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Hanoi urged to adapt to potential shifts in trade dynamics under Trump

12 Jan '25
2 min read
Hanoi urged to adapt to potential shifts in trade dynamics under Trump
Pic: Adobe Stock

Insights

  • Speakers at a recent seminar stressed the need for Vietnam to adapt to potential shifts in trade dynamics resulting from the Trump administration's policies.
  • To sustain growth, Vietnam must remain vigilant and adaptable, noted Kevin Morgan, chairman of the US-Vietnam Business Council.
  • Exporters must also be prepared with the data and documentation to comply with any OGA import regulations.
Speakers at a recent seminar in Ho Chi Minh City stressed the need for Vietnam to proactively adapt to potential shifts in trade dynamics resulting from the policies of the upcoming US administration.

To sustain its growth, Vietnam must remain vigilant and adaptable, noted Kevin Morgan, chairman of the US-Vietnam Business Council.

Businesses and governments alike are closely monitoring how these changes might affect their trade relations with the United States, he added.

Cao Thi Phi Van, Deputy Director of HCM City Investment and Trade Promotion Centre (ITPC), said the significant shift in power in the US following President Donald Trump’s election will have major implications for the global economy, especially for Vietnam as one of its largest trading partners.

Vietnam also plays a vital role in the United States’ global supply chain, while US businesses continue to make significant contributions to Vietnam’s economic development, she added.

Vietnam’s trade surplus with the United States was up over 26 per cent year on year (YoY) as of the end of 2024, making it the third-largest surplus with the US, after Mexico and Canada, a domestic news agency reported.

Vietnamese exporters must also be thoroughly prepared with the requisite data and documentation to comply with any Other Government Agency (OGA) import regulations, which may encompass requirements from the Food and Drug Administration and the US department of agriculture, another expert noted.

The total US-Vietnam trade turnover in the first 11 months last year reached $122.4 billion. The United States is Vietnam’s largest export market with a turnover of $108.9 billion in 2024—up by 23.9 per cent YoY.

Imports from the United States amounted to $13.5 billion—an increase of 7.3 per cent. Vietnam’s trade surplus with the United States reached $95.4 billion—up by 26.7 per cent.

Fibre2Fashion News Desk (DS)

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