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Vietnam adapts to new U.S. tariff | Vietnam Today
Vietnam adapts to new U.S. tariff | Vietnam Today
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Sous-titres (79)
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And our next story looks at the latest
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changes to US tariffs. The United States
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has officially imposed additional
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tariffs on 60 trading partners effective
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on July 24th. And under the new
0:11
measures, Vietnamese exports to the US
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face a a 12.5% tariff of 2.5 percentage
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points from the temporary rate.
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>> And while the immediate impact is
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expected to be limited, it is
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accelerating efforts by businesses to
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diversify markets, strengthen
0:28
competitiveness, and move up the value
0:30
chain.
0:34
>> Under the new measure, key Vietnamese
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exports such as textiles and garments,
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footwear, wood products, and seafood
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face the additional 12.5% tariff.
0:46
Shirts are the company's biggest export
0:49
to the US. While the US accounts for the
0:52
largest share of its exports, the
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additional 12.5% tariff is not an
0:57
immediate concern as the company has
1:00
already secured orders in the end of
1:02
this year.
1:04
>> Vietnam's tariff rate is about 2.5%
1:07
points higher than key competitors such
1:10
as Bangladesh, Cambodia, Indonesia, and
1:13
Malaysia. In the long term, this may
1:15
create a disadvantage. We are expanding
1:17
into markets such as Australia, Canada,
1:20
and South America to reduce reliance on
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the US market.
1:25
>> Alongside textiles and garments, wood
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products and footwear are among the
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sectors expected to feel the greatest
1:32
impact. According to Mirae Asset, the US
1:35
accounts for roughly half of exports in
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these industries. Even so, many
1:40
businesses say the new tariff remains
1:42
manageable for now.
1:46
>> Vietnamese firms have spent years
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building a strong presence in the US
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market, where consumers are now familiar
1:53
with Vietnam-made furniture. Companies
1:55
have been diversifying into new markets
1:58
while strengthening governance, trade
2:00
defense capabilities, regulatory
2:02
compliance, legal timber sourcing, and
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product traceability.
2:07
>> The outlook for foreign direct
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investment also remains positive.
2:11
Experts say the new tariffs are unlikely
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to significantly affect high-value
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investment projects.
2:19
>> Vietnam's remains highly attractive for
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high-tech projects, data centers, R&D
2:24
facilities, and electronics
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manufacturing. Thanks to policy reforms,
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improving logistics, a growing
2:30
innovation ecosystem, and deeper
2:32
integration into global supply chains,
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the shift towards eco-industrial parks,
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high-tech zones, and digital
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infrastructure is also a major
2:41
advantage.
2:43
>> Earlier this month, the government
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issued decree 202 banning imports
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produced wholly or partly with forced
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labor as part of broader efforts to
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address trade concerns and strengthen
2:55
compliance standards. While the 12.5%
2:58
tariff adds pressure on Vietnam's
3:00
low-cost manufacturing model, experts
3:03
believe it could also accelerate the
3:05
country's transition toward higher-value
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production, more transparent supply
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chains, and higher-quality investment.
3:14
>> [snorts]
