Vietnam's Strategic Position Amid US Tariffs

In the face of recent tariffs imposed by U.S. President Donald Trump on imports from major trading partners, Vietnam's economy shows remarkable resilience. Despite the global trade flow alterations, Vietnam anticipates no significant damage, with government bodies vigilantly monitoring the developments.

Strengthening Vietnam-US Relations

Since establishing diplomatic relations in 1995 and upgrading to a Comprehensive Strategic Partnership in September 2023, Vietnam and the U.S. have nurtured a robust economic and trade relationship. The U.S. has emerged as Vietnam's largest export market, while Vietnam ranks as the seventh-largest trading partner of the U.S., with bilateral trade reaching nearly US$150 billion last year.

Commitment to Harmonious Trade

Vietnam has consistently communicated its desire to maintain a harmonious, sustainable, and mutually beneficial economic and trade relationship with the U.S. through diplomatic channels. The country reassures that its policies do not aim to harm U.S. workers or national security.

Future Prospects and Strategic Discussions

Minister of Industry and Trade Nguyen Hong Dien is set to meet with the U.S. Trade Representative to discuss the positive trajectory of Vietnam-US relations. The complementary nature of the two economies is highlighted, with the current trade imbalance attributed to their export and foreign trade structures.

Vietnamese exports to the U.S. primarily compete with third countries, offering U.S. consumers access to affordable goods. Vietnam's free trade policy and efforts to reduce tariff disparities further solidify this relationship, benefiting U.S. products with high competitive advantages.

Investment and Development Opportunities

U.S. direct investment in Vietnam is significant, with major corporations operating profitably. Vietnam encourages U.S. investors to participate in key industries, including new energy, hydrogen, and nuclear power projects, fostering increased imports of U.S. goods and technology.

Call to Action for Vietnamese Businesses

Vietnamese businesses are urged to diversify export markets, enhance product quality, and meet international standards. Strategic evaluations of investment cooperation with companies from countries experiencing trade tensions with the U.S. are also recommended.