Enterprises need to strengthen coordination with agencies under the Ministry of Industry and Trade as well as the Vietnam Trade Office in the US to update market information.
That was the recommendation of Mr. Do Ngoc Hung - Head of the Vietnam Trade Office in the United States - at the February 2025 Trade Promotion Conference, held on the morning of March 4.
The conference was attended by Deputy Minister of Industry and Trade Phan Thi Thang, Departments and Divisions under the Ministry of Industry and Trade, the Vietnamese trade office system abroad, and representatives of associations such as the Timber and Forest Products Association, Vietnam Steel Association; and representatives of the Department of Industry and Trade of provinces/cities.
At the conference, the Vietnamese trade system in several countries also mentioned changes in trade policies of major countries and recommendations for Vietnamese enterprises in markets such as the United States, Belgium, the EU, and China.
In January 2025, Vietnam's total export turnover to the US will reach about 10 billion USD.
Providing information on the trade situation and updating new US policies on exports to Vietnam at the conference, Mr. Do Ngoc Hung - Head of the Vietnam Trade Office in the United States - said: In 2024, the total two-way trade turnover between the United States and Vietnam will reach 149.7 billion USD, an increase of 20.4% compared to 2023.
Of which, US goods exports to Vietnam reached 13.1 billion USD, a sharp increase of 33% compared to the previous year. Imports of goods from Vietnam to the US reached 136.6 billion USD, an increase of 19.3%. The US trade deficit in goods with Vietnam reached 123.463 billion USD, after China and Mexico.
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| Deputy Minister of Industry and Trade Phan Thi Thang chaired the conference. Photo: PC |
In January 2025, Vietnam's total export turnover to the US reached about 10 billion USD, an increase of 4.6% over the same period in 2024. Meanwhile, imports from the US to Vietnam reached about 1.5 billion USD, a decrease of 6.6% over the same period last year.
"These fluctuations reflect the increase in demand for Vietnamese goods in the US market, while imports from the US tend to decrease slightly (in the context of Vietnam's total export turnover decreasing by about 4% and witnessing a decline in key markets compared to the same period)" - said the Head of the Vietnam Trade Office in the US.
Sharing more about the international and domestic context of the United States in 2025 affecting Vietnam's trade, according to Mr. Do Ngoc Hung, the global economy in 2025 is forecast to continue to grow with a stable level of 2.7-3.2%. However, trade conflicts continue to be a hot topic in the near future when countries tend to increase trade barriers and tariffs to protect domestic production.
In addition, supply chain shifts, increased application of science and technology to modernize supply chains and climate change are also prominent trends. To cope with these fluctuations, many businesses are expected to move to countries such as India, Vietnam, Indonesia and Mexico to diversify production.
Updating US government policy, according to Mr. Hung, after only 4 weeks of becoming the official President of the United States, Mr. Trump is still maintaining the momentum to strongly promote trade policy to fulfill his campaign promises, with impacts on taxes, investment and decisions affecting the global supply chain.
"Accordingly, the Vietnam Trade Office in the United States will monitor signs of negotiation progress and impose a 25% floor tax on common European goods," Mr. Hung informed.
Businesses need to be careful with input materials.
Besides the advantages, according to Mr. Hung, the biggest difficulty at present is that Vietnam is not considered a full market economy, leading to disadvantages in anti-dumping and anti-subsidy investigations by the United States, and concerns about the trend of shifting production and investment from some countries to Vietnam to take advantage of labor costs and competitive environment.
In order to minimize the scope and impact of tariffs and other negative trade policies that the US administration may impose on Vietnam, and at the same time improve US-Vietnam bilateral relations, Party and Government leaders have adopted bilateral dialogue and cooperation mechanisms that have affirmed the message that Vietnam is a strategic partner, especially after upgrading the Comprehensive Strategic Partnership in September 2023.
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| Mr. Do Ngoc Hung - Head of Vietnam Trade Office in the United States - spoke at the conference. Photo: D.N |
Despite many difficulties and challenges, according to the Head of the Vietnamese Trade Office in the United States, Vietnamese enterprises have always fully cooperated with the United States in trade defense investigation cases, leading to conclusions in some cases that are beneficial to domestic enterprises, increasing Vietnam's export competitiveness.
In particular, to remove difficulties for Vietnamese goods to have the opportunity to export to the US market, the Head of the Vietnam Trade Office in the US recommended that, first, it is necessary to urgently develop a specific roadmap for Vietnam to protect its trade interests against potential tariff measures from the Trump administration, while strengthening strategic cooperation with the US to ensure sustainable development in bilateral relations between the two countries.
Second, state management agencies coordinate with business associations to work with interest groups in the United States, including importers of goods from Vietnam, US exporters to Vietnam, US companies investing in Vietnam and related associations to build alliances to support expanding trade with Vietnam.
Third, the imposition of tariffs on trading partners by the US may create opportunities for Vietnam to increase exports. However, this also poses many challenges that need to be closely monitored. First of all, Vietnam needs to closely monitor trade developments and US tariff policies to make timely adjustments. At the same time, businesses need to strengthen coordination and communication with agencies under the Ministry of Industry and Trade as well as the Vietnam Trade Office in the US to update information and seek appropriate response solutions.
Fourth, businesses need to carefully consider their production and business plans because countries subject to tariffs may increase trade protection measures, putting greater competitive pressure on the Vietnamese market. Fully cooperating with the US in providing information for trade lawsuits is also important to protect business interests and avoid legal risks. In addition, businesses need to be cautious with input materials from countries subject to US tariffs, to avoid the risk of being investigated for origin fraud or tax evasion.
| The February trade promotion conference aims to disseminate new legal documents related to the industry and trade sector, specifically introducing new legal documents related to the industry and trade sector; introducing the action programs of the Ministry of Industry and Trade to implement Resolutions 01, 02, 03 to achieve the target of double-digit GDP growth; tasks and solutions to implement the Government's direction on the target of total export turnover of goods increasing by 12% - 14%; presenting the nuclear power project and the need for growth to attract investment in the energy sector. |
Source: https://congthuong.vn/thuong-vu-khuyen-nghi-hang-viet-khi-xuat-khau-vao-my-376651.html
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