According to Mr. Do Ngoc Hung, Chief of the Vietnam Trade Office in the US, with the upcoming economic policies under President Donald Trump, there will be an increased focus on protecting goods made in America, and the US market will become more protectionist.
Trade defense measures will be established, and there may be an increase in trade defense cases.
Vietnamese exports to this market need to ensure transparency in the origin of their raw materials.
“In the past three weeks, we have had more than three consultations as directed by the Ministry of Industry and Trade on trade defense cases with the US Department of Commerce,” Mr. Hung revealed.
The Trade Chief advised that domestic enterprises should proactively prepare for the upcoming policies under President Trump and exercise caution.
“Given the increased protectionism in the US market, Vietnamese exports to this market need to ensure transparency in the origin of their raw materials, especially in self-sufficiency of materials, and aim for sustainable exports,” warned Mr. Hung.
Particularly, as Vietnam has a trade surplus with the US, it is necessary to promote trade balance between the two countries by increasing imports of American goods to Vietnam and avoiding excessive exports.
Once again, Mr. Hung emphasized the need for Vietnamese enterprises to be serious, clear, and transparent about the origin of their goods when exporting to the US.
“The sectors that may be negatively affected and are at high risk of trade defense cases are those with a sudden surge in exports to the US,” said the Chief of the Vietnam Trade Office in the US.
For many years, the US has been Vietnam’s largest export market and its second-largest trading partner.
According to statistics from the General Department of Vietnam Customs, Vietnam-US trade in the first ten months of 2024 reached nearly $111 billion, with exports reaching nearly $98.5 billion, up 24.2% compared to the same period, and imports reaching $12.3 billion, up 8.2%.
With these results, this is the fourth consecutive year that trade between the two countries has surpassed the $100 billion mark.
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