The US is far from the only country looking to enjoy the benefits — or suffer the consequences, depending on your point of fiew — of free trade with Vietnam. Southeast Asia, especially Vietnam, is working assertively toward a trade agreement with the European Union after signing a series of agreements with Japan, China, Korea, India, Australia and New Zealand — all of which led to new investment opportunities.
Vietnam exports $15 billion in products and services to Europe (16% of total exports), its second largest trade partner behind the US. Now Vietnam looks for lower tariffs on garments, footwear, agricultural products and seafood — and lower-priced imports of machinery and automobiles from Europe.
While Vietnam-Europe trade negotiations go forward, negotiations between Vietnam and the US are experiencing resistence from the American textile and seafood industries, and legislators who believe thousands of American jobs are on the line.
More on the VN-EU partnership