Vietnamese businesses anxiously await US election results

Most Vietnamese export enterprises have confidence in the US election results, especially when Mr. Trump wins, there will be many export prospects, the bright spot is Vietnamese agricultural products entering the US.

Vietnam's dragon fruit is one of eight fresh fruits allowed to be imported into the US, many Vietnamese businesses expect exports to increase after the US election - Photo: THAO THUONG

Today the US presidential election takes place. Vietnamese businesses are also holding their breath waiting for a "new door" in trade, regardless of whether Mr. Trump or Ms. Harris wins.

Chinese customers will change direction, Vietnamese goods will have more opportunities

As a pangasius processing and exporting corporation and present in more than 30 countries around the world, Nam Viet Group (Long Xuyen City, An Giang), the US is a large market so this corporation is also waiting for the results. US election to take a new step.

Although it affects the export of tra fish, the leader of this group said that if the election results are "won" by Mr. Trump, the business will have more opportunities.

"First of all, I see the feasibility of taxes. If the US changes its tax policy, it will be advantageous for us because the group exports tilapia. If China is taxed highly, all Chinese customers will look for another country to replace it, and that is an opportunity for the business," the group's leader told Tuoi Tre Online November 5

Anticipating this prospect, Nam Viet Group said it is currently "conceiving" tilapia exports, and will announce more about the export situation in the second quarter of 2025.

Similarly, Mr. Thai Nhu Hiep, director of Vinh Hiep Company Limited, specializes in exporting coffee to large markets.

With the US market, the company exports about 50-70 million USD worth of coffee each year. Waiting for the US election results because Mr. Hiep believes that Vietnamese coffee in general and the business situation of the company will have many opportunities and expectations.

Mr. Hiep shared: "Whoever wins, Vietnam's agricultural exports will still benefit, because it is related to The stock market will increase, the value of agricultural products will also increase.

As for the exchange rate, if the dollar falls, export enterprises do not have to worry because any export enterprise has already calculated and insured the exchange rate risk for its trading needs starting from November, so no one will lose money when exporting and bringing USD back.

Not to mention, a weaker dollar will boost Vietnam's exports to countries outside the US market.

The advantage is that if Mr. Trump wins, we will have a chance with Chinese customers because the US imposes high taxes, Chinese customers will increase their purchase of Vietnamese coffee, so they will benefit."

Boosting export demand

Vietnam currently has 8 types of fresh fruit allowed to be imported into the US including: dragon fruit, mango, longan, lychee, rambutan, star apple, grapefruit, and coconut.

Vietnam's main import and export markets in the first 10 months of this year - Graphics: AN BINH

According to the Vietnam Fruit and Vegetable Association, the demand for fruit consumption in the US is about 12 million tons/year, but domestic fresh fruit production only meets 70% of the demand, the remaining 30% (equivalent to about 3.6 million tons) must be imported.

Grandfather Dang Phuc Nguyen - General Secretary of the Vietnam Fruit and Vegetable Association assessed: "The US is a huge fruit consumption market, so there is still a lot of room for Vietnamese fruits to expand and develop. Especially vegetables, organic foods, off-season fruits, tropical fruits with limited domestic production...

Last year, the US imported about 20 billion USD worth of fresh and frozen fruits and vegetables, but this year and the following years are expected to increase, gradually increasing to 22-25 billion USD. Demand for Vietnamese products and fruits from consumer The US will promote industry exports.

If Vietnamese fruits have potential for the US market, Vietnamese seafood is also a strong choice for Americans. After the US election, many believe that Vietnamese seafood, especially the export of value-added products, will increase sharply.

Mr. Truong Dinh Hoe, general secretary of the Vietnam Association of Seafood Exporters and Producers, said that the US election, regardless of who wins, will not have a negative impact on the Vietnamese seafood export market.

"Vietnam exports 10 billion USD worth of seafood each year, of which about 1.4-1.5 billion USD is exported to the US alone. However, Vietnam and the US are comprehensive strategic partners and everything follows the market, not to mention there are plans for tax barriers, such as anti-dumping taxes.

Americans also have demand for Vietnamese seafood, so I don't think the election results will have any negative impact. On the contrary, it will be bright, and exports will increase in both quantity and value," Mr. Hoe acknowledged.

This association cited that at the end of October 2024, the US Department of Commerce announced preliminary countervailing duties (CVD) on shrimp imported from Ecuador, India and Vietnam.

Of which, the tax rates for Indian and Ecuadorian shrimp are very high, at 4.36% and 7.55% respectively; while Vietnam's is only 2.84%. This is an important competitive advantage for Vietnamese shrimp in the upcoming US market.

Source