According to the MoIT, the U.S. is now a comprehensive strategic partner and one of Vietnam's largest export markets. Meanwhile, Vietnam ranks as the U.S.'s eighth-largest trading partner, and American consumers are familiar with and favor Vietnamese products for their their quality and affordability.
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Workers in a wood factory |
In fact, Vietnamese goods do not directly compete with U.S.-made products and therefore do not undermine the interests of American producers and businesses. On the contrary, they enable U.S. consumers to access quality products at affordable prices.
Moreover, Vietnam's key exports to the U.S. generally comply with American technical standards, including product specifications and origin requirements. Vietnam also stands ready to clarify and address any concerns raised by U.S. importers regarding goods produced in the country.
While the U.S. is a large and important market with substantial scale and solid annual growth and remains a priority market that industry associations and businesses in Vietnam seek to maintain and expand, it is not the only market with potential advantages for Vietnamese goods. With 17 free trade agreements covering nearly 70 major economies, Vietnam enjoys broad opportunities for business cooperation with great countries and economies worldwide.
As Vietnam faces the possibility of the U.S.'s unreasonable reciprocal tariffs, the MoIT seeks to gather feedback and positions through letters and petitions from relevant ministries and sectors, as well as from industry associations and exporters in textiles, footwear, electronics, steel, aluminum, cashew nuts, and mechanical engineering.
Besides, the ministry has called for continued coordination with U.S. business and investment partners to raise awareness, thereby garnering support from American consumers and policymakers for maintaining the normal flow of Vietnamese goods into the U.S. market. Vietnam also urges the U.S. to soon open its market to hi-tech American products exported to Vietnam and to consider recognizing Vietnam as a market economy on a clear roadmap.
In the long term, the MoIT has also recommended businesses focus on accelerating restructuring efforts, particularly by greening and digitizing their production, and driving growth through innovation, science, and technology. Enterprises have been urged to restructure their industries and markets by diversifying export markets, supply chains, and product portfolios to ensure sustainable development.
Source: VNA