An Asian Communist state with a government-directed industrial policy churns out cheap goods for consumption in America. The country has a heavily controlled exchange rate, brandishes its low labor costs, enjoys a trade surplus and is wary of opening sensitive industries to foreigners. Add what might be politely described as some history of antipathy toward the US
You might be forgiven for thinking that place is China, whose trade dispute with the US is deepening. But no, it’s Vietnam.
Lured by the low cost of manufacturing, companies from Nike Inc. to Ikea have been redirecting parts of their supply chain from China