Kuala Lampur, July 14 -- Vietnam's booming trade surplus with the United States, recently reported to have reached a record high in the first half of this year, appears at first glance to be a cause for national celebration. The scale of the surplus paints a picture of a country reaping the benefits of economic resilience and shrewd positioning in the global supply chain. But beneath this glittering headline lies a dangerous vulnerability: Vietnam's growing exposure to being labelled a transshipment hub for Chinese goods.

This risk is not theoretical. It is fast becoming the central lens through which Vietnam's trade relations with the US are being assessed. In an environment where President Donald Trump's administration has reintroduced...