ANN/VIETNAM NEWS – As global trade tensions intensify, economic insiders stress the need for Vietnam to take proactive measures to shield its production, business operations and exports from potential market disruptions.
In 2024, Vietnam’s total foreign trade value approached USD800 billion, with exports reaching USD405 billion. The United States (US) remained Vietnam’s largest export destination, accounting for nearly USD119 billion – a 23.3-per-cent increase compared to the same period in 2023.
However, new US tax policies introduced following President Donald Trump’s re-election have begun affecting global markets, including Vietnam. If trade tensions escalate into a full-fledged trade war, Vietnamese exports to the US could face significant hurdles. Rising costs and price volatility may weaken export volumes, putting pressure on businesses reliant on the American market.
Given these uncertainties, experts emphasise the importance of close market monitoring, timely economic analysis, and strategic planning to ensure swift and effective responses to external risks. Vietnam must stay informed on regional and global trade developments to safeguard its economic stability.
At a government meeting, Prime Minister Pham Minh Chinh noted complex changes of the global political and economic environment, as well as major trading partners like the US and China may directly impact Vietnam’s exports and business operations.
Deputy Director of the Ministry of Industry and Trade’s (MoIT) Foreign Trade Agency Tran Thanh Hai confirmed that the industry and trade sector aims for a 12-per-cent increase in exports this year compared to 2024. However, the global landscape in 2025 is expected to remain volatile, with unpredictable changes on the horizon.
Despite these challenges, the MoIT has prepared for several scenarios to maintain and boost exports, including creating contingency plans to address the impacts of new US tariff policies, he said.
It will continue to leverage existing free trade agreements (FTAs) while pursuing new deals to expand and diversify Vietnam’s export markets, products, and supply chains. In addition, it plans to boost shipments to nearby and emerging markets via the official channel and step up brand building to promote sustainable export growth. Trade promotion efforts will be enhanced as part of the broader strategy to weather global uncertainties, said Hai.
