Enterprises need to proactively diversify export markets.

Kinhtedothi - At the regular press conference in February 2025 organized by the Government Office on the afternoon of February 5, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan shared some information about the impact of the US President's trade policy on some of Vietnam's export industries.

According to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan, US President Donald Trump has issued many policies related to tax imposition, but some items have different tax rates and are applied differently to each country.

Although Vietnam is also affected by this, it will be more affected in many countries, so the Ministry of Industry and Trade has promptly coordinated with ministries and branches.

The representative of the Ministry of Industry and Trade said that it is expected that in March 2025, the Government will meet to discuss the key solutions to be applied. As for the Ministry of Industry and Trade, it has immediately assigned trade offices of countries around the world , not just the US trade office because this impact affects the whole world and can change and shift trade flows, so it is necessary to have the participation of trade offices in all countries. Monthly meetings must also have reports, and the Ministry also reports directly to the Prime Minister.

In addition, the Ministry of Industry and Trade, through its Counselor, conveyed messages to the United States about its desire to maintain and build a harmonious, sustainable, mutually beneficial economic and trade relationship with the United States, while affirming that Vietnam does not have any policies that could harm US workers or national security.

"It is expected that next weekend (March 15), the Minister of Industry and Trade will meet and discuss directly with the US Trade Representative on economic and trade issues of mutual concern," said Mr. Nguyen Sinh Nhat Tan.

Regarding the Ministry of Industry and Trade's viewpoint, Mr. Nguyen Sinh Nhat Tan emphasized that Vietnam and the United States are two complementary economies, the main cause of the trade imbalance between the two countries comes from the complementary nature of the two economies, due to the export and foreign trade structure of the two countries and Vietnamese goods exported to the United States mainly compete with third countries, not directly with US enterprises in the US market. On the contrary, it also creates conditions for US consumers to use cheap Vietnamese goods.

Further emphasizing, according to the representative of the Ministry of Industry and Trade, Vietnam is an open economy. In the integration process, Vietnam pursues a free trade policy, the tariff difference on US goods is not much and may continue to decrease in the coming time, because Vietnam advocates reducing MFN tariffs on many goods.

Therefore, some US products with high competitive advantages, such as automobiles, agricultural products, liquefied gas, ethanol, etc., will benefit from this policy, and at the same time will create positive import flows from the US, contributing to improving the trade balance between the two countries.

The Deputy Minister of Industry and Trade said that the two countries have a policy dialogue mechanism established under the Vietnam-US Trade and Investment Framework Agreement. In addition, the Vietnamese Government has also proactively assigned ministries and sectors to review difficulties and develop solutions to issues of concern to the US, on the basis of fair and reciprocal trade, in accordance with the law, and in harmony and satisfactory response to the interests of all parties.

In particular, Vietnam will also create favorable conditions for US investors to participate in the formation and development of key industries in Vietnam, especially energy projects such as new energy, hydrogen, nuclear power, etc., creating a premise to increase the import of liquefied gas, fuel, machinery and equipment, and technology from the United States, thereby contributing to balancing the trade balance between the two countries.

For businesses, the Ministry of Industry and Trade has also proactively coordinated with industries to prepare for different scenarios. To continue to develop in such a volatile context, in addition to efforts from the Government, ministries and industries, it is also necessary to rely on the sensitivity, proactiveness in following the market and the ability to adapt, explore and develop the competitiveness of the businesses themselves.

Enterprises need to continue to proactively develop roadmaps and solutions to diversify export markets, improve product quality, ensure technical, labor, and environmental standards, etc. In particular, it is necessary to focus on controlling the origin of raw materials for production, as well as carefully evaluate investment cooperation with enterprises from countries that are having trade tensions with the United States.

Source: https://kinhtedothi.vn/doanh-nghiep-can-chu-dong-giai-phap-da-dang-hoa-thi-truong-xuat-khau.html