Vietnam’s key associations such as wood, textile, and seafood must prepare many solutions to stabilize exports in the face of the risk of trade war.
In the first two months of the year, Vietnam’s export turnover reached 65.2 billion USD, up 9.9% over the same period last year. In the context of many fluctuations in the US tariff policy, in order to maintain the growth rate, Vietnam’s key associations such as wood, textiles, and seafood must prepare many solutions to stabilize exports.
With orders up to the end of the second quarter of this year, Garment 10 Corporation said that its export market share to the US still accounts for the largest proportion among the three main markets. Although there have been no changes, the company has produced more sample products to offer to new markets in the bloc benefiting from EVFTA.
Mr. Bach Thang Long – Deputy General Director of Garment 10 Corporation said: “In addition to the US market, we have developed non-traditional markets such as Australia, Canada or Asia”.
As for seafood products, although there has been a decline in markets such as the US or EU, the positive response from other markets in East Asia and Southeast Asia is the reason for the positive results in the first two months of the year. Taking advantage of new-generation Free Trade Agreements (FTAs) to diversify markets is also their way.
To minimize the risk of being subject to trade defense taxes, the Ministry of Industry and Trade said it will strictly control the origin of input materials from businesses.
Mr. Nguyen Anh Son – Director of the Import-Export Department, Ministry of Industry and Trade said: “We will coordinate with the Department of Trade Defense and units in the Ministry such as the Foreign Market Department, the Multilateral Trade Policy Department and other units to advise businesses as well as guide businesses on preventing and combating tax evasion through origin fraud”.
From now until the end of the year, according to the Ministry of Industry and Trade’s calculations, to achieve the export target of 454 billion USD, an average of 37.8 billion USD must be exported each month. The Ministry of Industry and Trade will proactively develop scenarios, thereby providing timely solutions to respond to the possibility of a global trade war .