Mid-December trade data showed total imports-exports hit $883.72Bn, with full-year figures likely to hit $920Bn, 16.9% growth YoY. Despite tariffs the US trade deficit with Vietnam continues to grow, with November data showing $121.6Bn, up 27.5% versus the same 11-month period in 2024. CPI only creeping upwards whilst core inflation creeps downwards, headline policy rate unchanged.
We have long said that, although US tariffs might inflict “some significant sector-specific hits” the extent of the wider damage to Vietnam would be “not a great deal overall”. And so it has come to pass. Not only is Vietnam posting record exports, and trade surpluses, but Trump’s tariffs have had no effect in reducing the US’ trade deficit with Vietnam. Interest Rates, Inflation & Currency Having reached 3.38% in September, core inflation fell to 3.298% in October, and in November fell slightly again to 3.284% YoY. The Consumer Price Index (CPI) rose by 0.20% in October to 3.25% (heavily linked t...
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