In 2025, the Ministry of Industry and Trade has outlined two scenarios to maintain export turnover to the US market - our country's largest market.
Two scenarios for exporting to the United States
At the regular press conference of the Ministry of Industry and Trade in the fourth quarter of 2024 and meeting with press agencies on the occasion of the new year 2025, one of the issues that the press agencies were interested in was the situation of import and export of goods. Including the export of goods to the US market - the largest market of our country, when President-elect Donald Trump is expected to have many new trade policies in the coming period.
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| Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department shared at the press conference |
Sharing about this issue, Mr. Tran Thanh Hai - Deputy Director of the Import-Export Department - Ministry of Industry and Trade - said that the United States is currently Vietnam's largest export market. In 2024, Vietnam will also be the 8th largest partner of the United States, accounting for 4.13% of total export turnover to this market. In terms of trade surplus, Vietnam is behind China and Mexico in this market.
Mr. Tran Thanh Hai informed that Mr. Donald Trump's goal is to reduce the trade deficit; promote domestic production and attract investment. In the context of global trade liberalization, Mr. Donald Trump uses a classic tool: tariffs. In fact, Mr. Donald Trump has imposed high tariffs on goods from many markets such as China, the EU, etc.
Previously, the impact of Vietnamese goods from tariffs in the US market was not large. But entering 2025, the Ministry of Industry and Trade has outlined two scenarios. The optimistic scenario is that the US maintains its current tax policy on Vietnamese goods. In the trend of shifting supply chains, Vietnam can completely welcome investment flows to increase exports.
In the second scenario, if the tariff is more severe and stricter, it may affect the global economy, causing Vietnam's export of goods to be affected to some extent. The Chinese market - a major partner of the United States, if facing difficulties due to tariffs, will also create pressure in the United States and pressure on our country. For this scenario, the Ministry of Industry and Trade will consider reporting to the Government to support manufacturing and export enterprises in diversifying markets in the coming time.
Rice exports hit record high
Regarding rice exports, Mr. Tran Thanh Hai informed that in 2024, our country achieved a record in rice exports. For the whole year, our country exported 9.18 million tons, with a turnover of 5.75 billion USD, the highest figure ever. Rice exports achieved a growth of 12% in volume and 23% in price.
In terms of unit price, in 2024, our country will reach an average export unit price of 627 USD/ton (previously under 600 USD/ton), an increase of 9% over last year.
Currently, India has lifted the rice export restriction, the abundant amount of Indian rice creates pressure on the market, causing rice prices to tend to decrease.
"However, in recent times, Vietnamese enterprises have focused on improving rice quality and building a good rice brand, thereby finding traditional markets such as Indonesia and the Philippines..." - Mr. Tran Thanh Hai informed.
At this stage, Mr. Tran Thanh Hai said that rice exporting enterprises need capital support from banks. In addition, the Ministry of Finance also needs to refund export tax early to create favorable conditions for rice exporting enterprises.
With the role of state management, in the coming time, the Ministry of Industry and Trade will step up the implementation of rice export promotion solutions to boost the export of this commodity.
| Providing more information on rice export, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stated that in early 2025, the Government issued Decree No. 01, the first decree of 2025, amending Decree 107/2018/ND-CP dated August 15, 2018 on rice export business. In which, clearer and more coherent management solutions are proposed for the rice export situation to contribute to ensuring domestic food security. At the same time, regulating rice prices, ensuring rice quality, especially building rice brands. These are solutions to boost rice exports in the coming time. |
Source: https://congthuong.vn/bo-cong-thuong-2-kich-ban-xuat-khau-sang-hoa-ky-368410.html
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