Minister of Industry and Trade Nguyen Hong Dien, head of the Vietnamese Government’s negotiation team presented Vietnam’s official responses to additional US proposals, reaffirming the country’s determination and goodwill to reach a consensus that serves both sides’ interests.
Facing the risks posed by trade barriers and potential reciprocal tariffs from the US, many businesses have proactively shifted their market strategies, stepped up trade promotion, and diversified their orders to reduce reliance on a single market.
Amid unpredictable fluctuations in US tariff policies, Vietnamese businesses must take a proactive and strategic approach to sustain their exports to this key market, experts emphasised at a workshop held in Ho Chi Minh City on May 9.
The US is now a comprehensive strategic partner and one of Vietnam's largest export markets. Meanwhile, Vietnam ranks as the US's eighth-largest trading partner, and American consumers favour Vietnamese products for their their quality and affordability.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), aquatic product export turnover in April reached 850.5 million USD, up 10% year-on-year. This brought the cumulative export value in the first four months of the year to 3.3 billion USD, a 21% increase compared to the same period in 2024.
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.
Rather than focusing solely on increasing export value, Vietnamese businesses should shift toward higher market segments and promote service exports as the US tariffs target goods, not services, an expert has said.
A leader of the Vietnam Leather, Footwear and Handbag Association (Lefaso) highlighted that a 46% tariff would severely affect an industry employing over 1.2 million workers, 90% of whom are women.
Hoai said the US's proposed reciprocal tariff of 46% on imports from Vietnam can have significant and multifaceted impacts on the Southeast Asian country’s exports and economic growth in the near future.
Michael Kokalari, Chief Economist at VinaCapital, described the April 2 announcement of ‘reciprocal tariffs’ as “completely unexpected”. “Based on our analysis, these tariffs will make it difficult for Vietnam to achieve its 8% GDP growth target,” he said.
In response to the new situation, many enterprises in HCM City said that they are proactively exploring new markets beyond the traditional US market while diversifying their product offerings tailored to various customer segments across different countries.
A 46% tariff would severely undermine Vietnam’s competitiveness in the US.