Yes, Vietnam really is winning the trade wars (Roland Rajah – Lowy The Interpreter)

Vietnam has again emerged as the apparent winner of Donald Trump’s trade wars, as was the case during his first presidency. Vietnam’s exports have boomed, despite facing US tariffs (now at 20%) and having to compete with surging Chinese exports. Vietnam exported $474 billion worth of goods in 2025, up almost $70 billion on 2024.

Yes, Vietnam really is winning the trade wars | Lowy Institute

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