The United States is currently a major export market for Vietnam and continues to play a strategic role in our country's international trade turnover.
According to Ms. Cao Thi Phi Van - Deputy Director of the Ho Chi Minh City Investment and Trade Promotion Center (ITPC), over the past 5 years, Vietnam has continuously maintained a high trade surplus with the United States, with the surplus value increasing from about 63.4 billion USD in 2020 to nearly 106 billion USD in 2024. However, along with that achievement, Vietnam and many other countries are facing countervailing tax measures from the United States.
In the new context, the Vietnamese Government is focusing on directing the preparation of the negotiation process with the United States to build a balanced and sustainable bilateral trade relationship. The orientation throughout this process is to protect Vietnam's legitimate rights and ensure strict compliance with international commitments.
In parallel with negotiation efforts, Vietnam will promote domestic market exploitation, control the origin of goods, encourage bilateral investment, and promote the signing of trade contracts with the United States.
In particular, in the context of global economic fluctuations, the business community and the Ho Chi Minh City government have proactively implemented a strategy to diversify markets, products and supply chains; improve the quality of goods and services to increase international adaptability and competitiveness.
The maximum exploitation of the 17 free trade agreements (FTAs) that have come into effect is expected to be an important launching pad for Vietnam to expand its development space" - Ms. Cao Thi Phi Van said.
At the workshop "US counterpart tax: The preparation of Vietnamese enterprises" on May 9 in Ho Chi Minh City, Mr. Tran Luong Son - Professor of entrepreneurship at SUNY Cobleskill University - New York University (USA) and Business Development Advisor of the US-Vietnam Business Council, analyzed the shift in US trade policy.
According to him, the US is prioritizing a trade strategy associated with industrial policies and national security, instead of focusing only on trade released as before. This creates poorer requirements for exporters, including Vietnam.
Mr. Tran Luong Son emphasized that US tariffs will continue to be maintained and Vietnam needs to take a proactive and strategic approach. Three major strategic directions proposed for Vietnamese enterprises include: Closely following regulations, upgrading value chains and increasing participation in trade unions and policies.
In the current international context, building national brands and industry brands is an urgent requirement. Vietnam needs to reposition its image from a low-cost producing country to a reliable, sustainable supplier with typical and high-value products, such as handicrafts, agricultural and aquatic products.
Industries need to build a collective brand based on quality values, sustainability, compliance with international regulations and consumer trust.
