It has been suggested that Vietnam’s clothing and footwear industries prepare for possible shifts in trade dynamics when the next US administration assumes office.
According to reports, speakers at the recent New US Policies: Impacts on Trade and Investment meeting was held in Ho Chi Minh City by the Investment and Trade Promotion Centre (ITPC) in collaboration with the Institute for Vietnam Initiatives and the US-Vietnam Business Council.
Commerce, tariffs, technology, financial systems, and investment flows were among the topics of discussion as the event examined the effects of the US’s transition towards new economic and foreign policy reforms on US-Vietnam commercial relations.
According to Cao Thi Phi Van, deputy director of the ITPC, trade between the US and Vietnam is expected to reach over US $ 132 billion by 2024. Vietnamese exports to the US increased by 23.3 per cent to around US $ 119 billion last year.
On the other hand, US imports increased 7.3 per cent to US $ 13 billion. As a result, Vietnam had a significant US $ 106 billion trade surplus with the US.
Vietnam presently hosts more than 1,400 projects with an overall registered capital nearing US $ 12 billion. In terms of investment in Ho Chi Minh City, the US retains third place among 110 nations and territories with a share totalling to US $ 1.55 billion.
As the eighth-largest trading partner, these figures not only confirm the US’s status as Vietnam’s top export destination but also establish Vietnam as a crucial link in the global supply chain hierarchy within ASEAN.
Do Ngoc Hung, the trade counsellor and head of the Vietnam Trade Office in the United States, suggested that Vietnamese businesses contact American importers and distributors to discuss flexible payment terms and risk-sharing plans.
