ANTD.VN - The Ministry of Industry and Trade assessed that economic and trade cooperation between Vietnam and the United States continues to grow despite increasing global trade tensions.
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Vietnamese goods exported to the United States will continue to grow |
The Ministry of Industry and Trade said that three clear trends have emerged in world trade recently: “de-globalization” or fragmentation in international trade, causing tariff tools to be used again; Market protection through technical measures, trade barriers or trade defense measures; Unpredictable policy moves causing disruption, damage, and even disruption of supply and production chains.
Vietnam's major export markets are increasingly concerned with issues of sustainable development, climate change response, consumer safety, etc., and are gradually implementing new standards and regulations related to supply chains, raw materials, labor, environment, etc. that are more stringent for imported products.
“Developments in the international market from the beginning of 2025 until now have clearly reflected the above trends and strongly influenced the recovery momentum of the world market, especially the European and American markets, which are key import and export areas of Vietnam,” said the Ministry of Industry and Trade.
Most recently, in early February 2025, President Donald Trump activated the national emergency provision under the Economic Emergency Powers Act (IEEPA) on the grounds of dealing with illegal immigration and illegal narcotics trafficking into the United States, as a legal basis for imposing an additional 25% tariff on imported goods from Canada and Mexico;
A 10% tariff was imposed on goods imported from China. Canada and Mexico immediately entered into negotiations with the United States and were temporarily exempted from the import tariff for 1 month.
However, the tax rate and duration remain the same for China, leading to China imposing "retaliatory" taxes and restricting exports of many important minerals to the United States.
Regarding economic and trade relations with the United States, the Ministry of Industry and Trade said that the two economies are complementary in nature, 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 businesses in the US market.
On the contrary, it also creates conditions for US consumers to use cheap Vietnamese goods.
The Ministry of Industry and Trade assesses that in the future, the economic and trade pillars will continue to develop steadily in the overall comprehensive strategic partnership between Vietnam and the United States. Any existing issues in bilateral economic and trade will be proactively discussed through the policy dialogue mechanism of the Vietnam - US Trade and Investment Council (TIFA), which is being maintained regularly, continuously and effectively at all levels to strengthen strategic trust between the two countries, create a common vision, contribute to long-term orientation and stabilize the development roadmap of bilateral economic and trade relations.
However, in the context of a volatile and difficult world economy, in addition to efforts from the Government and ministries, the Ministry of Industry and Trade believes that businesses need to continue to proactively develop roadmaps and solutions to diversify export markets, improve product quality, ensure technical standards, labor, environment, etc.
In addition, it is necessary to focus on controlling the origin of raw materials for production, as well as carefully evaluating investment cooperation with businesses from countries that are having trade tensions with the United States.
Source: https://www.anninhthudo.vn/bo-cong-thuong-kinh-te-thuong-mai-voi-hoa-ky-van-tiep-tuc-tang-truong-post603226.antd
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