The meeting was chaired by Chairman of Binh Dinh Provincial People's Committee Pham Anh Tuan, with the participation of representatives of the Tax Department, XIII Customs Sub -Department, Department of Industry and Trade, Department of Finance, Department of Justice, Provincial Economic Zone Management Board, and representatives of affected industry associations.
"You shouldn't put all your eggs in one basket"
According to data from the Ministry of Industry and Trade and the General Statistics Office, in 2024, Vietnam's export turnover to the US will reach 136.6 billion USD, while imports from the US will only reach 13.1 billion USD, leading to a trade deficit of up to 123.5 billion USD.
In Binh Dinh alone, export turnover to the US in 2024 will reach 604 million USD, an increase of 9.6% compared to 2023, accounting for 34.5% of the total export turnover of the province (1.752 billion USD). Meanwhile, import turnover from the US is only about 11.6 million USD, with a trade surplus of more than 592 million USD.
The province's main export industries to the US include: Wood and wood products, textiles, footwear, plastic and seafood products, with 33 operating enterprises, including 20 enterprises producing indoor and outdoor wooden furniture, 12 textile and footwear enterprises and 1 seafood enterprise.
The Chairman of Binh Dinh Provincial People's Committee also reiterated the orientation for exporting enterprises to diversify the market, avoid depending on a single partner, "not putting all the eggs in one basket".
The Chairman of Binh Dinh Provincial People's Committee encouraged businesses to apply the circular economy, take advantage of all resources to create value, and at the same time wait for Deputy Prime Minister Ho Duc Phoc's visit to the US to find negotiation opportunities.
Helping businesses overcome difficulties with support policies
The Chairman of Binh Dinh Provincial People's Committee said that businesses are "customers" of the government. If businesses encounter difficulties, people's lives and local economy will also be seriously affected.
He emphasized that there should be policies to support social insurance, health insurance, and unemployment benefits, to cope with the situation where businesses have to temporarily stop production due to the impact of tax policies.
The Chairman of Binh Dinh Provincial People's Committee suggested that the Department of Industry and Trade coordinate with enterprises in the wood, textile, and seafood industries to expand the domestic market; increase connectivity and promotion if enterprises change direction to domestic consumption. At the same time, closely monitor tax policy developments for each industry of goods and commodities to support businesses inside and outside the province.
The Department of Foreign Affairs, through the Ministry of Foreign Affairs, promotes and expands the international market; the Department of Finance reviews recommendations and proposals to superiors to reduce land rental prices; the Tax Department reviews taxes; the Department of Justice needs to review regulations and adjust them to suit reality, taking a development mindset instead of being bound by rigid regulations. Banks support businesses with credit policies, making it easier to access capital
"With solidarity and unity between the state and businesses, we will overcome this difficult situation," Mr. Pham Anh Tuan believes.
According to economic experts, the new US tariff policy will create negative impacts in the short term for the Vietnamese economy in general and Binh Dinh province in particular, especially key industries such as textiles, footwear, wood, seafood and cloud plastic.
The 46% tax rate makes Vietnamese goods 10-20% less competitive than Vietnam's competitors in the US market such as Thailand (36%), India (26%), Indonesia (32%), Malaysia (24%), Bangladesh (37%), Philippines (17%), Pakistan (29%)... This will put great pressure on many large-scale export enterprises.
