Economy

Vietnam’s fisheries sector has achieved several positive outcomes in the early months of the year. Despite facing unpredictable market fluctuations, the industry remains optimistic about new export opportunities thanks to ongoing efforts to innovate production methods towards greener practices, focus on product value, and ensure quality and food safety.

Deputy PM Ho Duc Phoc lauded the sides’ agreement to kick off negotiations on a reciprocal trade deal. He confirmed Vietnam’s readiness to engage in talks and urged both parties to accelerate discussions to reach an agreement at the earliest opportunity, contributing to stable and sustainable bilateral economic and trade ties that benefit their businesses and people.

The National Steering Committee 389 Office urged competent agencies to strengthen patrol and inspection activities to detect, prevent, and severely penalise attempts to transport falsely-labelled Vietnamese products across borders, seaports, and international airports.

Vietnam is the world's third-largest textile and garment exporter, with an export value reaching 44 billion USD in 2024, while India is a leading supplier of raw materials, particularly cotton and cotton yarn.

In order to draw more FDI, experts underlined the need for Vietnam to take comprehensive measures, including stronger reforms in all fields.

In times of limited monetary policy, public investment will be a crucial driver of Vietnam’s economic growth in 2025, according to a representative from the Asian Development Bank (ADB).

A leader of the Vietnam Leather, Footwear and Handbag Association (Lefaso) highlighted that a 46% tariff would severely affect an industry employing over 1.2 million workers, 90% of whom are women.

In 2024, Vietnam’s seafood exports exceeded 10 billion USD, with key buyers including China, the US, Japan, the EU, and the Republic Korea. The momentum continued in the first quarter of 2025, with a value of 2.29 billion USD, rising 18.1% year-on-year

If the US implements the announced 46% reciprocal tariff, Vietnamese textile and garment products would face average duties between 61-62% when entering the market, given the current 15-16%.

Vietnam aims to improve the quality and value of export rice by reducing the proportion of low and medium-grade white rice while increasing the share of aromatic, Japonica, and specialty rice varieties.

According to experts, to minimise exchange rate risks, the SBV should manage the rate flexibly, but not fix or anchor it because Vietnam's economy is deeply integrating towards it becoming a market economy, which requires flexibility.

Hoai said the US's proposed reciprocal tariff of 46% on imports from Vietnam can have significant and multifaceted impacts on the Southeast Asian country’s exports and economic growth in the near future.

Prime Minister Pham Minh Chinh emphasised that Vietnam will not change its target of achieving economic growth of 8% or higher this year, while simultaneously maintaining macroeconomic stability, ensuring social welfare, and improving people's livelihoods.

Currently, the agreement covers a market of approximately 2.3 billion people, representing around 30% of the global population and GDP. Notably, five of its 15 members are members of the G20.

The 2024 PAR Index achieved its highest average value to date – at 88.37%, up 1.39% from 2023, with all the 63 provinces and centrally-run cities scoring above 80%.

Vietnam is emerging as an attractive destination for investors in science and technology, especially semiconductors, largely due to high-quality human resources at competitive cost, upgraded infrastructure, increasingly open and transparent policies, and high political determination of Party and State leaders.

The railway will be newly constructed with the goal of connecting to the Hai Phong international seaport and facilitating multimodal transport with China, says Nguyen Khanh Tung, Deputy Director of the Railway Project Management Board under the Ministry of Construction.

While AmCham acknowledges the need to address the growing trade deficit between the two nations, it strongly urges the US administration to consider implementing a grace period.

Right now, Hung Yen is home to 631 foreign-backed projects, including five worth 37 million USD in total from US investors. It is teaming up with ministries and agencies to pave the way for the Trump Organization’s high-end urban, resort, eco-tourism, sport and golf complex, making sure everything aligns with the law and benefits everyone involved.

Vietnam plans to launch a pilot carbon trade exchange in June, and officially operate and connect it with regional/international floors in 2029.

The CPI for the first quarter of 2025 increased by 2.75% compared to the same period last year, indicating that inflation remains well under control.

Vietnam should continue bilateral negotiations with the US administration on major export commodities while guiding businesses in diversifying markets, attracting more US investments, and increasing purchases of goods from the US, an analyst has said.

In response to the new situation, many enterprises in HCM City said that they are proactively exploring new markets beyond the traditional US market while diversifying their product offerings tailored to various customer segments across different countries.

According to Vinafruit’s Dang Phuc Nguyen, fruits and vegetable businesses must remain cautious while proactively adapting to the U.S.’s new tariff policy.

The Ministry of Finance is now working closely with other agencies to evaluate policy options that support businesses. Possible solutions include market diversification, supply chain optimisation, and leveraging opportunities from Vietnam’s existing free trade agreements.

Minister of Industry and Trade Nguyen Hong Dien has sent a diplomatic note requesting US authorities delay the tariff imposition to allow for constructive dialogue to seek a reasonable solution for both sides.

According to the Ho Chi Minh City Business Association (HUBA), an increase in the use of Vietnamese goods is crucial to revitalizing domestic enterprises.

Businesses should proactively diversify their export markets in order to prepare for unexpected events in the context where there is a trend of trade liberalisation, alongside a rise in protectionist measures, and increased technical and trade barriers in major markets.

(VEN) - According to the latest data from the General Department of Vietnam Customs under the Ministry of Finance, Vietnam’s import-export value reached US$35.66 billion in the first half of March, taking the total to US$162.78 billion in the period from January to March 15, up 12% from the same period last year.

Nguyen Dinh Tung, CEO of Vina T&T Import Export Service Trading Co. Ltd., stressed that tougher technical barriers in global markets are creating a level playing field, compelling exporters to prioritise quality and compliance.