Việt Nam, a growing economic leader in Asia, is preparing for potential shifts in its trade dynamics due to the policies of the new US administration, speakers discussed at a seminar in Ho Chi Minh City.
The seminar, titled “New US Policies: Impacts on Trade and Investment,” highlighted the uncertainty surrounding the new US administration’s trade policies, which is being felt worldwide, including in Việt Nam. As Việt Nam continues to focus on sustaining its economic growth, businesses and government officials are closely monitoring how these policy changes may affect trade relations with the US.
By the end of 2024, Việt Nam’s trade surplus with the US grew by over 26%, making it the third-largest trade surplus with the US after Mexico and Canada. The country has also seen significant high-tech investments from the US, particularly in sectors like microchips and semiconductors. Additionally, Việt Nam plays an important role in the US global supply chain, while US businesses continue to contribute to Việt Nam’s economic development.
The seminar provided valuable insights for investors, exporters, and stakeholders about how to navigate these potential changes. Experts stressed the importance of effective communication between Vietnamese exporters and US importers, customs brokers, and transportation partners, while also highlighting key elements of US customs entry such as HTS classification, valuation, and country of origin.
In terms of trade relations, the US remains Việt Nam’s largest export market. In 2024, the total trade turnover between the two nations reached $122.4 billion, with exports from Việt Nam to the US increasing by 23.9%. Việt Nam’s exports to the US include items such as footwear, wooden furniture, machinery, and optical equipment. Imports from the US grew by 7.3%, amounting to $13.5 billion.
Việt Nam’s strong ties with the US were further solidified in 2023 when their relationship was elevated to a comprehensive strategic partnership. The US is now the second-largest trading partner of Việt Nam, and it ranks as the third-largest investor in Ho Chi Minh City, with over $1.55 billion in investments.
The event was organized by the Ho Chi Minh City Investment and Trade Promotion Centre (ITPC) in collaboration with the US-Vietnam Business Council and the Vietnam Innovation Institute.
Your go-to source for supply chain logistics news updates: The Supply Chain Report. Enhance your international trade knowledge at ADAMftd.com.
#VietnamTradeShifts #USVietnamRelations #TradePolicyChanges #GlobalTradeImpact #VietnamEconomy
