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Trade between the United States and Indochinese Union in the First Half of the 20th Century
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Trade between the United States and Indochinese Union in the First Half of the 20th Century
Annotation
PII
S086919080030063-6-1
DOI
10.31857/S086919080030063-6
Publication type
Article
Status
Published
Authors
Duong Thanh MUNG 
ORCID: 0009-0008-3371-9835
Occupation: Lecturer
Affiliation: Ho Chi Minh National Academy of Politics
Address: Danang, Danang, Vietnam
Luu TRANG
ORCID: 0000-0003-3456-7574
Occupation: Lecturer
Affiliation: University of Science and Education, Danang
Address: Danang, Vietnam
Nguyen Viet DUNG
ORCID: 0009-0004-4323-1447
Affiliation: Ho Chi Minh National Academy of Politics
Address: Viet Nam
Ван Санг Нгуен
ORCID: 0000-0003-3486-757X
Occupation: Lecturer, Deputy Head of Department, University of Science and Education, The University of Danang
Affiliation: The University of Danang – University of Science and Education
Address: No. 459 Ton Duc Thang, Hoa Khanh Nam ward, Lien Chieu district, Vietnam
Edition
Issue 2
Pages
78-86
Abstract

This article aims to analyze the commercial activities between the Indochinese Union (Indochina) and the United States in the first half of the XX century. The study focuses on three fundamental issues: The US efforts to seek markets in the Indochina region; commercial exchanges between the French-controlled Indochina and the US in the first half of the XX century; and the commercial benefits that the parties obtained. The results show that the commercial exchange between the Indochina and the US was under the strict management and control of the French colonial government. The policies that France conducted in Indochina during this period caused many disadvantages for the Indochina - US commercial relationship. The Indochinese Union did not have much freedom in choosing trade partners and was highly dependent on France's policies in the colonies. Apart from the subjection to France’s manipulation, commercial exchanges between the Indochina and the US had different rules compared to other European and American countries. Starting from merely commercial activities, the US intervened more deeply in the region by launching a military invasion of Indochina. This study contributes to clarifying the commercial policies of France towards the Indochina during the colonial period, the commercial activities of the US in the Far East region, as well as the history of Vietnam in the first half of the XX century.

Keywords
The United States, France, Vietnam, Indochina, trade, commercial activities
Received
21.04.2024
Date of publication
05.05.2024
Number of purchasers
5
Views
162
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1

INTRODUCTION
2 From the second half of the XIX century, the demand for commercial cooperation between the two continents of Asia and Europe had been increasingly strong. Instead of establishing equal relationships, the cooperation had taken place in a confrontational and unfair fashion due to the military intervention of Western countries in the East. In the XIX century, from the position of independent countries, Indochina became a colony of France. Within the rights of a protector, the French government issued many policies to tightly manage the economy of Indochina. As a result, the implementation of commercial exchanges with the US of Indochina took place under the strict control of the colonial French government. Despite being the latecomer as compared to Great Britain Spain or the Netherlands, the US, with its good relationship with France, gained many new advantages in commercial exchanges with Indochina. Towards the end of the 1930s, the US made remarkable progress in commercial cooperation with Indochina. This was also the time when the US foreign policy towards Indochina began to undergo many changes. From pure commercial cooperation, the US became more deeply involved in Indochina through military intervention.
3

TRADE BETWEEN THE US AND FRENCH INDOCHINA BEFORE THE WORLD WAR I
4 In 1897, France launched the first colonial exploitation program in Indochina. The process of investing in infrastructure, building factories and processing plants by France increased the demand for essential goods, especially machinery, metals, and metal products. In these early years, the US did not yet dominate trade with Indochina, but instead, it was Great Britain, Germany, Italy, Switzerland, and Russia. The quantity and value of goods imported from the US were not separately recorded by the French colonial government but instead were grouped together with European and American countries. It was not until 1905 that imported goods from the US were first recorded separately by the French government.
5

