DNVN - Sharing at the 80th Business Coffee program with the theme "Forecasting new policies of the new US President and their impact on Vietnam's economy", on December 21, Dr. Can Van Luc recommended studying mechanisms to encourage and support Vietnamese enterprises to boldly invest in the US market.
According to Dr. Can Van Luc - Member of the National Financial and Monetary Policy Advisory Council, US President Trump has committed to a series of foreign and economic policies such as developing the domestic economy, reducing income tax, increasing tax incentives, increasing the defense budget, renegotiating trade agreements and controlling immigration.
In particular, the group of important economic policies includes tax cuts (personal income tax, corporate income tax) to stimulate domestic investment and consumption, attract foreign investment and call on American businesses to return.
In particular, the policy of increasing import taxes, imposing taxes of up to 10-20% on imported goods, possibly up to 100% for countries in the BRICS bloc (a group of developing economies including Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia and the United Arab Emirates) that do not use USD in transactions, puts pressure on countries like Vietnam.
However, according to Mr. Luc, although the new policies from the new US President bring many challenges, Vietnam still has the opportunity to benefit from changes in the global supply chain. When the US imposed tariffs on Chinese goods, businesses tended to shift their supply chains to other destinations, of which Vietnam was one of the top destinations.
Besides, investment between Vietnamese and American enterprises still has a lot of potential. Recently, many large enterprises from the US have shown interest in Vietnam in fields such as renewable energy, semiconductors and science and technology.
To limit risks, Vietnam needs to balance its trade with the US by increasing imports of high-tech products such as semiconductors, medical equipment, and energy. In addition, it is necessary to strengthen internal capacity through transparency of export information and quality control of FDI projects to prevent "disguised" tax avoidance.
“It is necessary to study mechanisms to encourage and support Vietnamese enterprises to boldly invest in the US market,” Mr. Luc emphasized.
According to Mr. Pham Van Viet - Chairman of the Board of Directors of Viet Thang Jean Company, the US government plans to impose a tax of 16.2-20% on Vietnamese goods. The Vietnamese garment industry can only meet 20-30% of domestic raw materials, the rest must be imported, mainly from China. Therefore, to reduce tax pressure from the US, businesses need to switch to importing from countries that are not subject to high taxes.
In addition, the US's strict technical barriers are now very transparent, with a traceability process from raw materials to finished products via QR codes. This helps to strictly check the origin of goods, making it difficult for businesses to "disguise" Vietnamese goods to avoid taxes.
“If any company imports raw materials from China to Vietnam for a few stages of production, it will be detected and taxed similarly to Chinese goods,” said Mr. Viet.
Speaking at the event, Vice Chairman of the Ho Chi Minh City People's Committee Nguyen Van Dung said that Ho Chi Minh City's economy has recorded positive highlights in 2024 with an expected GRDP growth rate of 7.2%. This is an important foundation to create conditions for strong development in 2025, especially in the context of increased public investment.
The new policies of the new US President create many challenges but also open up many opportunities for the Vietnamese economy. With careful preparation and a clear strategy, Vietnamese enterprises can take advantage and contribute to the sustainable development of the Vietnamese economy in the coming period.
Ha Anh
Source: https://doanhnghiepvn.vn/kinh-te/du-bao-tac-dong-tu-chinh-sach-cua-tan-tong-thong-my-den-kinh-te-viet-nam/20241221101920987
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