Vietnam's Trade Surplus With US Reaches Record High

Vietnam's trade surplus with the U.S. reached a record high of over $123 billion in 2024, raising concerns about potential tariffs from the Trump administration. This surplus, which grew nearly 20% from the previous year, positions Vietnam as the third-largest trade surplus country with the U.S. after China and Mexico. Vietnamese Prime Minister Pham Minh Chinh has indicated that the country may face significant export challenges due to U.S. trade protection policies. In response to the trade gap, Vietnam has pledged to increase imports from the U.S. to mitigate tariff risks. Analysts suggest that unlike other major exporters, Vietnam does not pose a security threat to the U.S., which could help it avoid punitive measures. The situation reflects ongoing global trade tensions and the shifting dynamics following the U.S.-China trade war.