Chart 1: The value of Indochina’s imported goods from Europe and the US in 1905 Unit: francs
6 [Source: Ministère des colonies, Ofice colonial, 1907, p.178-181]
7 In 1907, Jacob Elon Conner was appointed as the consul in Vietnam. Along with stabilizing the organizational structure, Conner quickly initiated meetings with representatives of the French authorities in Indochina to approve a trade cooperation mechanism. On January 28, 1908, a trade agreement between the US government and the French gvernment was passed in Washington [Nguyen, 2017, p.77-78]. The agreement allowed the US to export some types of goods to Indochina and mainland France with preferential tariffs. In return, the US government also agreed to apply this preferential tariff to some types of French goods. The agreement facilitated many US companies’ exporting goods to Indochina. The value of US exported goods arriving at Saigon, Haiphong, and Danang ports rose steadily over the years. In 1909, Indochina imported 9,929 tonnes of goods from the US, worth 1,684 thousand francs; in 1911, the amount of imported goods reached 6,629 tons, worth 1,314 thousand francs and in 1913, it reached 9,378 tons, worth 2,928 thousand francs [Nguyen, 2017, p.77-78].
8 Regarding exports, statistical data show that most of the exported goods from Indochina during this period were directed to the French market and countries such as Great Britain, Germany, Russia, Hong Kong, China, and Japan,... For the US, the amount of goods exported to this country was not significant over the years, mainly white rice, crude rubber, leather, and some spices [Ministère des colonies, Ofice colonial 1907, p. 308-311].
9

TRADE BETWEEN THE US AND FRENCH INDOCHINA DURING THE WORLD WAR I
10 With the outbreak of the World War I, in order to mobilize resources for the war, the French colonial government intensified production activities in Indochina. The number of ships from various countries coming to Indochina for trade during the war period thereby steadily increased over the years. In this period, the number of ships from various countries arriving in Indochina reached 6,499, with a tonnage of 11,664 thousand tones [Union Française, 1948, p. 290]. Trade between the US and Indochina also achieved more favorable results than in the previous per
11

Chart 2: The number and tonnage of steamships entering Indochina by nationality (1914-1918) Unit: Thousand tones
12

[Source: Gouvernement général de l'Indochine, 1927, p. 142]
13 There were 397 steamships with a tonnage of 658,000 tonnes from the US that entered Indochina. The volume of American ships entering the country increased gradually with each year of the World War I. While the U.S. only had 17 ships entering Indochina in 1914, the number increased to 139 ships by 1918. The cargo tonnage transported by U.S. ships also increased significantly from 40,000 tonnes in 1914 to 243,000 tonnes in 1918 (a nearly 6.1 times increase). In contrast, the number of ships from Great Britain entering Indochina declined in 1917 and 1918. However, for the whole period, compared to Great Britain, the number of U.S. ships entering Indochina was still relatively modest. The conflicts between France and Germany in the World War I disrupted trade activities between Indochina and Germany during this period.
14

Chart 3: The quantity and tonnage of steamships of countries transporting goods between the US and Indochina (1914-1918) Unit: Thousand tones
15 [Gouvernement général de l'Indochine, 1927, p.140-141].
16 During the World War I, 25 steamships from various countries entered Indochina carrying goods from the US, with a total tonnage of 114,000 tonnes. Meanwhile, the number of ships of countries transporting goods from Indochina to the US is only 3, with a tonnage of 10 thousand tonnes. The volume of ships carrying goods from the US to Indochina fell from 9 in 1914 to only 1 in 1918. The volume of ships carrying goods from Indochina to the US was also unstable, only being recorded in 1915 and 1916 while being empty the in other years. The main goods imported from the US to Indochina during this period were refined petroleum (125,810 quintals), regular wine (3,536 hectoliter), auto parts (415 quintals), iron and steel (2,425 quintals) [Gouvernement général de l'Indochine, 1920, p.146-148]. Indochina's exports to the US were mainly agricultural products such as pepper, rubber, and rawhide. Particularly for white rice, the pace of exports to the US was maintained stable over the years but the volume was not stable. [Gouvernement général de l'Indochine, 1927, p.182-185]. During the period of the World War I, the value of Indochina’s imports from the US remained stable at an average of 2 million piastre per year (about 5 million francs). Meanwhile, the Indochina’s export value fluctuated, with an average 1 million piastre per year for the first two years (1913-1914), while in the remaining years, it was only between 200,000 and 800,000 piastre [Gouvernement général de l'Indochine, 1945, p.297].
17

