At the Government's regular press confenrence, Mr. Tan said that as soon as Donald Trump won the presidential election, the Prime Minister assigned ministries and sectors to proactively examine the policies of his second term. The Ministry of Industry and Trade has coordinated with other ministries to prepare numerous reports and forecasts on this matter. Since the beginning of 2025, the Government has actively anticipated the situation and proposed solutions.
So far, the US President has swept tariffs on all goods coming into the United States from different countries, including Vietnam. However, Vietnam has not been significantly affected yet. The Ministry of Industry and Trade has promptly coordinated with other ministries and agencies to actively report to the Government. It is expected that the Government will hold a special meeting to focus on key solutions to address the issue in March.
Through the US Embassy in Vietnam and the Vietnamese Embassy in the US, the Ministry of Industry and Trade has proactively conveyed the message to the US that Vietnam hopes to maintain and build a harmonious, sustainable, and mutually beneficial economic and trade relationship and emphasizes that Vietnam does not have any policies that could harm American workers or national security.
The Minister of Industry and Trade is expected to travel to the US on March 13 for a meeting with the US Trade Representative to discuss and continue strengthening the relationship between the two countries.
According to the Deputy Minister of Industry and Trade, the two nations have established a policy dialogue mechanism under the US - Vietnam Trade and Investment Framework Agreement. In addition, the Vietnamese Government has proactively assigned ministries and agencies to review obstacles and develop solutions to address the issues facing the US, based on fair trade principles, in accordance with the law, and ensuring the best interests of the two sides.
Vietnam will also create favorable conditions for US investors to participate in the formation and development of key industries in Vietnam, particularly in major energy projects, such as renewable energy, hydrogen, and nuclear power. This will lay the foundation for the increase in imports of liquefied natural gas (LNG), fuels, machinery, and technology from the US, contributing to improving the trade balance between the two countries.
For domestic businesses, the Ministry of Industry and Trade has proactively coordinated with relevant agencies to prepare for various scenarios. Enterprises need to continue proactively developing roadmaps and solutions to diversify export markets, improve product quality, and ensure compliance with technical, labor, and environmental standards. In particular, they should focus on controlling the origin of raw material supplies for production and carefully assess investment cooperation with companies from countries currently experiencing trade tensions with the US.
Vietnam and the United States have complementary economies. The cause of the trade imbalance between the two countries stems from the complementarity of their economies, particularly due to the structure of their exports and foreign trade. Vietnamese goods exported to the US mainly compete with goods from third countries, not directly with US businesses in the US market. On the contrary, it creates an opportunity for US consumers to access affordable products from Vietnam, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said.
