Global trade routes update: Vietnam’s growing importance

The world’s trade routes are in a state of flux, disrupted by unprecedented events. The pandemic, the conflict in Ukraine, and now the Israel-Hamas tension have rewritten the rules of global trade. Vietnam’s growing importance as a supply chain destination is underscored by its strong trade ties with the US, which is now its second-largest trading partner after China, with bilateral trade reaching $79 billion in first eight months of 2023. This surge in interest from US investors in Vietnam’s green energy and semiconductor manufacturing sectors points to the substantial increase in leasing spot rates from Vietnam to the US.