For years, Vietnam and several south-east Asian neighbours seemed to have a winning growth formula. They followed the export-led path already trodden by the likes of China. They were big beneficiaries of the reordering of supply chains prompted by Covid and US tensions with Beijing, becoming part of “China plus one” strategies for US and other businesses seeking a second export manufacturing base. Now those policies have come back to bite them. When Donald Trump unveiled his “liberation day” tariffs, some of the highest were the 46 per cent rate on Vietnam, and 49 per cent on Cambodia.
多年來，越南和幾個東南亞鄰國似乎找到了成功的增長公式。他們走的是中國等國已經走過的出口導向型發展道路。它們是新冠疫情和美中關系緊張導致的供應鏈重組的最大受益者，成為美國和其他企業尋求第二個出口制造基地的“中國+1”戰略的一部分。然而，這些政策現在反過來咬了它們一口。唐納德?特朗普(Donald Trump)宣布“解放日”關稅，對越南和柬埔寨分別征收高達46%和49%的關稅。