TRADE BETWEEN THE US AND FRENCH INDOCHINA IN THE PERIOD OF 1919-1928
18 The end of the World War I led to changes in the political and economic position of the US on the international arena. The benefits gained from the war helped the US rise to become a major power. President Woodrow Wilson's 14-point program, with many progressive points, helped the US strongly assert its political position on the international stage. While Western powers were trying to overcome the consequences of the war, the US had many initiatives to expand its influence in the Far East, thus attracting more attention to the Indochinese commercial market [Pham, 1998, p.26-27]. In 1921, the French-American colonial research committee was established in New York City to study the potential investment opportunities in French colonies [Pham, 2004, p.53-54]. On this occasion, the Colonial Minister Albert Pierre Sarraut, who led the French delegation to the Washington Conference, called on American companies to increase their investment in Indochina [Pham, 1988, p.26-27]. Shortly after the conference, a delegation of 150 American businessmen and engineers traveled to Indochina to survey the situation. Although investment did not materialize, the above actions by government officials from both countries had a certain impact on trade exchanges between Indochina and the US. Especially, the opening of the sea route between the port cities of San Francisco and Saigon facilitated the import and export of goods through Western US ports such as Seattle, Portland, and Los Angeles [Gouvernement général de l'Indochine, 1939, p.822].
19

Chart 4: The number and tonnage of steamships entering Indochina by nationality (1919-1928) Unit: Thousand tonnes
20 [Source: Gouvernement général de l'Indochine, 1931, p.142]
21 Overall, from 1919 to 1928, the number of ships from the US that entered Indochina for exchanging goods was 773, with a tonnage of 2.591 million tonnes. The average number of US steamships entering Indochina per year from 1919 to 1923 was higher than the period of 1914-1918, but it then decreased in the period of 1924-1928 and the figure was even lower than that of the 1914-1918 period. This trend was similar to that of Great Britain. While trade with British and American ships declined, trade with Germany began to be resumed in 1922, and by 1925, German steamships entered Indochina more regularly. Still, the number of French steamships entering Indochina still accounted for the largest proportion of the total direct transactions.
22 In terms of indirect form of trade, the volume of goods exported and imported between Indochina and the US through the transportation role of ships and merchants of other countries increased significantly compared to the World War I period. The number of ships purchasing goods from the US and then importing to Indochina from 1919 to 1928 was 143, with a total tonnage of 977 thousand tonnes; the number of ships going in the opposite direction was 113, with a total tonnage of 560 thousand tonnes.
23

Chart 5: The quantity and tonnage of steamships of other countries transporting goods between the US and Indochina (1919-1928)
24 Unit: Thousand tonnes [Source: (Gouvernement général de l'Indochine, 1927, p. 182-185),
25 (Gouvernement général de l'Indochine, 1931, p. 251-252)]
26 The main items that Indochina imported from the US during the period 1919-1928 were textile, cotton, carbonated drinks, petroleum products, machinery, metal products, and canned food. France still played a dominant role in importing goods into Indochina. However, in some areas, France had to accept competition of other countries] such as the import of petroleum products from the US, textile from Great Britain, beer from Germany, and milk from the Netherlands [Gouvernement général de l'Indochine, 1925, p.569-573]. For export items, rubber and raw leather were the products preferred by American merchants. The amount of white rice exported to the US also increased significantly compared to the period 1914-1918 (Gouvernement général de l'Indochine, 1931, p. 251-252).
27 Overall, since the World War I, the trade between Indochina and the US had grown significantly. In 1919, the value of Indochina's imported goods was only 530 million francs, but by 1929, it increased to 2,460 million francs (4.6 times increase). As for exports, the value of goods also increased from 860 million francs in 1919 to 2,940 million francs in 1929 (3.4 times increase) [Union Française, 1948, p.290]. In that general context, trade deals with the US have also achieved many successes. The total value of goods that Indochina imported from the US from 1919-1928 was 49 million piastre (an average of 4.9 million per year, 2.45 times higher than the figure for the period 1914-1918). In 1920, 1923, and 1927, the value of goods imported from the US reached 6 million piastre, three times higher than that of the period 1914-1918 [Gouvernement général de l'Indochine, 1945, p. 297].
28

TRADE BETWEEN THE US AND FRENCH INDOCHINA DURING THE ECONOMIC CRISIS FROM 1929 TO 1933
29 The global economic crisis began in September 1929 and had a strong impact on the US economy. In order to get the country out of this situation, President Roosevelt implemented a series of policies in various fields. Measures to address unemployment and recover the economy through banking laws, industrial recovery, and agricultural adjustment were implemented in a coordinated manner. As a result, the US economy gradually stabilized and emerged from the crisis. Despite being heavily affected by the crisis, trade relations between the Indochina and the US are maintained.
30

Chart 6: The number and tonnage of steamships entering Indochina by nationality (1929-1933) Unit: Thousand tonnes
31

