The Vietnamese dong is likely to test new lows as the country’s growing trade surplus with the US puts it at risk of targeted tariffs from the incoming Donald Trump administration.

VOV.VN - Vietnam posted a trade surplus of US$24.77 billion last year, with total import and export reaching US$786.29 billion, up 15.4% compared to the previous year, according to details given by the General Statistics Office (GSO).

Vietnam's total trade revenue reached 786.29 billion USD in 2024, up 15.4% year-on-year, with a trade surplus of 24.77 billion USD, the General Statistics Office (GSO) said at a press conference in Hanoi on January 6.

Vietnam's trade deficit with the U.S. surged past $110 billion in 2024, driven by a significant depreciation of the dong against the dollar. This expansion raises concerns of potential U.S. tariffs and accusations of currency manipulation,

CHINA’S trade surplus soared to a record last year, driven by strong exports that boosted the economy but may soon be threatened by the incoming Trump administration. Read more at The Business Times.

Trump has vowed to impose tariffs of as high as 60% on China, as well as lesser ones with the US’ biggest trade partners, threats that could upend global trade and economic growth.

Only a third of China’s trade surplus was with the United States, and only a third of the U.S. deficit was with China. That makes for tricky math for the president-elect.