Challenges facing key export groups

As of now, it has been more than a month since the United States imposed an average tariff of 20% on goods imported from Vietnam. Tariff rates vary by product category, with textiles and garments facing nearly 38%, footwear over 33%, and wood and wood products more than 19%. This hindrance poses a significant challenge for businesses across various sectors. Despite export difficulties, growth has remained relatively strong.

Production of train components for export to the U.S. at Trans Machine Technologies Vietnam Co., Ltd. in Nhon Trach 3 Industrial Park - Phase 2, Nhon Trach commune, Dong Nai province

According to economic experts, Vietnam's export turnover may slow in the final four months of 2025 compared to earlier in the year. The primary reason is high tariffs, which could lead to reduced consumer demand in the United States. As the U.S. is the largest export market for both Vietnam and Dong Nai, any decline in purchasing power from this market would directly impact production and export activities.

Identifying major export markets

Since the beginning of 2025, numerous associations and industry sectors have strengthened connections and stepped up domestic and international trade promotion activities to expand export markets across multiple countries and territories, aiming to reduce over-reliance on a few markets.

According to the General Statistics Office, in the first eight months of 2025, Vietnam's exports reached nearly 306 billion USD, up 14.8% compared to the same period in 2024. Six major export markets, namely the United States, China, the European Union (EU), ASEAN, South Korea, and Japan, accounted for over 78% of total exports. Among them, the U.S. remained Vietnam's largest export market, with exports totaling 99.1 billion USD in the first eight months of 2025.

Economic growth in the United States, China, and many other countries has slowed, leading to a decline in import demand. The EU market has introduced technical barriers, requiring exporters to meet green production standards and sustainable development criteria. In markets such as South Korea, Japan, and ASEAN, Vietnamese goods face increasingly fierce competition from similar products originating from China, India, and other countries.

As a result, businesses must simultaneously work to maintain market share in traditional markets while expanding into new ones in order to sustain high growth and contribute to the country's overall economic development.

Can Van Luc, a member of the National Financial and Monetary Policy Advisory Council, stated that global trade in 2025 is projected to grow slowly, likely reaching only 1.8%, compared to 3.4% in 2024. This slowdown may lead to a decline in exports due to weakened consumer demand.

In addition, exporters are facing rising trade protectionism, tighter export controls, and increasing scrutiny through investigations related to tax evasion, product origin, and transshipment. Businesses also face growing risks of retaliatory tariffs and restrictions on high-tech exports. The United States has imposed an average retaliatory tariff of around 20% on goods imported from Vietnam, with the additional cost estimated at 25–30 billion USD per year.

Vietnam's major export markets are also the key export markets for Dong Nai. As a result, many businesses in Dong Nai are striving to maintain their market share in these markets.

Dong Nai’s exports ride out the waves

Dong Nai province maintains trade relations with more than 180 countries and territories. In the first eight months of 2025, the province's export turnover reached nearly 22.9 billion USD, marking an increase of almost 19% compared to the same period in 2024.

The United States is currently Dong Nai's largest export market, accounting for nearly 34.6% of the province's total export value. Key export products from Dong Nai to the U.S. include footwear, machinery, equipment, and spare parts, computers and electronic products, garments and textiles, textile fibers, and wood products.

Dong Nai's total export turnover in August 2025 reached nearly 3.35 billion USD, up more than 5.4% compared to the previous month and almost 17.5% higher than the same period in 2024.

The new U.S. tariffs on imports from Vietnam have driven up production costs. As a result, many foreign buyers are reassessing and reallocating their orders. This challenge has compelled businesses in Dong Nai and across the country that export to the U.S. to revise their production plans, cut costs, and improve competitiveness in order to retain traditional customers.

Tran Cong Dua, Project Manager at Trans Machine Technologies Vietnam Co., Ltd. (100% U.S.-owned) in Nhon Trach 3 Industrial Park - Phase 2, Nhon Trach commune, Dong Nai province, said: "The company specializes in producing train components, most of which are exported to the United States. The U.S. reciprocal tariff increase has directly impacted our business. However, we are striving to apply modern technology in the production process to increase productivity and quality, meeting orders requiring high precision in a short time. As a result, the company's product outlet remains relatively favorable".

In Dong Nai, many companies and corporations maintain significant export volumes to the U.S., including Hyosung, Phong Thai, Taekwang Vina, Changshin, Pouchen, Fleming, Nestle, Schaeffler, among others. Beyond the U.S. market, businesses are actively expanding into new markets to ensure stable production and secure jobs for workers.

In the first eight months of 2025, Dong Nai's export turnover was more than 4% higher than the national average. This accomplishment reflects the agility and timely adaptability of local enterprises in the face of global economic and political fluctuations.

According to local businesses, exports in the final months of 2025 will face numerous challenges. However, they hope that the Government, ministries, sectors, and provincial authorities will step up domestic and international trade promotion to expand export markets, especially those with untapped potential.

By: Khanh Minh

Translated by: Dang Huyen - Minho