[Source: (Gouvernement général de l'Indochine, 1931, p. 185), (Gouvernement général de l'Indochine, 1932, p. 130), (Gouvernement général de l'Indochine, 1933, p. 155)]
32 During the period of 1929-1933, 108 steamships from the US arrived in Indochina for exchanging goods with a total tonnage of 684 thousand tonnes. The figure was generally lower than that of the periods of 1914-1918 and 1919-1928. For Great Britain, direct trade activities with Indochina continued to rank second (after France). While the number of steamships from the US, Germany, and France entering Indochina fell each year, the number of steamships and cargo tonnage of Great Britan increased, especially during the 1932-1933 period [Gouvernement général de l'Indochine, 1935, p. 157-158].
33

Chart 7: The quantity and tonnage of steamships of other countries transporting goods between the US and Indochina (1929-1933)
34

Unit: Thousand tonnes

35 [Source: (Gouvernement général de l'Indochine, 1931, p. 183-184), (Gouvernement général de l'Indochine, 1932, p. 130), (Gouvernement général de l'Indochine, 1933, p.138), (Gouvernement général de l'Indochine, 1935, p. 156)]
36 For the indirect form of trade, during the period of 1929-1933, there were 116 ships from various countries transporting goods from the US to Indochina, with a total tonnage of 707,000 tonnes. The number of ships going in the opposite direction way was 56, with a total tonnage of 326,000 tonnes. Overall, the volume of ships entering and leaving Indochina in this indirect form of trade decreased, from 33 ships in 1929 to 21 ships in 1933. Overall, during the period of 1929-1933, the total values of Indochina imports and exports were 7,510 and 7,600 million francs, respectively. While the latter remained relatively stable, the former declined [Gouvernement général de l'Indochine, 1945, p. 297]. Despite the economic crisis causing the total trade volume between Indochina and the US to decline over the years, the average annual value of trade volume was still higher than that of the period from 1914 to 1918.
37

TRADE BETWEEN THE US AND FRENCH INDOCHINA DURING THE PERIOD OF 1934-1938
38 France's political instability affected the progress of colonial exploitation, especially in maintaining the commercial position in Indochina. In many criteria, commercial exchange between the US, Great Britain, Japan, or China and Indochina surpassed that between Indochina and France [Gouvernement général de l'Indochine, 1937, p. 125-126, 180, 273]. For example, Great Britain led in the number of ships arriving in Indochina to purchase goods. Besides, Japan dominated the Indochinese coal market. In specific, the volume of coal imported to Japan from Indochina over the years always accounted for the highest proportion, followed by China and France [Gouvernement général de l'Indochine, 1939, p. 180]. While France was struggling with its political issue, the US, with the recovery of its economy after the crisis, increased its commercial exchange with Indochina.
39

Chart 8: The number and tonnage of steamships entering Indochina by nationality (1934-1938) Unit: Thousand tonnes

40 [Source: (Gouvernement général de l'Indochine, 1937, p.180), (Gouvernement général de l'Indochine, 1938, p. 170), (Gouvernement général de l'Indochine, 1939, p.179)]
41 From 1934 to 1938, 65 American steamships entered Indochina to goods, with a total tonnage of 422,000 tones. The number of American steamships entering Indochina during this period was generally lower than that of the period from 1929 to 1933. However, the amount of goods purchased in Indochina by American steamships was much higher. According to statistics from the French colonial government, in just three years (1936-1938), 35 American steamships brought 23,000 tones of goods to Indochina and purchased 58,000 tones (Gouvernement général de l'Indochine, 1939, p. 125). Despite such progress the volume of two-way trade between Indochina and the US was always lower than that of Great Britain. The volume of goods exported from Indochina to the UK not only exceeded that of the US but also that of France (Gouvernement général de l'Indochine, 1939, p. 125).
42

Chart 9: The quantity and tonnage of steamships of other countries transporting goods between the US and Indochina (1934-1938)
43

Unit: Thousand tonnes

44 [Source: (Gouvernement général de l'Indochine, 1937, p.120), (Gouvernement général de l'Indochine, 1939, p. 125)]
45 For indirect form of trade, during the period of 1934-1938, there were 81 steamships from other countries that purchased goods from the US to sell in Indochina. The number of steamships going in the opposite direction was 68, with a tonnage of 442 thousand tones. The number of ships of other countries involved in the trade between Indochina and the US was greater than that of Great Britain. Among the 8 ships that left Indochina to the US in 1937, for the first time, one was from France with a total tonnage of 8 thousand tones [Gouvernement général de l'Indochine, 1939, p.126].
46

