Bac Kan assesses impact, proposes support for businesses exporting to the United States

Attending the meeting were representatives of leaders of a number of provincial departments and branches; enterprises producing export products in the province.

According to the report at the meeting, in 2024, the province's total export turnover will reach about 46 million USD, with wood and wood products accounting for nearly 43%, of which the US market accounts for 15%. In Bac Kan, there are currently 22 exporting enterprises, of which two units directly exporting to the US are Govina Investment Joint Stock Company and Lechenwood Vietnam Co., Ltd. (with 54.7% of production output serving exports to the US).

The US's application of new tariffs has caused a number of business orders to be canceled, especially Lechenwood Vietnam Co., Ltd., which had all its flooring orders to be canceled. The impact has spread to the supply chain, input costs, the risk of declining production output and increasing unemployment. It is forecasted that the province's wood industry could lose 8-10 million USD in export turnover this year.

After listening to the units report on the difficulties they are facing under the pressure of the US issuing a countervailing tariff of up to 46%, Mr. Dinh Quang Tuyen, Standing Vice Chairman of the Provincial People's Committee, emphasized that the US Government 's 90-day suspension of the application of the new tax policy opens up opportunities for negotiation and adjustment of trade strategies, which is valuable time for Bac Kan enterprises to adapt and restructure their business operations.

In the immediate future, the Standing Vice Chairman of the Provincial People's Committee requested specialized agencies to coordinate and support businesses in proposing specific solutions such as organizing working sessions with countries other than the US market to expand alternative markets. Businesses also need to proactively diversify markets, make good use of FTA agreements to maintain growth in production and business activities.../.

Quy Don

Source: https://baobackan.vn/bac-kan-danh-gia-tac-dong-de-xuat-ho-tro-doanh-nghiep-xuat-khau-sang-hoa-ky-post70194.html