Foreign Firms in Vietnam and the US–China Trade War

Kazunobu Hayakawa and Chuc Nguyen Dinh

No 951, IDE Discussion Papers from Institute of Developing Economies, Japan External Trade Organization(JETRO)

Abstract: This study empirically investigates ownership of foreign firms in Vietnam during the US–China trade war. In our empirical analysis, we identify firm’s nationality by two indicators: the country of the largest shareholder or investor, and the directors’ nationalities. This differentiation plays a key role in identifying so-called “Singapore-washing” in Chinese firms. Our findings can be summarized as follows. First, foreign direct investment from Singapore is mostly conducted by non-Singaporeans. However, there are only a small number of Chinese directors’ firms with an investment source from Singapore. Second, among firms in Vietnam with Chinese directors, those that entered after the start of the US–China trade war or those with an investment source from countries other than China have a lower propensity for trade. Third, the larger presence of firms with an investment from China is associated with higher export growth to the US, but firms with Chinese directors are not.

Keywords: US–China; trade; war|Chinese; firms|Vietnam (search for similar items in EconPapers)
JEL-codes: F15 F53 (search for similar items in EconPapers)
Date: 2025-01
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Published in IDE Discussion Paper = IDE Discussion Paper, No.951. 2025-01

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