Chart 10: The quantity and value of goods imported into Indochina from the US (1934 – 1937)
47 Unit: Tonnes (Volume); Thousand francs (Value) [Source: (Gouvernement général de l'Indochine, 1937, p.180), (Gouvernement général de l'Indochine, 1938, p. 170), (Gouvernement général de l'Indochine, 1939, p.179)]
48 During the period of 1934-1937, Indochina imported 80,016 tonnes of goods from the US, worth 115,797 thousand francs [Gouvernement général de l'Indochine, 1938, p.179]. Among which, petroleum products were the most prominent. The value of imported petroleum products accounted for nearly 29% of the total value of goods imported from the US, followed by wool and cotton products (21,426 thousand francs, accounting for 18%), machinery and components (15,137 thousand francs, accounting for 13%), cars and car parts (14,268 thousand francs, accounting for 12%), metals and metal products (13,418 thousand francs, accounting for 11%)…
49 Chart 11: The quantity and value of goods exported from Indochina to the US (1934 - 1937)
50

Unit: Tonnes (quantity); Thousand franc (Value)
51 [Source: (Gouvernement général de l'Indochine, 1937, p.180), (Gouvernement général de l'Indochine, 1938, p. 170), (Gouvernement général de l'Indochine, 1939, p.179)]
52 From 1934 to 1937, Indochina exported 57,321 tonnes of goods, worth 380,898 thousand francs, to the US. With a distinct advantage in the automotive industry, figures for rubber always topped the list. In specific, over the period, Indochina exported 47,815 tonnes of rubber to the US, worth 336,723 thousand francs. The value of it accounted for 88% of the total value of goods exported from Indochina to the US. Tin was the item with the second highest value (30,839 thousand francs) (8%), followed by pepper (4,408 thousand francs), strychnos nux (1,993 thousand francs), raw leather, clove oil, various types of boxes, baskets, and wooden planks.
53 1938 was considered the year that marked the start of a remarkable growth in trade between Indochina and the US (peaking in 1940). In that year, the value of goods imported from the US to Indochina reached 97,865 thousand francs. In specific, the items include wool and cotton (45,527 thousand francs), bitumen and asphalt (3,286 thousand francs), petroleum products (12,335 thousand francs), machine parts (7,737 thousand francs), cars and car accessories (11,907 thousand francs), metal products (4,692 thousand francs) and metal (3,924 thousand francs) [Nguyen, 2017, p.99]. The value of imported goods from the US was 30 times that of 1905 (3,160,578 francs), 5 times that of 1934, and nearly twice the figure of 1937. In 1938, the value of Indochina's exports to the US also reached an impressive level (249,313 thousand francs). That included rubber (233,706 thousand francs), tin (5,139 thousand francs), pepper (4,230 thousand francs), various types of wooden crates and planks (2,937 thousand francs), coal (780 thousand francs) and strychnos nux (84 thousand francs) [Nguyen, 2017, p.99]. An upward trend was also recorded in the value of goods exported from Indochina to the US, which was 6.6 times and 1.3 times higher than that in 1934 and 1937, respectively.
54 On average, between 1934 and 1938, Indochina imported 2,243,594 tonnes of goods, worth 6,285,319,000 francs, and exported 20,308,213 tonnes of goods, worth 9,500,980,000 francs. During this period, the value of Indochina's imports from the US reached 21 million piastres, equivalent to 213 million francs (an average of 4.2 million piastre per year) [Nguyen, 2003, p.94-99]. The value of Indochina's exports to the US reached 64 million piastre, equivalent to 640 million francs (an a verage of 12.8 million piastre per year), which completely surpassed all previous periods.
55

TRADE BETWEEN THE US AND FRENCH INDOCHINA THE PERIOD OF THE WORLD WAR II (1939–1945)
56 During the World War II (1939-1945), Japan invaded Indochina. The White House expressed concern about Japan's control of the southern sea lanes, warning that it would affect "the most important trade route of the US" [Pham, 1988, 26-27]. However, Japan did not seem to pay much attention to the warning and continuously pressured France to make concessions on the scope of occupation and economic interests in Indochina. In order to limit the influence of Japan as well as take advantage of the time when Germany, Italy and the UK were withdrawing from the Indochina market, the US increased its commercial activities in the region. As a result, the volume and value of goods exchanged between Indochina and the US in the early years of World War II registered outstanding figures.
57

