HCM City (VNA) – Global trade fluctuations are pushing Vietnamese firms to transform production and bolster internal capabilities, according to experts at a seminar held in Ho Chi Minh City on June 3.
The event, co-hosted by the city's Investment and Trade Promotion Centre (ITPC), the Institute for Vietnam Initiatives (IVI), and the US-ASEAN Business Council (USABC), focused on navigating evolving trade and digital technology trends.
ITPC Deputy Director Cao Thi Phi Van highlighted the urgency for Vietnamese firms to adapt amid global economic turbulence, including US reciprocal tariffs, supply chain disruptions, and rising protectionism.
The US remains Vietnam’s largest export market, with trade surplus growing from around 63.4 billion USD in 2020 to nearly 106 billion USD in 2024. However, Van said, the specter of US tariffs looms large, prompting calls for strategic responses.
She outlined key measures, including leveraging Vietnam’s domestic market, tightening oversight of product origins, supporting Vietnamese and US investment projects, and accelerating the signing of trade deals with the US.
According to her, both local authorities and business community are diversifying markets, products, and supply chains; while improving product quality and competitiveness. They are also capitalising on free trade agreements to sustain export and import competitiveness.
Vu Tu Thanh, Deputy Regional Managing Director for ASEAN at the USABC, noted that Vietnam’s major exports, such as apparel, footwear, wood and agricultural goods, do not directly compete with US products or jobs. While tariff negotiations remain unresolved, he expressed optimism that final US tariff rates on these goods could be moderated.
IVI Director Duong Hong Loan proposed a digital transformation strategy, focusing on creating a digital capability framework, designing staff training courses, fostering a culture of continuous learning within businesses, and providing specialised technology training. She pointed to a partnership between HCM City, the British University Vietnam, and major tech firms as a model for advancing digital skills./.
