South Korean media: Vietnam is the country in Southeast Asia most severely hit by US tariffs!
On October 18, South Korean media "Herald Economic" published an article stating that analysts believe Vietnam may be the Southeast Asian country most severely affected by US reciprocal tariffs, and exports to the US may plummet by nearly 20%.
The United Nations Development Programme (UNDP) predicts that US tariff hikes could reduce Vietnam's exports to the US by up to $25 billion annually.
UNDP estimated in a recent report that in the worst case, Vietnam's exports to the US could fall by 19.2%, about one fifth of the current $136.5 billion, twice the average of 9.7% in Southeast Asia.
UNDP forecasts that exports from Thailand, Malaysia, and Indonesia to the US will decrease by 12.7%, 10.4%, and 6.4%, respectively.
Philip Schellekens, Chief Economist for Asia-Pacific at UNDP, predicted, "In Southeast Asia, Vietnam is the most affected by the risk of US tariff policies."
Earlier this year, US President Donald Trump threatened to impose a 46% tariff on Vietnam. After negotiations, Vietnam agreed to significantly increase imports of American energy, aircraft, and other products, and lower the tariff to 20%.
However, many Southeast Asian countries, including Thailand, Indonesia, Malaysia, the Philippines, and Cambodia, have reached tariff negotiations with the US, with a condition of 19% tariffs, one percentage point lower than Vietnam.
Last year, Vietnam was the sixth largest exporter to the US globally.
Vietnam mainly exports products that are produced in factories of local multinational companies or suppliers.
Shoes from global sports brands such as Nike, Adidas, and Puma are also mass-produced in Vietnam.
Original: www.toutiao.com/article/1846320934665225/
Statement: This article represents the views of the author.