Chart 12: The quantity and value of goods imported into Indochina from the US (1940-1942) [Source: Gouvernement général de l'Indochine, 1945, p. 18]
58 It can be seen from chart 12 that from 1941, the volume of goods imported by Indochina from the US decreased sharply. During the period of 1940-1942, wool and cotton registered the highest value (157,374 thousand francs, accounting for 35.9% of the total value of Indochina's imported goods); followed by metal and metal products (63,776 thousand francs; 14.5%), petroleum products (47,198 thousand francs; 10.8%), train cargos (36,090 thousand francs; 8%).
59

Chart 13: The quantity and value of goods exported from Indochina to the US (1940-1941) Unit: Thousand franc
60 [Source: Gouvernement général de l'Indochine, 1945, p. 183]
61 The volume of goods exported from Indochina to the US also remarkably decreased from 37,530 tonnes in 1940 to 9,763 tonnes in 1941 (3.8 times drop). Correspondingly, the value also dramatically declined from 644,289 thousand francs in 1940 to 159,734 thousand francs in 1941. Of the 47,283 tonnes of goods exported from Indochina to the US during the 1940-1941 period, rubber still accounted for the largest proportion at 90% (42,441 tonnes, worth 728,534 thousand francs), followed by tin (47.484 thousand francs), raw leather, wolfram, tea, textiles, etc
62 From 1943 to 1945, the export of goods from Indochina to the US was disrupted. Almost no commodities from Indochina were present in the US market during this time. Regarding imports, only 33 tonnes of heavy oil and 124 tonnes of other items were imported to Indochina. In 1946, trade activities between the US and Indochina were resumed [Union Française, 1948, p. 186].
63 Overall, from 1939 to 1945, the value of imports and exports between the US and Indochina was 174 million piastre with the former worth 54 million piastre while the latter worth 120 million piastre [Gouvernement général de l'Indochine, 1945, p.297]. Although trade activities were not evenly carried out throughout the years, the trade value of the 1939-1945 period accounted for 43.2% of the total value of imports and exports between Indochina and the US from 1913 to 1945. In specific, the value of imports from the US to Indochina during the 1939-1945 period accounted for 32% of the total value during the 1913-1945 period while the percentage for exports was 51.6%.
64

CONCLUSION
65 The trade relations between Indochina and the US in the first half of the 20th century took place in special circumstances. It is a process of cooperation between the colonized countries of France on the one hand and a rising power on the other. From the initial activities in Vietnam, the US gradually expanded its commercial cooperation to the whole of Indochina. Admittedly, to have a smooth trade exchange with Indochina, the US had certain support from France. In the first half of the 19th century, the US, despite many efforts, failed to establish trade relations with Vietnam. By the end of the 19th century, when France had achieved certain success in the process of conquering Indochina, the US was able to establish official commercial bases in Vietnam. At that time, American merchant ships mostly docked at Saigon port to exchange goods. After France had managed to establish a protectorate over Indochina, the US expanded the scope of trade to other ports such as Hai Phong, Da Nang, Quy Nhon (Vietnam) and Phnom Penh (Cambodia). In addition to economic benefits, trade cooperation with Indochina also served other strategic goals that France and the US had set for this region. On the part of the US, to limit the influence of Western countries such as Great Britain, Netherlands, Spain and Germany in the Far East, this country cooperated with the French colonial government, forming a counterweight in this area. On the part of France, they also needed the US to compete with the growing influence of Great Britain on Laos, Cambodia or, more broadly, the Pacific Ocean region. Nevertheless, objectively, due to the domination of France, the commercial relations between Indochina and the US could not be truly comprehensive. With the presence of France, Indochina was deprived of the autonomy in both domestic and foreign affairs. Through its protectorate privilege, France tightly controlled commercial activities in Indochina. Trade must always be aimed at maintaining and protecting France's commercial interests in the region. To improve the efficiency of colonial exploitation programs, France focused on importing from the US into Indochina products of modern industry such as oil and gas, railway materials, automobiles, auto parts, metal, machinery, technical equipment, and canned food. Meanwhile, goods exported from Indochina to the US were mainly in raw form, requiring little investment in technology. They were mostly natural resources such as rubber, rice, wood, leather, and spice. This resulted in the economies within Indochina highly dependent on the management role of France. As a result, during the first half of the 20th century, the economies of Indochina countries were always in an imbalanced state in terms of both state budget and trade balance.

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