U.S. Trade Deficit with Vietnam Exceeds $110 Billion

Forex - The U.S. trade deficit with Vietnam exceeded $110 billion in the first 11 months of 2024.
Recent figures released by the U.S. statistics agency reveal an approximate 18% increase in the deficit compared to the same period last year.
Seasonally adjusted trade data indicates that Vietnam recorded a trade surplus of $111.6 billion with the U.S. during the January-November period. This figure was $94.8 billion in the same period of 2023. Unadjusted data, however, points to an even larger discrepancy of $113.1 billion.
The data confirms that Vietnam holds the fourth highest trade surplus with the U.S., following China, the European Union, and Mexico.
Analysts view the large gap as a significant risk for this export-driven country, particularly in light of former President Donald Trump’s threats to impose tariffs of up to 20% on all U.S. imports. This risk has been exacerbated in recent months by a sharp decline in Vietnam's dong, which is trading near its lowest levels against the dollar. With Vietnam being one of the countries under scrutiny for potential currency manipulation, this trend is closely monitored in Washington.
Seeing the U.S. as its largest market, Vietnam hosts significant industrial activities focused on exports for American multinational corporations such as Apple, Google, Nike, and Intel.