In 2025, the Ministry of Industry and Trade outlined two scenarios to maintain export turnover to the US market - our country's largest market.
Two scenarios for exporting to the United States.
At the Ministry of Industry and Trade's regular press conference for the fourth quarter of 2024 and a meeting with media agencies to celebrate the New Year 2025, one of the issues of interest to the press was the import and export situation. This included exports to the United States – our country's largest market – as President-elect Donald Trump is expected to implement many new trade policies in the coming period.
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| Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department, shared this information at the press conference. |
Sharing his views on this matter, Mr. Tran Thanh Hai, Deputy Director of the Import-Export Department of the Ministry of Industry and Trade, stated that the United States is currently Vietnam's largest export market. In 2024, Vietnam was also the eighth largest trading partner of the United States, accounting for 4.13% of total export turnover to this market. In terms of trade surplus, Vietnam ranks behind China and Mexico in this market.
According to Mr. Tran Thanh Hai, Donald Trump's goals are to reduce the trade deficit, boost domestic production, and attract investment. In the context of global trade liberalization, Donald Trump is using a classic tool: tariffs. In fact, he has imposed high tariffs on goods from many markets such as China and the EU.
Previously, the impact of US tariffs on Vietnamese goods was not significant. However, entering 2025, the Ministry of Industry and Trade has outlined two scenarios. The optimistic scenario assumes the US maintains its current tariff policy on Vietnamese goods. In the trend of supply chain shifts, Vietnam can fully attract investment to increase exports.
In the second scenario, if stricter tariffs are imposed, they could impact the global economy , potentially affecting Vietnam's exports to some extent. The Chinese market – a major partner of the United States – facing difficulties due to tariffs would also create pressure in the US and ultimately on Vietnam. Regarding this scenario, the Ministry of Industry and Trade will consider reporting to the Government to support manufacturing and exporting businesses in diversifying their markets in the future.
Rice exports reach record high.
Regarding rice exports, Mr. Tran Thanh Hai informed that in 2024, Vietnam achieved a record in rice exports. For the whole year, Vietnam exported 9.18 million tons, worth 5.75 billion USD, the highest figure ever. Rice exports achieved a growth of 12% in volume and 23% in value.
In terms of unit price, in 2024 Vietnam achieved an average export unit price of 627 USD/ton (previously below 600 USD/ton), an increase of 9% compared to last year.
Currently, India has lifted its rice export restrictions, and the abundant supply of Indian rice is putting pressure on the market, causing rice prices to tend to fall.
"However, in recent times, Vietnamese businesses have focused on improving rice quality and building quite good rice brands, thereby finding traditional markets such as Indonesia and the Philippines..." - Mr. Tran Thanh Hai informed.
At this stage, Mr. Tran Thanh Hai believes that rice exporting businesses need capital support from banks. In addition, the Ministry of Finance also needs to expedite the refund of export taxes to create favorable conditions for rice exporting businesses.
In its role as a state management agency, the Ministry of Industry and Trade will intensify the implementation of solutions to promote rice exports in the coming period.
| Regarding rice exports, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan stated that in early 2025, the Government will issue Decree No. 01, the first decree of 2025, amending Decree 107/2018/ND-CP dated August 15, 2018, on the business of rice export. This decree outlines clearer and more coherent management solutions for rice exports, contributing to ensuring domestic food security. It also aims to regulate rice prices, ensure rice quality, and especially build rice brands. These are solutions to boost rice exports in the coming period. |
Source: https://congthuong.vn/bo-cong-thuong-2-kich-ban-xuat-khau-sang-hoa-ky-368410.html
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