Biggest export market brings both opportunities and challenges

(ĐN)- The United States remains Vietnam’s—and particularly Dong Nai’s—largest export market, accounting for nearly 30% of the nation’s total export value and about 32% of Dong Nai’s. In 2024, Dong Nai is expected to export approximately USD 7.7 billion to the U.S., up nearly 23% from the previous year. Key exports include footwear, textiles, fibers, machinery, electronics, and wooden products.

However, this crucial market is entering a phase of uncertainty. With Donald Trump set to begin his second presidential term in January 2025, Vietnamese exporters are bracing for potential policy shifts. Early projections suggest the U.S. may impose sweeping import tax hikes, ranging from 10% to 20% across the board, with some countries facing even steeper tariffs—up to 60% for China and 100% for those not using the U.S. dollar in transactions.

According to economist Can Van Luc, the U.S. may also revive Section 301 of the 1974 Trade Act, potentially labeling more countries as currency manipulators. These developments could disrupt global supply chains, forcing multinational firms to shift production bases.

For Vietnam, this opens a dual pathway: opportunities to absorb relocated manufacturing, but also heightened risks. The U.S. is expected to expand trade protection measures, increase anti-dumping and anti-subsidy investigations, and demand greater transparency and compliance on issues like intellectual property, cybersecurity, data governance, and currency practices.

To stay competitive, Vietnamese businesses must enhance product quality, invest in digitalization and sustainability, and proactively build contingency plans. Strengthening supporting industries and ensuring transparency in foreign investment projects will also help mitigate accusations of trade circumvention and maintain market access.

Reported by K.M