According to the Ministry of Industry and Trade, the Vietnam-US economies are complementary in nature, with export and foreign trade structures not competing directly but complementing each other, in accordance with the internal needs of each country.
According to the representative of the Ministry of Industry and Trade, recently, world trade has seen three distinct trends: “de-globalization” or fragmentation in international trade, which has led to the re-use of tariff instruments; market protection through technical measures, trade barriers or trade defense measures; and unpredictable policy moves that have disrupted, damaged, and even broken supply and production chains.
Meanwhile, Vietnam's main 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 to now have clearly reflected the above trends and strongly influenced the recovery momentum of the world market, especially the European-American market, which is a key import-export area of Vietnam.
Stick to market diversification strategy
A representative of the Ministry of Industry and Trade said that in early February 2025, US President Donald Trump activated the national emergency provision under the Economic Emergency Powers Act (IEEPA) to deal 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 and 10% on imported goods from China.
Canada and Mexico then entered into negotiations with the United States and were temporarily exempted from import tariffs for one month. However, the tariffs and the duration of application remained the same for China, leading to China imposing retaliatory tariffs and restricting exports of many important minerals to the United States.
Faced with the complicated developments of the world market situation, the Ministry of Industry and Trade has directed the Foreign Market Departments and the system of Vietnamese Trade Offices abroad to closely monitor and grasp information on market developments, economic, political and policy fluctuations in the region and the world affecting trade with Vietnam in order to promptly advise the Government on appropriate policy responses, and proactively develop scenarios and response plans when global trade tensions escalate.
In addition, the Industry and Trade sector has always been steadfast in its strategy of diversifying import and export markets; diversifying product lines and products; using science and technology as a lever, increasing the value-added content/technology content of products manufactured and processed in Vietnam as the goal; taking advantage of Vietnam's existing advantages to gradually enhance Vietnam's role and position in the world's supply chain as well as in the international market.
In the coming time, the Ministry of Industry and Trade plans to focus on synchronous and effective solutions to limit risks and promote exports.
Specifically, the Ministry will continue to support businesses and industry associations to take advantage of competitive advantages, 17 Free Trade Agreements and nearly 70 existing bilateral cooperation mechanisms with countries (Intergovernmental Committee, Joint Committee, Trade Council...) to effectively exploit key and traditional markets, develop small markets, niche markets and open up new potential markets.
In addition, the Ministry of Industry and Trade continues to strongly implement the strategy of diversifying export markets to potential markets, through research, dissemination of information and market opportunities to businesses, proposing negotiations on new Free Trade Agreements with potential markets, strengthening trade promotion activities, and boosting exports to these markets.
“In the coming time, the Ministry of Industry and Trade will propose to the Government to allow the establishment of new and increased presence of Vietnamese trade representatives (Trade Offices under Vietnamese representative agencies abroad) in potential markets, in order to serve the development of the country's foreign trade activities, support the protection of economic and trade interests of Vietnam and Vietnamese traders in foreign trade activities,” said a representative of the Ministry of Industry and Trade.
At the same time , Units within the Ministry of Industry and Trade coordinate with relevant agencies and Vietnamese Trade Offices abroad to increase their grasp of information on the situation, economic, political and policy fluctuations in the region and the world affecting trade with Vietnam, thereby promptly issuing warnings to the business community and advising the Government on appropriate policy responses. Increase the provision of updated information on fluctuations and trends in major import/export markets, along with assessments of challenges and opportunities for businesses to develop appropriate adaptation strategies/plans.
The next solution coordinated by the Ministry of Industry and Trade with other ministries and branches is to promote the implementation of the Government's Project on "Strengthening state management of anti-avoidance of trade defense measures and origin fraud" to strengthen the fight against origin fraud and illegal transshipment; strictly handle violations.
Along with that, we will continue to take advantage of the trend of shifting international supply chains, as well as Vietnam's advantages to attract foreign investment, especially from developed industrial countries, in high-tech industries and important supporting industries. At the same time, we will strengthen supervision of licensing of new investment projects, strictly screen foreign investment capital to avoid Vietnam becoming a transit location, taking advantage of the origin of a third country.
Two economies complementary
In particular, the implementation of business support in a specific direction, closely following each market and industry, focusing on raising awareness of manufacturing and exporting enterprises about new approaches to the circular economy, sustainable production and consumption, with the aim of changing the production mindset of enterprises, encouraging the application of new technologies, enhancing innovation, using renewable energy to meet increasingly strict standards and regulations of developed countries, while overcoming the current limitations of Vietnamese enterprises such as: market information, ability to self-supply raw materials, production capacity to ensure market requirements, brand building, etc.
Next is to increase the application of e-commerce in cross-border goods export activities, as well as continue to strongly implement the campaign for Vietnamese people to prioritize using Vietnamese goods for Vietnamese people in the country and for our overseas Vietnamese.
According to the assessment of the Ministry of Industry and Trade, in terms of economic and trade relations, the two economies of Vietnam and the United States are complementary in nature, the export and foreign trade structures of the two countries do not compete directly but are complementary to 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.
In the coming time, the Ministry of Industry and Trade assesses that 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.
To continue to develop in the context of a volatile and difficult world economy, in addition to the efforts of the Government, ministries and branches, it is also necessary to rely on the sensitivity, proactively following the market and the ability to adapt, explore and develop the competitiveness of the enterprises themselves. Therefore, the Ministry of Industry and Trade recommends that enterprises continue to proactively develop roadmaps and solutions to diversify export markets, improve product quality, ensure technical standards, labor, environment...
In addition, the Ministry of Industry and Trade also noted that businesses need to pay attention to 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./.
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