On May 2, the Department of Industry and Trade of Gia Lai province said that the US is currently one of the important export markets, accounting for about 9 decrease of the province's total export turnover, with key products such as green coffee beans and rubber latex.
With the US imposing counterpart tariffs of up to 46%, many businesses have proactively adjusted their strategies, optimized costs and improved product quality to maintain market share and limit trade risks.
Measures implemented include upgrading factories and warehouses, strengthening control of origin and standardizing products.
According to the provincial Department of Industry and Trade, the US Government has extended the application of this tax policy for 90 days, while the Vietnamese Government and relevant ministries and branches are actively negotiating to seek solutions to balance and promote bilateral trade.
Some businesses in Tra Da Industrial Park such as Quicornac are also studying to expand to alternative markets such as Spain, Brazil, the Czech Republic, the Netherlands, etc. In particular, due to the unfavorable impact of weather and pests in South America, passion fruit output has decreased sharply, causing the global market to shift its expectations to supply from Vietnam, especially the Gia Lai region.
In the current context, businesses are in great need of support policies such as reducing loan interest rates, promoting linkage of raw material areas according to international standards, and at the same time needing to be cautious with imported raw materials to avoid the risk of being investigated for fraudulent origin. Effective exploitation of free trade agreements (FTAs) will help expand the market and enhance competitiveness.
