Vietnam’s exports to the US could fall “over time by more than $25 billion, nearly one-fifth of the yearly total, expert said.
The 20 percent import tariff imposed on Aug. 7 by the US on Vietnamese goods could reduce the country’s exports to America by nearly one-fifth, making it the worst-hit country in Southeast Asia, according to estimates by the United Nations Development Programme (UNDP).
Vietnam’s exports to the US could fall “over time by more than $25 billion, nearly one fifth of the yearly total”, said Philip Schellekens, the UNDP’s Chief Economist for the Asia-Pacific region.
The 19.2 percent potential fall in Vietnamese exports to the US is nearly twice as high as the possible average decline of 9.7 percent in exports from Southeast Asia, according to a UNDP report.
“No country in Southeast Asia is more exposed to US tariff hikes than Vietnam,” said Schellekens.
In August, Vietnam’s exports to the United States fell by 2 percent from July, with a 5.5 percent drop for footwear, according to the customs department.
