This is the assessment of experts on Forbes after the import tax policy signals of US President-elect Donald Trump.

For decades, Vietnam has opened its doors to major companies like Apple, Samsung, and Intel. And now, Vietnam is preparing for bigger business opportunities than ever before, according to Forbes.

First Tariff Targets: China, Mexico, Canada

In his latest statement on the social network he created (Truth Social) released on November 25, Mr. Donald Trump said he would impose new tariffs on all products imported into the US from China, Mexico, and Canada, as soon as he takes office on January 20 next year.

Accordingly, Mr. Trump "signed all necessary papers to impose a 25% tax on Mexico and Canada, applying to all products they export to the United States." This is part of the first series of executive orders.

Mr. Trump also announced an additional 10% tax on goods imported from China.

Trump has previously focused on Mexico and China, announcing in early November that he would impose steep tariffs ranging from 25% to 100% on products produced south of the border and up to 60% on Chinese goods. The goal is to reduce the trade deficit, lower food prices and create jobs in the United States.

During a campaign stop in Savannah, Georgia, in September, Mr Trump vowed to “relocate entire industries” to the US. “You’re going to see a mass exodus of manufacturing from China to Pennsylvania, from South Korea to North Carolina, from Germany to right here in Georgia.”

However, according to Forbes experts, “repatriating” production to the US is unlikely to happen. Instead, production tends to move from China to other countries, especially Vietnam.

“If something was made in China before, it’s now made in Vietnam,” Jason Miller, a professor of supply chain management at Michigan State University, told Forbes. And “that production is not coming back to the United States.”

Many recent expert assessments have suggested that Vietnam has benefited greatly from Donald Trump’s policies, thanks to its low labor costs, geographical location near China, and free trade agreements (FTAs), especially with the European Union (EU). Currently, in the region, only Vietnam and Singapore have FTAs ​​with the EU.

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Mr. Donald Trump. Photo: The Conversation.

Opportunity for Vietnam to break through?

During Mr. Trump's first term, according to Forbes, many large corporations such as Apple, Foxconn, Intel... moved production to Vietnam.

And just two months ago, billionaire Elon Musk’s SpaceX announced a $1.5 billion investment in Vietnam. Even the Trump Organization has plans, with a $1.5 billion luxury real estate deal in Hung Yen.

Vietnam is well-positioned to benefit more from the new Trump administration, especially if it accelerates the deregulation of US businesses.

According to Forbes, Vietnam has several advantages over regional rivals such as India. First is the ability to quickly introduce business-friendly policies. In addition, Vietnam has a favorable geographical location and many large seaports, located right next to China, making trade and logistics easier.

Vietnam also has new regulations that allow businesses to buy green energy from solar power producers, instead of going through the traditional state-owned power company, something that many large US corporations appreciate.

Moreover, Vietnam's GDP growth is the highest in Southeast Asia, averaging 6.2% per year.

One notable point is that when large corporations come to Vietnam, there will be a wave of other businesses following. If Apple manufactures in Vietnam, there will be many other suppliers who want to be close to Apple. And then, instead of producing shoes and textiles, Vietnam has the advantage of gradually shifting to other fields such as: biotechnology, artificial intelligence (AI) and semiconductors.

If in the 90s of the last century, Vietnam was famous for producing footwear and textiles for foreign multinational corporations such as Nike and Adidas, then in the past two decades, Samsung, LG, and Intel have been present. The wave of billion-dollar investments from large corporations has attracted smaller suppliers to Vietnam.

As a result, Vietnam's exports to the US have increased sharply, with the volume of electronics imported from Vietnam to the US nearly doubling from 2018 to 2019. Many large corporations such as Lego, Amazon, and Maersk have increased their investment in Vietnam...

In the coming time, the industries that are expected to benefit the most will be: high technology, logistics and clean energy...

With the trend of a larger FDI wave shifting to focus on high value-added products, especially under Trump's second term, Vietnam is considered a country that benefits greatly, thanks to its ability to adapt quickly, developed infrastructure and support from both international and domestic businesses.

This is an opportunity for Vietnam to achieve its long-term goal of becoming a high-income country by 2045.

With fewer billionaire ministers, will Trump be less "harsh" on taxes and energy? The issue that many people are concerned about is how the trade war with China will turn out in Trump's second term. The latest signals show that it may not be as tense as Trump claims.