Export goods containers at Cai Mep-Thi Vai Port. — VNA/VNS Photo
That's according to Do Ngoc Hung, Trade Counsellor to the US, speaking at a conference for Vietnam trade offices abroad held by the Ministry of Industry and Trade on April 28.
The conference underscored that while global tariff tensions are creating hurdles, they also present opportunities for Vietnam to restructure its trade strategies, boost innovation, and expand its global footprint.
Strengthened international cooperation, improved domestic competitiveness, and agile policy support remain key to navigating this shifting landscape.
Speaking at the event, Hung acknowledged existing tariff pressures on Vietnam-US trade.
However, he emphasised that optimism remains high among major US retailers, including Walmart, Target, Costco, and Home Depot. These corporations have expressed confidence in a resolution, supporting the removal of reciprocal tariffs between the two nations.
Hung said these US retailers are planning to take part in the "Vietnam International Sourcing & HCM City Export Forum 2025" this September. The event aims to strengthen global supply chain connections and is jointly organised by the Ministry of Industry and Trade.
Hung also urged Vietnam to deepen strategic cooperation with the US across sectors such as trade, investment, energy, and AI.
He recommended leveraging free trade agreements (FTAs), particularly next-generation FTAs, to diversify export markets and reduce overreliance on a single trading partner. Promoting domestic demand and supporting local consumption were also identified as critical steps for sustaining economic growth.
Hung stressed the importance of improving domestic competitiveness by investing in supporting industries, upgrading technology, and encouraging innovation. Streamlining business regulations and upgrading infrastructure will help reduce production costs and improve product quality.
Additionally, he called on Vietnamese businesses to diversify supply chains, reduce dependence on imported raw materials, and increase export goods with higher intellectual property content. This approach would bolster the country's economic resilience against global shocks.
Touching on trade defence, Hung warned of increased protective measures by countries affected by tariffs, which could intensify competition in global markets.
He emphasised the need for companies to cooperate fully with US authorities during trade litigation to safeguard national business interests.
Looking ahead, Hung revealed that Vietnam’s Minister of Finance will lead a business delegation to the SelectUSA Investment Summit in May, underlining the country’s commitment to fostering sustainable economic cooperation with the US.
Also speaking at the conference, Tran Thu Quynh, Trade Counsellor to Canada, confirmed continued growth in Vietnam’s exports.
She said that key products are performing well, with overall export turnover to the region expected to match or exceed 2024 figures, possibly reaching US$10 billion by the end of 2025.
Quynh suggested that ongoing tariff challenges could serve as a catalyst for broader structural changes, such as shifting supply chains and developing a new CPTPP-aligned logistics ecosystem.
She recommended better coordination among agencies to support businesses in adapting to evolving trade landscapes.
The Vietnam Trade Office in Canada is currently working to ease market entry for Vietnamese products by advocating for simplified rules of origin and pushing for access to Canada’s processed meat, egg, and dairy markets.
In Australia, Nguyen Thu Huong from the Vietnam Trade Office reported a 13.2 per cent increase in exports in the first quarter of 2025, totaling nearly $1.6 billion.
She credited favourable FTAs such as the CPTPP, AANZFTA, and RCEP, as well as a strong Vietnamese diaspora in Australia, for this positive momentum.
However, she cautioned that weakening consumer demand, inflation, and a depreciating Australian dollar pose risks. Vietnamese goods face stiff competition from Chinese, Thai, and American products, especially if Australia reduces tariffs on US imports.
Meanwhile, Truong Van Cam, vice chairman and general secretary of the Vietnam Textile and Apparel Association, warned that if a resolution isn’t reached, the sector — which employs over 3.4 million workers — could suffer significant setbacks.
He called for timely updates from trade authorities to help businesses make suitable decisions on future orders.
Nguyen Hoai Nam, General Secretary of the Vietnam Association of Seafood Processors and Exporters, noted that Vietnam ranks among the top 10 seafood exporters to the US. Yet, concerns linger about the knock-on effects of the US-China trade conflict. An oversupply of Chinese seafood could reduce demand for Vietnamese products.
He called for greater government support in identifying alternative markets to ensure stable exports.