Vietnam's Exports Hit by U.S. Tariffs, Mobile Phone Sector Takes Biggest Blow

In the face of American tariffs, Vietnam's export-driven economy suffered a setback in October, as official data reported a significant decrease, particularly in shipments to the U.S. Despite ongoing negotiations for a trade deal, a 20% tariff, imposed by President Trump in August, continues to hinder economic progress.

Vietnam's largest export sector, mobile phones, witnessed a 15.2% drop in shipments to the U.S. throughout October, reflecting a persistent negative trend. Interestingly, sectors like footwear displayed resilience, with a 15% increase, even as overall trade statistics remained grim.

Caught in the belt-tightening fiscal climate, foreign investments in Vietnam fell sharply by over 25% in October. Notably, newly agreed investments surged by 24.2%, signifying renewed interest and confidence from multinational corporations, essential for the nation's growth trajectory.