The announcement by US President Donald Trump that a 50% tariff on all copper imports into the US will take effect from August 1 has created a strong reaction in the global commodity market, especially in the US, where concerns about the risk of short-term supply disruptions have fueled a wave of copper hoarding.
However, in Vietnam, experts believe that the trend of increasing taxes from the US does not cause significant concerns.
According to data from the US Geological Survey (USGS), in 2024, the US consumed about 1.8 million tons of copper, of which the import volume reached 810,000 tons, accounting for 45% of total demand.
Supply comes mainly from countries such as Chile, Canada, Peru and Congo. Immediately after the news of the new tax policy, COMEX copper prices jumped more than 13%, reflecting the uncertainty and uncertainty in the market.
However, for the Vietnamese market, the impact is assessed as insignificant.
According to statistics from the US International Trade Commission, in the first 5 months of this year, Vietnam only exported 16.3 tons of refined copper to this market, a very small number compared to the total demand of the US market.
Therefore, the imposition of a 50% tax on imported copper products has almost no direct impact on the export activities of the Vietnamese copper industry.
One of the core reasons that helps Vietnamese businesses maintain stability in the face of international fluctuations is the orientation of strongly developing the domestic market.
Mr. Bui Manh Toan, Director of Vietnox Joint Stock Company, commented that the actual situation in the domestic market shows that the demand for copper consumption is very high, the selling price is stable and has a large difference compared to export.
Domestic production is barely enough to meet the raw material needs of businesses in need of non-ferrous metals.
Mr. Toan also analyzed that domestic enterprises are focusing on meeting domestic demand, avoiding pressures from international trade policies, such as anti-dumping lawsuits or trade allegations investigations. This reflects a strategic trend: prioritizing resources to serve domestic industrial development.
This view is confirmed by many experts and industry leaders. Ms. Nguyen Thuy Ly, Chief of Office of the Vietnam Electronics Industry Association, said that the manufacturing industries of electronic equipment, telecommunications cables and renewable energy products in Vietnam are growing strongly, leading to increased demand for refined copper.
In fact, some cable units are importing copper for production purposes, but the output is not much. In addition, electronic component processing units are mainly the ones whose raw materials are supplied by their ordering partners. Therefore, the high copper price due to the US tax has almost no impact.
Another important factor is the proportion of copper in Vietnam's export structure. According to experts, copper is not a strategic export product of Vietnam.
Compared to key export items such as phones, electronic components, textiles, footwear, and agricultural products, the export value of copper is very small. Therefore, the impact of the US tax increase is limited to a narrow market segment, not enough to create a negative spillover effect on other key export industries of Vietnam.
Vietnam’s diversified industry structure makes the economy more resilient to individual trade shocks. Key export sectors operate on separate supply chains, making them less directly affected by fluctuations in the copper market.
The stability of the Vietnamese copper market is also reinforced by strict State management policies and guidelines for non-ferrous metals in general and strategic minerals in particular.
The Government has issued many policies to prioritize the exploitation and use of mineral resources to serve domestic production needs, limiting the export of raw and semi-processed materials.
These policies focus on ensuring raw material security for the country's key industries, while encouraging the production of higher value-added products, such as electric cables, electronic components and other industrial products.
This not only generates higher profits but also minimizes risks from international market fluctuations.
A representative of Vietnam Electric Wire and Cable Corporation said that the company is focusing on meeting domestic demand, especially large projects in electricity, construction and transportation. Therefore, the US tax increase is only an international issue, not the top concern of manufacturing enterprises.
The impact of the US tax policy on the Vietnamese copper market is assessed as insignificant. This shows the internal stability, the priority orientation for sustainable development of the domestic market and the reasonable resource management policy of the Vietnamese non-ferrous metal industry in the face of fluctuations in the global market.
TB (according to VNA)Source: https://baohaiphongplus.vn/my-ap-thue-50-voi-dong-nhap-khau-tac-dong-khong-dang-ke-toi-viet-nam-416280.html
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