President-elect Donald Trump’s focus on reducing the U.S. trade deficit signals a heightened scrutiny on the origins of imported goods. For Vietnam, this means taking proactive steps to avoid being seen as a mere transit hub for Chinese products entering the U.S., which could result in higher tariffs. With proposed tariffs ranging from 10% to 20% on foreign goods and up to 60% on Chinese goods, Trump’s election victory presents an opportunity for Vietnamese exports to expand in the U.S. market. This shift could make Vietnamese products more appealing to American importers looking to diversify away from Chinese goods. However, industry experts caution that Vietnam might encounter challenges due to foreign direct investment. Some foreign companies could invest in Vietnam with the intent to bypass U.S. regulations on origin, positioning Vietnam as a workaround for high tariffs on Chinese products. Potential benefits for Vietnamese exports Nghia Son Furniture, which sends 50% of its exports to the U.S., sees the recent U.S. presidential election as a potential turning point. Huynh Le Dai Thang, the company’s director, believes that President-elect Trump’s focus on import tariff hikes could lead U.S. importers to look for cost-effective suppliers, benefiting companies like Nghia Son. With Trump’s […]
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