recipient of product orders diverted from the feuding nations, as importers attempt to avoid trade war tariffs. The value of orders diverted to Vietnam in the first quarter of the year was equivalent to 7.9% of the
Southeast Asian nation's GDP. Meanwhile the second largest recipient, Taiwan, only took on additional orders equal to 2.1% of GDP.
President Donald Trump sees that shift as evidence the trade war is working. On Monday morning after Beijing revealed China's slowest quarterly economic growth in 27 years-rising just 6.2% over the second quarter last year, when the trade war began-Trump tweeted out , “The United States tariffs are having a major effect on companies wanting to leave China for non-tariffed countries. Thousands of companies are leaving.”
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