US tariff policies could change, shifting global trade flows.

Commenting on the recent US import tariff policy, a representative from the Ministry of Industry and Trade stated that this could change and shift global trade flows. For businesses, the Ministry has proactively coordinated with various sectors to prepare for different scenarios.

As reported by PNVN newspaper, on the afternoon of March 5th, the Government Office held a press conference on the regular Government meeting for February 2025.

Analyzing the impact of recent trade policies implemented by US President Donald Trump on Vietnam's export industries, Mr. Nguyen Sinh Nhat Tan, Deputy Minister of Industry and Trade, stated: "To date, the US President has implemented several policies, particularly regarding tariffs, imposing tariffs on all goods worldwide . However, these tariffs vary across different goods and countries. We are not exempt from and are affected by this."

The Ministry of Industry and Trade has coordinated promptly with other ministries and agencies, and these ministries and agencies have also been very proactive in submitting both comprehensive and individual reports to the Government. It is expected that in March, the Government will hold a meeting to discuss key issues and solutions.

Given the potential global impact of these policies, which could alter and shift trade flows, Vietnamese businesses in all countries need to study and provide timely information.

Mr. Nguyen Sinh Nhat Tan further stated: Through the US Embassy in Vietnam and the Vietnamese Embassy in the US, the Ministry of Industry and Trade has proactively conveyed a message to the US side regarding the desire to maintain and build a harmonious, sustainable, and mutually beneficial economic and trade relationship with the US; while affirming that Vietnam does not have any policies that could harm US workers or national security.

Mr. Nguyen Sinh Nhat Tan, Deputy Minister of Industry and Trade, answers questions from the press.

It is expected that on March 13th, the Minister of Industry and Trade will meet with the US Trade Representative to discuss and continue the excellent relationship between Vietnam and the United States. Vietnam and the United States are two complementary economies. The imbalance in trade between the two countries stems from the complementary nature of their economies, due to the structure of their exports and foreign trade. Vietnamese goods exported to the United States mainly compete with goods from third countries, not directly with US businesses in the US market. Conversely, this creates opportunities for US consumers to use cheaper Vietnamese goods.

For businesses, the Ministry of Industry and Trade has also proactively coordinated with various sectors to prepare for different scenarios. To continue developing in the context of a volatile and challenging global economy, in addition to the efforts of the Government and ministries, businesses must also rely on their own sensitivity, proactive monitoring of the market, and ability to adapt, explore, and develop their own competitiveness. Businesses need to continue proactively building roadmaps and solutions to diversify export markets, improve product quality, and ensure technical, labor, and environmental standards. In particular, attention should be paid to controlling the origin of raw materials for production, as well as carefully evaluating investment cooperation with businesses from countries experiencing trade tensions with the United States.

Source: https://phunuvietnam.vn/chinh-sach-thue-quan-cua-hoa-ky-co-the-thay-doi-dich-chuyen-dong-chay-thuong-mai-tren-toan-cau-20250305170902578.htm