Business

Export strategies aim to overcome global economic headwinds

Exports were valued at 102.8 billion USD in Q1, while imports increased 17% to 99.68 billion USD, signalling rising demand for production inputs.

Vietnam earns nearly 103 billion USD in export revenue in the first quarter of 2025 -Illustrative image (Photo: VNA)
Vietnam earns nearly 103 billion USD in export revenue in the first quarter of 2025 -Illustrative image (Photo: VNA)

Hanoi (VNA) - Vietnam earned nearly 103 billion USD in export revenue in the first quarter of 2025, an increase of 10.6% year-on-year.

However, exports are now facing mounting challenges, particularly after the US imposed reciprocal tariffs of up to 46% on specified Vietnamese goods.

At the cabinet meeting in March, Prime Minister Pham Minh Chinh stressed the need for both comprehensive strategies and targeted solutions to sustain export growth, restructure the economy, and diversify markets.

According to the Ministry of Industry and Trade, total import-export turnover in Q1 reached an estimated 202.5 billion USD, up 13.7% from the same period last year. Exports were valued at 102.8 billion USD, while imports increased 17% to 99.68 billion USD, signalling rising demand for production inputs. The trade surplus stood at 3.15 billion USD.

Experts warned that Q2 may see slower export growth due to the fresh levy of US tariffs, which will reduce the competitiveness of Vietnamese goods, especially in key sectors like electronics, machinery, textiles, and footwear. The US currently accounts for 30% of Vietnam’s total exports.

Deputy Minister of Industry and Trade Truong Thanh Hoai emphasised the wide-ranging impact of these tariffs on Vietnam’s economy, FDI, employment, and industrial sectors. Exporters are urged to shift to online platforms, expand into new markets, and fully leverage the country’s 17 FTAs.

Authorities are encouraging the exploration of emerging markets such as the Middle East, Africa, and Northeast Asia to reduce over-reliance on the US. The Ministry also plans to strengthen trade promotion and improve compliance with international standards.

Industry leaders, including from Vinatex and TNG, are adjusting strategies to mitigate risks by diversifying export destinations and balancing market shares. Meanwhile, exporters are advised to monitor global trade policies, improve product standards, and strengthen trade defense capacities.

Deputy Minister Hoai affirmed that the Ministry will continue to support Vietnamese businesses in navigating international trade shifts and expanding to potential markets./.

VNA
#reciprocal tariff #export revenue #Vietnam #reciprocal tariffs #US #FTA
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