Enterprises proactively adapt
This is the time to look back at the internal capacity and flexibility that the Vietnamese economy has repeatedly demonstrated in the past. Vietnam has overcome many difficulties in the face of unpredictable fluctuations in the world thanks to its stable macroeconomic foundation, the ability to quickly shift direction of businesses and especially the persistent spirit of the workforce.
On the business side, it is necessary to immediately implement 3 key groups of solutions. First, it is necessary to review and assess the export risks to update the list of taxable goods and the specific impact on each item, thereby determining appropriate handling options. Restructuring trade relations to proactively negotiate with import partners on price adjustments, sharing additional costs and a more reasonable profit distribution mechanism, avoiding sudden cancellation of orders. Improving quality standards - tightening traceability in the context of increasingly strict environmental and trade regulations, especially in the textile, wood, seafood and agricultural products industries, ensuring technical standards, transparent origin and compliance with ESG (environment - society - governance) commitments are no longer optional, but are prerequisites to maintain the market.
In the context of increasingly uncertain global trade, Vietnam cannot compete forever with cheap advantages. The fundamental solution is to restructure the export model towards a more sustainable direction, with 3 pillars: Increasing domestic value content instead of depending on imported raw materials and technology, needing to promote the development of products with high added value, associated with design, brand, technology and intellectual property rights. This is the key for Vietnam to escape the role of a "processing workshop" and increase its position in the global value chain.
Expanding the market, reducing dependence needs to proactively and effectively exploit new-generation free trade agreements such as CPTPP, EVFTA or RCEP to expand exports to markets with less policy risks such as the EU, Japan, and South Korea. Market strategy must be accompanied by product strategy and capacity improvement to meet technical standards.
Vietnam is facing an important turning point. It is time for businesses and the state to act together to create a growth model based on innovation, sustainability and proactive integration.
Improving the quality of labor
In the context of many fluctuations in the global economy, especially when trade defense measures are increasing from major export markets such as the United States, labor-intensive industries such as textiles, footwear, wood processing... are facing pressure to adjust production plans, facing the risk of decreasing orders. However, instead of choosing to cut labor - an easy solution but causing long-term damage to human resources and business image - many Vietnamese enterprises have proactively shifted to the spirit of "keeping people - keeping jobs".
Positive movements can be recorded in the restructuring of production in the direction of streamlining, focusing on orders with high added value, thereby taking advantage of existing capacity more effectively instead of cutting scale. Strengthen retraining and advanced training, helping workers move from simple stages to positions that require higher skills, meeting the requirements of supply chain transformation. Expanding and diversifying markets, reducing dependence on a few major markets such as the US or EU, while developing product lines that meet new tastes and ESG standards.
Over the past time, the Ministry of Industry and Trade has affirmed that it will continue to negotiate and seek long-term, fair solutions, based on the principle of respect for independence and mutual benefit. In addition, it is necessary to promote trade promotion activities and find alternative orders for businesses affected by US taxes. Technical support for small and micro enterprises to comply with the rules of origin and market standards. Promote the development of centers to support green transformation and digital transformation for exporting enterprises.
On August 7, at the regular Government Session in July, Party Central Committee member and Minister of Industry and Trade Nguyen Hong Dien said that the Ministry of Industry and Trade had promptly submitted to the Prime Minister a task group assigned to ministries and branches to effectively adapt to US tariff policies, including continuing to implement technical negotiations to strengthen the formal agreement.
The Ministry of Industry and Trade also presented scenarios and groups of tasks to propose the Government to assign ministries and branches to implement in order to adapt to the US tax policy.
The Ministry of Industry and Trade proposes that the Ministry of Finance coordinate with relevant ministries and branches to assess the impact of tax rates on Vietnam, to propose tasks, solutions and mechanisms and policies, thereby effectively responding to this tax policy. At the same time, relevant localities, ministries and branches urgently complete the removal of obstacles for projects that are renovated according to the plan, to free up resources for the economy.
The Ministry of Industry and Trade will develop and implement a plan to implement the Trade Agreement with the US, including improving the investment and business environment, supporting businesses to expand trade, export markets, and enhancing domestic consumption capacity and capabilities. The Ministry also mentioned solutions to develop projects and policies to develop supporting technologies and maximize on-site resource exploitation and promote the production of goods with a tax rate of 0%.
