5 recommendations of the Ministry of Industry and Trade for businesses when the US imposes a 46% reciprocal tax

According to the assessment of the Ministry of Industry and Trade, Vietnam and the United States are two complementary economies, the export and foreign trade structures of the two countries do not compete directly but complement each other, in accordance with the internal needs of each country. Vietnamese goods exported to the United States mainly compete with third countries, not directly with US enterprises in the US market. On the contrary, Vietnamese goods exported to the United States also create conditions for US consumers to use cheap goods.

Regarding the US announcement of imposing a 46% tax on all Vietnamese exports, according to Mr. Ta Hoang Linh, Director of the Department of Foreign Market Development (Ministry of Industry and Trade) , in 2025, the Ministry of Industry and Trade sets an export growth target of about 12%, equivalent to about 450 billion USD. This target is set in the context of global economic recovery and Vietnam taking advantage of signed free trade agreements.

In case Vietnam and the United States cannot find a positive solution, this tax imposition will have a certain negative impact on the export growth target.

However, this is also an issue that the Ministry of Industry and Trade has predicted and prepared for. The Ministry of Industry and Trade has made specific recommendations for the Action Plan to the Government and advised businesses to take necessary steps when the problem occurs.

The Ministry of Industry and Trade forecasts that in the coming time, our export activities will face many difficulties, therefore, close coordination between ministries, sectors and enterprises is needed to effectively implement the proposed solutions to achieve the export growth target in 2025.

Solutions for businesses to ensure export growth targets

In order for businesses to achieve export growth targets, according to the Ministry of Industry and Trade, export businesses need to take advantage of existing strengths, which are 17 free trade agreements with over 60 countries and territories and 70 bilateral cooperation mechanisms.

At the same time, businesses also need to promote the diversification of export markets. The US market accounts for 13% of global imports, but Vietnam's exports to the US account for 30% of Vietnam's total export turnover. This is an advantage but also a weakness of export activities. Vietnam still has many opportunities to exploit the remaining 87% of the world's market. The Ministry of Industry and Trade will continue to make efforts to open up export routes to new markets with much room.

On the part of the Ministry of Industry and Trade, in the coming time, it will continue to promote FTA negotiations with new markets in the Middle East, Latin America, Central Asia and other emerging markets. In addition, it will strengthen trade promotion and improve logistics infrastructure to reduce transportation costs and enhance the competitiveness of Vietnamese goods.

In addition, the Ministry of Industry and Trade also aims to expand the system of Vietnamese Trade Offices abroad to better support businesses in trade connection and export promotion.

In the long term, according to the representative of the Ministry of Industry and Trade, Vietnam will also have to restructure the economy, diversify markets, diversify products, and diversify supply chains to ensure rapid and sustainable development. Because a sustainable export industry cannot rely solely on processing, but must also rely on science, technology, and innovation to make the economy more resilient and minimize negative impacts from external shocks.

Businesses also need to promote diversification of export markets. Illustrative photo

5 recommendations for domestic businesses to minimize risks from international trade fluctuations

In the context of the United States imposing reciprocal tariffs on global trading partners, to minimize risks from international trade fluctuations, the Ministry of Industry and Trade recommends domestic enterprises.

Firstly, diversify export markets, effectively exploit key markets, traditional markets, as well as develop small markets, niche markets and open up new potential markets.

Second, improve product quality, ensure products meet technical, labor and environmental standards of export markets, to increase competitiveness and reduce the risk of being subject to trade defense measures.

Third , control the origin of raw materials: Focus on controlling the origin of raw materials for production, ensuring compliance with the rules of origin in the FTA and avoiding risks related to trade fraud.

Fourth , strengthen trade defense capacity. Enterprises raise awareness and ability to respond to foreign trade defense measures, through updating information and participating in related training courses.

Fifth, proactively update market information, regularly monitor and update information on markets and trade policies of countries, to promptly adjust appropriate business strategies.

The synchronous implementation of the above solutions will help Vietnamese enterprises increase their resilience to fluctuations in international trade and maintain sustainable export growth.

The US imposes a 46% reciprocal tax on Vietnam, which groups of goods are affected?

Source: https://phunuvietnam.vn/5-khuyen-nghi-cua-bo-cong-thuong-voi-doanh-nghiep-khi-hoa-ky-ap-thue-doi-ung-46-20250404074125431.htm