In light of the 90-day suspension of U.S. reciprocal tariffs affecting all countries except China, Vietnam’s Ministry of Industry and Trade is actively working to improve the monitoring and inspection of the origins of imported raw materials to ensure compliance with export regulations, particularly in the textile sector, which is vital for the country’s economy.
The ministry is closely observing trade policies from major nations and engaging with businesses to better understand their market needs and the type of support required to develop suitable response strategies, according to a domestic news source.
Trade promotion delegations are being dispatched to trade fairs and exhibitions to identify potential partners and stay updated on global market trends.
Vietnamese companies are encouraged to diversify their export markets, reduce reliance on the United States, and explore opportunities in regions where Vietnam has established free trade agreements (FTAs).
Financial institutions are urged to assist businesses, particularly small and medium enterprises (SMEs), in gaining access to credit.
Various departments and agencies are implementing administrative reforms to help businesses expedite processing times and capitalize on both domestic and international market opportunities.
