越南概览：多样化的重要性

Trade Diversification - Vietnam's exports to the US account for 30% of its total exports, highlighting the need for diversification amid trade turbulence[2] - Vietnam has a free-trade agreement (FTA) with the EU, but trade with the EU is significantly lower at USD 68 billion compared to USD 206 billion with China and USD 135 billion with the US[11] - Vietnam's trade exposure with ASEAN peers is among the lowest in the region, indicating potential for increased intra-regional trade[3] Trade Performance - Vietnam's exports grew by 17% year-on-year in May, while imports increased by 14% year-on-year, driven largely by non-phone electronics shipments[29] - The trade surplus has halved to USD 0.5 billion in April and May from the first quarter of 2025, indicating an import-intensive manufacturing sector[30] - Electronics exports to the US surged over 70% year-on-year, underscoring the significance of Vietnam in the electronics supply chain[29] Economic Indicators - The Purchasing Managers' Index (PMI) showed a decline from 50.5 in March to 49.8 in May, indicating a contraction in manufacturing activity[5] - Consumer Price Index (CPI) remained stable at 3.2% year-on-year in May, well below the State Bank of Vietnam's target of 4.5-5%[38] - Retail sales have improved, now only 4% lower than pre-pandemic levels, signaling recovery in domestic consumption[38]