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One country that could avoid the worst of Trump 2.0 tariffs? Vietnam
Hanoi’s diplomatic skills and the private interests of Trump and Musk in the country may shield it from the worst of the President-elect’s threats.
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Economic data released this week shows that Vietnam continues to grow strongly, exceeding expectations with a 7.09 per cent expansion in 2024.
PHOTO: AFP
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Few would dispute that Vietnam has been the undeniable star among the “Plus Ones” in the “China Plus One” strategy – the global approach to diversifying manufacturing away from China by anchoring in other politically stable and thriving economies.
Since the inception of the “Plus One” strategy in 2018 – sparked by Donald Trump’s tariffs on China in his first stint as United States president – Vietnam has outpaced peers like Malaysia, Thailand, India and Turkey. Excluding the pandemic years, Vietnam’s economy has averaged an impressive 7 per cent annual growth during this period.
