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The Future of Asia 2019

Vietnam will not escape impact of trade war, foreign minister warns

Pham acknowledges short-term gains, but says long-term conflict will take a toll

Vietnam Foreign Minister Phạm says the openness of the country's economy makes it exposed to global trends. (Photo by Karina Nooka)

TOKYO -- Vietnam will "not be able to avoid the impacts of trade protectionism" due to the open nature of its economy, Foreign Minister Pham Binh Minh told Nikkei's Future of Asia conference in Tokyo on Thursday.

Speaking on U.S.-China trade frictions, Pham, who also serves as deputy prime minister, noted that Vietnam's exports are 200% of gross domestic product, making it sensitive to even small changes in the global economy and trade flows.

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