HANOI – Vietnam’s imports from China and exports to the United States both reached post-pandemic highs in April, a development occurring amidst ongoing discussions with Washington aimed at reducing Hanoi’s trade surplus and increased efforts to combat the transshipment of Chinese goods through Vietnam to the U.S.
Vietnam is at risk of facing 46% duties on its exports to the U.S. if the White House decides to implement this rate following the conclusion of a global tariff pause in July. Such a move could negatively impact Vietnam’s economic growth model and affect multinational corporations, including Samsung and Nike, that export from the country.
The Vietnamese government has made several proposals to the U.S. administration to avoid these high tariffs, including taking stricter measures against the illegal transshipment of Chinese goods through Vietnam, where they are relabeled as “Made in Vietnam” to benefit from lower tariffs.
However, trade trends that have drawn criticism from the U.S. are accelerating, potentially complicating Vietnam’s efforts to secure concessions from the U.S. in ongoing trade negotiations.
While the U.S. administration seeks to reduce trade imbalances, Vietnam’s surplus with the United States has continued to grow, increasing by nearly 25% in the first four months of the year compared to the same period last year, according to data from Vietnam’s statistics agency.
In March alone, the surplus exceeded $13.5 billion, marking the highest monthly figure ever recorded, according to U.S. data.
Industry executives have noted that manufacturers in Vietnam are increasing exports to the United States in anticipation of potential tariff hikes.
In April, shipments to the U.S. surpassed $12 billion, a 34% increase compared to the previous year and the highest value recorded since the COVID-19 pandemic, according to Vietnamese customs data.
Soren Pedersen, vice president at SSA Marine, a major port operator, stated that Cai Mep deep-sea port, which handles the majority of Vietnam’s sea-borne exports to the United States, is experiencing a surge in shipments to the U.S.
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Pedersen told Reuters that Cai Mep has a record high of 26 container ships booked for weekly departures to the U.S. in May, up from an average of 20-22. The port hosts all major shipping companies, including Maersk, MSC, and COSCO.
He added that most container terminals are currently operating at or near full capacity in anticipation of possible higher tariffs.
Increased Imports from China
Simultaneously, Vietnam is increasing its imports from China, which also reached a post-pandemic record in April, exceeding $15 billion, according to customs data.
Vietnam’s exports to the U.S. in recent years have been closely linked to imports from China, with inflows from Beijing mirroring the value and fluctuations of exports to Washington.
Vietnam’s imports of Chinese goods, often components or raw materials used in Vietnamese factories, grew by nearly 31% in April compared to the previous year. Industrial production rose by 8.9% during the same period.
U.S. officials have accused Vietnam of serving as a mere transit point for goods manufactured in China and shipped to the United States, with little or no value added in Vietnam to justify “Made in Vietnam” labels.
In response, Hanoi initiated a crackdown on illegal transshipment in April, increasing controls on imported goods and the issuance of certificates of origin.
