US suspends reciprocal tariffs: Businesses speed up exports

Garment export enterprises in the province are increasingly searching for and expanding export markets to Korea, Southeast Asian countries... In the photo: Cutting and sewing export goods at TDT Investment and Development Joint Stock Company. Photo: Viet Hung

Clear orders

The US Government's temporary suspension of the 46% reciprocal tax for 90 days on imported goods from Vietnam has helped export enterprises in the province "breathe easier", creating opportunities to boost exports to this market.

At Minh Bach Company Limited (Song Cong I Industrial Park, Song Cong City) - specializing in manufacturing and exporting forklift counterweight equipment to the US, production has stabilized in recent days due to the resumption of orders from US partners.

Ms. Trinh Thi Huong, Deputy Director of the Company, said: Immediately after the US suspended the reciprocal tax for 90 days, US partners quickly contacted the Company to restart the suspended orders. Thanks to proactively maintaining raw material sources and stabilizing human resources, the Company has now restored nearly 90% of its export capacity compared to the time before the US announced the reciprocal tax, and is urgently promoting the signing of additional contracts to make the most of market opportunities during this favorable period.

Similarly, some units and enterprises exporting interior wood and wood chips have also quickly received back delayed orders with US partners... Mr. Ngo Dang Dung, Director of Dung Chung Wood Processing and Trading Company Limited (Dinh Hoa) - specializing in exporting all kinds of wood to the US, said: Due to pressure from US tax rates, the company recently had to temporarily stop production. However, within less than a week after the US tax policy was relaxed, we signed new orders and immediately restored production to meet export requirements by the end of April.

The garment industry also recorded positive signals from the US market as most export orders extended until September 2025. Mr. Nguyen Viet Thang, Vice Chairman of the Board of Directors of TDT Investment and Development Joint Stock Company (headquartered in Phu Binh district), informed: Currently, product exports to the US market account for about 20% of the Company's total export turnover and signed orders extend until August 2025. US partners committed to maintaining contracts during this period, so the Company is still operating stably, without interruption. Currently, the Company maintains stable jobs for 2,600 workers at 3 garment branches (located in Phu Binh, Dai Tu districts and Thai Nguyen city); the average income of workers is about 7.2 million VND/person/month...

Minh Bach Company Limited (Song Cong I Industrial Park) has restored nearly 90% of its export capacity thanks to orders being cleared after the US suspended reciprocal tariffs for 90 days. Photo: TL

Flexible adaptation

It can be seen that the US's temporary suspension of reciprocal tariffs on imported goods from Vietnam has brought positive signals to export enterprises in Thai Nguyen. In particular, given the complicated developments of the export market and tariff policy, the 90-day suspension of reciprocal tariffs by the US is considered by enterprises as a "golden" period to proactively adapt before the new policy takes effect. Accordingly, many export enterprises have focused on boosting production and exports to the US market. Specifically, many units have worked with partners to adjust delivery schedules within the above 3-month time frame.

At the same time, enterprises are actively restructuring and diversifying export markets; strengthening negotiations with US partners to share the burden of costs and adjust product prices to ensure appropriateness. Many enterprises are shifting their export direction to markets such as the EU, South Korea, Japan and Southeast Asian countries.

For example, Dung Chung Wood Processing and Trading Company Limited (Dinh Hoa) has been seeking and expanding export markets to Australia and Thailand. With the increasing demand for imported wood and wood products, expanding exports to these markets not only helps businesses maintain export output but also opens up opportunities for long-term cooperation and reduces dependence on the US market...

In negotiations with US importers, units and businesses are restructuring contract terms, adjusting prices, and negotiating for both sides to share part of the new import tax costs.

Discussing this issue at the 2025 Annual General Meeting of Shareholders, Mr. Nguyen Van Thoi, Chairman of the Board of Directors of TNG Investment and Trading Joint Stock Company, emphasized: According to the contract signed with partners in the US, TNG textile is responsible for delivering goods at the port, the cost from tax fluctuations is borne by the partner. However, customers in the US have requested TNG to share the cost by 2%. The company is considering the above proposal, may accept the level of 1% and a maximum of 2% to share the difficulties with customers...

The US’s suspension of reciprocal tariffs for 90 days has created certain conditions for export enterprises in Thai Nguyen province to have more time to adjust, stabilize production and prepare response plans. However, many enterprises believe that this is only a temporary solution.

The business community is expecting that bilateral or multilateral tax negotiations from the State will soon bring about a stable, transparent and long-term tax policy. Only then can investment, production and export activities develop sustainably and minimize risks from policy fluctuations...

Source: https://baothainguyen.vn/kinh-te/202504/my-tam-dung-ap-thue-doi-ungdoanh-nghiep-day-nhanh-xuat-khau-6301e23/