Accordingly, the Ministry of Industry and Trade has instructed Vietnam's trade agencies and commercial offices abroad to continuously monitor economic and political developments to provide timely recommendations to the Government and build response strategies for global trade tensions.
Regarding trade relations with the United States, the Ministry of Industry and Trade affirmed that the two economies complement each other. Vietnamese goods exported to the U.S. primarily compete with goods from third countries rather than directly confront American products.
The ministry also highlighted that dialogues through the Trade and Investment Framework Agreements (TIFA) mechanism have been maintained, helping both nations resolve outstanding issues and strengthen their strategic relationship.
In order to deal with international market fluctuations, the ministry urged businesses to enhance their competitiveness, manage raw material supply chains and be cautious in cooperation with countries involved in trade tensions with the U.S.
Additionally, the Ministry of Industry and Trade will strengthen commercial representation in potential markets and continue diversifying export markets through 17 free trade agreements.
The Ministry of Industry and Trade has also directed strict oversight of foreign investment projects and rigorous screening of investment capital sources to prevent Vietnam from becoming a goods transit hub of the third countries.
