Vietnam remains the big winner from trade tensions - ING

Analysts at ING point out that Vietnam stays as the main beneficiary of US-China trade tensions, with USD imports rising 40% YoY.

Key quotes

"While China is obviously feeling some pain, the deterioration in the trade balance of what is likely to be around US$60bn this year equates to around 0.5 percentage points of Chinese GDP."

"However, there is evidence that this impact may be mitigated by some Chinese exports to the US being re-routed via Vietnam to avoid tariffs."

"After all, Vietnam manufacturing output is only rising 10% YoY yet exports to the US are running at nearly 40% YoY."