Containers at the Lach Huyen Port in Hai Phong City on Jan. 20, 2025. Photo by VnExpress/Le Tan
The U.S.’s 90-day postponement of its new tariffs is a good chance for Vietnam to engage in talks and address that country’s trade concerns, experts have said.
Prof. Dr. Pham Hong Chuong, president of the National Economics University, said on the sidelines of an economic forum on Thursday that the pause provides time for Vietnam to gauge the impacts of the tariffs on global trade and respond to changes.
In a statement it released the same day the American Chamber of Commerce in Vietnam said the delay gives “both governments space to continue negotiations and build a sustainable trade framework that serves bilateral interests.”
It also serves as a “buffer period” for companies in both countries to adjust their supply chains and build a roadmap for fairer and more balanced trade.
Vietnam and the U.S. have agreed to start negotiations on a trade agreement that will include discussions on tariffs.
Assoc. Prof. Dr. Pham The Anh, Chuong’s colleague at the university, said Vietnam needs to thoroughly prepare for all possible scenarios during these talks.
Chuong said one of the key principles Vietnam must adhere to when trading with the U.S. is to be transparent about products’ origin.
Vietnam also needs to improve transparency in its institutions and increase the use of information technology in managing and monitoring customs and taxation, he said.
Prof. Dr. To Trung Thanh also of the National Economics University said Vietnam needs to adjust its growth model amid the uncertainties in the global economy.
“Developing the private sector must become the (Vietnam) economy’s driving force in the new phase,” he said, noting that Vietnam should strive to attract foreign investment in high-value industries and help domestic businesses gradually move up global supply chains.
“Effectively leveraging new-generation free trade agreements to expand into new export markets and reduce dependence on a few major ones is also crucial.”
Promoting science and technology, innovation and digital transformation would also help enhance the country’s competitiveness in the long term, he added.
