Measures needed to adapt to US tariffs: Experts

Nguyen Ngoc Hoa, Chairman of the HCM City Business Association, emphasised that the city's industry and trade sector must stay closely connected with the negotiation team, particularly the Ministry of Industry and Trade, to provide timely updates on the negotiation process and its official results. While the imposition of tariffs on Vietnamese imports is inevitable, the negotiation strategy should aim to achieve the most favourable tariff rates possible, he said, stressing that to withstand the new tariffs, it is crucial to reduce production costs to the lowest possible level, necessitating support measures for businesses during this period of uncertainty and volatility.

Representatives from other industry associations and businesses expressed high expectations for the government's negotiation team, saying they are awaiting official information regarding the new tariffs on Vietnamese goods. However, for imports from Vietnam to the US starting in May 2025, businesses are temporarily halting orders and will develop appropriate strategies to respond to the forthcoming tariff situation.

They also asked for targeted support measures from the Government, ministries and localities for specific sectors impacted by the new tariffs.

Experts held that businesses should also take initiative by seeking new export markets and expanding the domestic market, while viewing this challenge as an opportunity to restructure and redefine Vietnam's position in global trade, particularly in the US market.

Bui Ta Hoang Vu, Director of the municipal Department of Industry and Trade, acknowledged the importance of imports to the US market for businesses in the city and across the country. Therefore, industry associations and businesses must work closely with the department to propose practical solutions based on the realities of importing goods from Vietnam to the US.

Vu emphasised that the department would take into account the suggestions and proposals from industry associations and businesses and would advise the city’s People's Committee on how to address the situation effectively. The Department of Industry and Trade will also strengthen various support programmes for businesses, such as investment promotion, linking businesses with banks, and facilitating the adaptation of businesses to the new environment./.