The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
To survive and thrive in today’s volatile global economy, businesses must accelerate transformation, enhance competitiveness, diversify export markets, improve transparency, foster collaboration, and leverage the vast potential of the domestic market, heard a forum in Ho Chi Minh City on May 21.
Vietnamese ministries and sectors stand ready to address the US’s concerns and work together to find mutually beneficial solutions based on the principle of harmonised interests and shared risks, said Minister of Industry and Trade Nguyen Hong Dien.
With its ranking among the top 20 global food exporters and top 15 agricultural exporters, bolstered by 17 free trade agreements (FTAs), Vietnam is a strong contender in the global Halal supply chain.
Amidst the US’s decision to delay new import tariffs for 90 days, Vietnamese businesses are taking advantage of this opportunity to implement both short-term and long-term solutions to minimise potential negative impacts.
Being cautious and proactive at this time will help Vietnam protect its exports to the EU and preserve the international reputation of Vietnamese goods amid an increasingly volatile global trade landscape.
US President Donald Trump’s decision to temporarily pause reciprocal tariffs on imports from over 75 countries, including Vietnam, is a positive step, Spokesperson of the Ministry of Foreign Affairs Pham Thu Hang said on April 10.
US Trade Representative Jamieson Greer said the reciprocal trade agreement should include arrangements on tariffs and proposed that technical-level representatives from both countries start discussions immediately.
Vietnam exported 20,244 tonnes of various types of pepper in March, earning 141.6 million USD. The figures represented increases of 41.3% in volume, and 45.6% in value month-on-month, and a decrease of 21.2% in volume and a rise of 27.9% in value year-on-year.
In their joint letter sent to the US Secretary of Commerce, VCCI and AmCham called on the Trump administration to temporarily suspend the imposition of tariffs to avoid disrupting business operations, negatively affecting current trade transactions, and disturbing the logistics chain.
Quebec leaders expressed their determination to bolster comprehensive cooperation with Vietnam as part of Canada's strategy to diversify markets and reduce its dependence on the US market.
The US Ambassador thanked Vietnam for its positive approach and understanding of the US concerns, adding that the coming discussions present an opportunity for both sides to devise solutions to put bilateral trade relations on a healthy and mutually beneficial development trajectory.
Vietnam should continue bilateral negotiations with the US administration on major export commodities while guiding businesses in diversifying markets, attracting more US investments, and increasing purchases of goods from the US, an analyst has said.
Thailand is on the list of 15 countries that could be affected by Trump’s tariff policy. The average US tariff on Thai imports is 2% while Thailand levies an average tariff of 8% on US products
Minister of Industry and Trade Nguyen Hong Dien has sent a diplomatic note requesting US authorities delay the tariff imposition to allow for constructive dialogue to seek a reasonable solution for both sides.
The quick response from Vietnam has won approval from industry leaders, with some considering the tax cuts as a "swift, positive, and timely" move that showcases Vietnam’s goodwill.
