FX.co ★ Xi Urges Vietnam to Safeguard Supply Chains

During his visit to Hanoi on Monday, Chinese President Xi Jinping urged Vietnam to play a role in maintaining global supply chains amid rising U.S. tariffs. His tour of Southeast Asia coincides with the imposition of 145% U.S. duties on China, while Vietnam is striving to prevent the impending 46% tariffs set to be implemented in July. In a piece featured in Vietnam's Communist Party publication, Nhandan, Xi cautioned that "trade wars and tariff wars yield no victors, and protectionism leads nowhere." He stressed the importance of "resolutely protecting the multilateral trading system" to ensure the stability of supply chains. In response to U.S. demands, Vietnam is strengthening its inspections of Chinese products bearing "Made in Vietnam" labels to verify their compliance with origin standards. Vietnam significantly relies on imports from China while exporting extensively to the U.S., with products such as electronics, footwear, and clothing.