Proactive response to US tariff fluctuations

ABO/NDO- On April 18, the Vietnam Chamber of Commerce and Industry (VCCI) held a seminar in Hanoi to discuss measures to proactively respond to the US’s reciprocal tariff in the context of the US’s 90-day suspension of the 46% tariff on Vietnam.

According to VCCI, the US is the largest export market for Vietnamese enterprises, accounting for nearly 30% of the country’s total export turnover, with key products including seafood, wood, electronics, and textiles. If the reciprocal tariff policy were implemented, it would undoubtedly have a serious impact on Vietnam’s economic growth in the near future, potentially causing supply chain disruptions, job losses, and numerous negative consequences for global trade.

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Therefore, economic experts and speakers at the seminar agreed that Vietnamese businesses must continue to diversify export markets and supply chains, and effectively take advantage of the 17 signed free trade agreements (FTAs) to expand their markets to lower-risk regions.

In addition, it is essential to strengthen the development of the domestic market, viewing it as a solid foundation for businesses amid current challenges. At the same time, the government should focus on promoting mutually beneficial cooperation with the US, enhancing dialogue and negotiations through various channels, and soon implement specific solutions to balance trade with the US, such as increasing imports of American goods and continuing to reduce reciprocal duties on imports from this country.

(Source: NDO)