The new foreign and economic policies of the United States will have profound impacts on the world economic system in general and Vietnamese trade in particular.
The United States - Vietnam's largest export market
On January 8, 2025, the workshop “New US Policy: Impacts on Trade and Investment” was held, organized by the Ho Chi Minh City Investment and Trade Promotion Center (ITPC) in coordination with the US-Vietnam Business Council and the Vietnam Innovation Institute.
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| Delegates attending the workshop |
The conference took place in the context of the United States entering a new phase with many adjustments in economic and foreign policies, which are expected to have a profound impact on global trade and investment activities.
Sharing at the event, Ms. Cao Thi Phi Van - Deputy Director of the Ho Chi Minh City Center for Trade and Investment Promotion - said: In 2024, the total two-way trade turnover between Vietnam and the United States will reach more than 132 billion USD.
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| Ms. Cao Thi Phi Van - Deputy Director of Ho Chi Minh City Center for Trade and Investment Promotion |
The United States is Vietnam's largest export market, with export turnover to this market reaching nearly 119 billion USD, up 23.3% over the same period in 2023. Import turnover from the United States reached 13 billion USD, up 7.3%.
The above data shows that Vietnam's trade surplus with the United States reached 116 billion USD and has become the 8th largest trading partner of this country and their fourth largest export market in the ASEAN region.
In contrast, the United States is Vietnam's second largest trading partner and largest export market. Vietnam's main exports to the United States include footwear, wooden furniture, machinery and optical equipment.
At the same time, Vietnam is receiving high-tech investment flows from the United States, contributing to improving production capacity, especially in areas such as microchips and semiconductors. As of November 2024, the United States has more than 1,400 projects in Vietnam, with a total registered capital of nearly 12 billion USD.
In Ho Chi Minh City alone, the United States ranked third among 110 countries and territories investing, with more than 1.55 billion USD, showing the increasing interest of investors from this country in the Vietnamese market.
Although Vietnamese goods are widely available in many international markets and export capacity is increasingly improved, penetrating the US market is a challenge for businesses.
“Therefore, businesses, investors and related partners need to update, understand and take advantage of the latest incentives and information on new policies and regulations. Thereby, making the most of the opportunities and overcoming the challenges brought by the new US policies,” Ms. Cao Thi Phi Van emphasized.
There is still much room to expand exports.
At the workshop, experts updated the latest information, helping investors, import-export businesses and related parties have a clearer view of trade and investment prospects between the two countries.
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| Experts updated the latest information at the workshop, aiming to help investors, import-export businesses and related parties have a clearer view of the trade and investment prospects between the United States and Vietnam. |
At the same time, analyze the possible impact of the new US administration on the development of trade between the two countries, including issues related to trade, tariffs, technology, finance and investment.
Accordingly, businesses, especially small and medium enterprises in Vietnam and the United States, can grasp trends, build appropriate plans, and strengthen connections to promote future business cooperation.
In particular, these market trends and policies can open up many opportunities for production and business development and export expansion, but also pose risks in terms of costs and competitive pressure.
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| Mr. Kevin Morgan - Chairman of the Board of Directors of the US-Vietnam Business Council |
Mr. Kevin Morgan - Chairman of the Board of Directors of the US-Vietnam Business Council emphasized: Not only in Vietnam but all over the world, people are concerned about the impact of the upcoming administration on trade policies for many countries doing business with the United States. "Although no one knows exactly what the new trade and tariff policies will be, I think it is better to prepare and plan for many different options to continue doing business in the US market ," Mr. Kevin Morgan emphasized.
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| Businesses raise opportunities and challenges in exporting goods to the US market in the coming time. |
Commenting on the US market, Mr. Do Ngoc Hung - Vietnam Trade Counselor in the US (Ministry of Industry and Trade) said that this is a potential market with more than 330 million customers and high per capita income. However, many opinions are also worried in the context that the US is entering a new phase with many adjustments in economic and foreign policies, which are expected to have a profound impact on global trade and investment activities.
“Experts have also analyzed the possible impact of the new US administration on the development of US-Vietnam trade, including issues related to trade, tariffs, finance, investment and technology,” Mr. Do Ngoc Hung informed.
Emphasizing that to increase exports of goods to the US market, Mr. Do Ngoc Hung recommended that the domestic business community should coordinate with importers and distributors in the US to research flexible payment methods, support risk sharing... especially in the initial stages of market access.
In addition, Vietnamese enterprises need to adapt to new requirements from US policies; improve product quality and comply with international standards. At the same time, promote international cooperation, improve domestic competitiveness and be flexible in adapting and taking advantage of opportunities.
| Through the workshop, it is expected that businesses, investors and related partners will find feasible solutions and strategies to further strengthen and expand trade and investment relations with the US market, contributing positively to the goal of improving competitiveness and raising Vietnam's economic position in the international arena. |
Source: https://congthuong.vn/chinh-sach-moi-cua-hoa-ky-nhung-tac-dong-den-thuong-mai-va-dau-tu-368562.html
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