In 2024, the total import and export turnover of goods will nearly reach 800 billion USD, with export turnover reaching 405 billion USD. Of which, exports to the US will reach nearly 119 billion USD, an increase of 23.3% over the same period in 2023.
Recently, new tax policies from the US after Donald Trump was re-elected as President have had an impact on the markets of many countries, Vietnam is no exception. Goods exported to the US market may face difficulties if a trade war breaks out. Exports may be reduced due to price fluctuations and businesses are pressured to increase costs.
Faced with the risk of a trade war, it is very important to have a clear understanding of information and market developments in the region and around the world, thereby providing accurate analysis and forecasts to have timely and effective response plans.
However, what must be done immediately is to expand the market so that Vietnamese goods can reach many countries, not being limited to the current markets. If we only focus on traditional markets, when there are fluctuations, production, business and export activities will stagnate. To diversify the market, we need to diversify products, because the consumer needs of the US are different from those of the Middle East, and Europe is different from those of South America.
Market expansion is first and foremost a business's job when it comes to researching, finding markets, and producing many products to meet the needs of consumers in different countries.
At the Vietnam - UAE business forum held in October 2024, Prime Minister Pham Minh Chinh said that Vietnam can ensure food security for the UAE through the production and processing of agricultural products according to orders from UAE businesses. This is a door that can be opened to bring Vietnamese agricultural products to new markets, the remaining issue is the ability of domestic businesses to exploit.
To open new markets, along with the initiative of enterprises, there needs to be support from ministries and branches in terms of information, forecasting, trade promotion and legal procedures. With support from government agencies, the business community will easily access the market, take steady steps, and save time and costs.
