Vietnam footwear exports fall after US tariffs
US tariffs imposed in August risk cutting up to one-fifth of Vietnam’s exports to the United States, according to a report by news agency Reuters.
Estimates from the United Nations Development Programme (UNDP) suggest the country could lose more than $25 billion in annual sales, making it the worst-hit nation in Southeast Asia.
Vietnam was America’s sixth-largest supplier in 2023, shipping $136.5 billion worth of goods, largely produced in factories run by multinational companies or their suppliers. New customs data show exports to the US fell by 2% in August compared with July, with footwear, where Vietnam is the world’s second-largest supplier, down 5.5%. This followed a surge in shipments ahead of the tariff deadline.
Nike, Adidas and Puma, which produce a significant share of their global footwear output through suppliers in Vietnam, declined to comment.
The UNDP said Vietnam’s exports to the US could fall by 19.2%, almost twice the average decline forecast for Southeast Asia. Thailand, Malaysia and Indonesia are also expected to see double-digit drops. The World Bank has since revised down Vietnam’s growth outlook, while analysts say the full impact on trade and GDP could take years to materialise.
