Economics

Vietnam Goes From Trade War Winner to Trump Target

Vietnam had a $40 billion trade surplus with U.S. in 2018
It’s seeking out new trade deals to offset U.S. dependence

How Vietnam Is Benefiting From the U.S.-China Trade War

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By John Boudreau and Mai Ngoc Chau

July 11, 2019 at 9:00 PM UTC

Updated on

July 12, 2019 at 6:55 AM UTC

This article is for subscribers only.

Americans are buying solar panels from Vietnam like never before, but local manufacturer IREX Energy JSC isn’t celebrating.

After U.S. President Donald Trump slapped higher tariffs on China, production in neighboring Vietnam went into overdrive. Chinese manufacturers, who face a 55% U.S. tariff on their goods, relocated some production to Vietnam, while local businesses saw a jump in orders. In June alone, U.S. imports of solar cells from Vietnam surged 656% from a year ago.