Despite global trade headwinds, HCMC has reaffirmed its GRDP growth target of 8.5% for 2025, with hopes of reaching double-digit growth if conditions allow. In response to the new U.S. tariff policy, the city is stepping up efforts to implement effective trade strategies and mobilize new sources of economic resilience to weather the challenges ahead Tariff risks and economic scenarios Vietnamese exporters, particularly those in HCMC, breathed a temporary sigh of relief after the U.S. announced a 90-day pause on April 10 of sweeping reciprocal tariffs targeting trade partners worldwide, including Vietnam. The move allows time for negotiations, but the stakes remain high. At a seminar on April 9 discussing HCMC’s economic outlook under the new U.S. trade policy, Nguyen Van Duoc, chairman of the HCMC People’s Committee, acknowledged that if implemented, the tariffs would pose a significant challenge to the city’s 8.5% growth target for this year. The U.S. is Vietnam’s largest export market, with HCMC accounting for a large portion of the nation’s trade with America. The 46% reciprocal tariff on imports from Vietnam would disrupt the city’s trade if it goes into force after the pause. The new tariff policy is expected to impact HCMC in three […]
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