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Trade war to hurt Vietnam’s garment, leather, footwear industries

Key commodities in Vietnam including apparel, leather, and footwear are likely to be hurt by the US-China trade war. However, it war may also present some opportunities as Vietnam may be able to boost shipments to the US with limits on Chinese import. Furthermore, the depreciated Chinese yuan will give Vietnam an edge when importing materials from China.

As the US imposes high taxes on Made in China goods, Chinese manufacturers are likely to move their operations to Vietnam to fill the gap. However, if there is a wave of Chinese investment in Vietnam, the US is likely to limit the import of goods with Chinese materials, thus putting Vietnam at a disadvantage.

The trade war has also indirectly hurt consumption market because US and Chinese consumers have switched to buying necessities instead of more luxury items such as leather, footwear, and handbags – leading to a slump in demand in the two countries.

 

 
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