On the afternoon of March 5, at the regular Government press conference in February, answering questions about the impact of the trade policies that the US President has put forth in recent times, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that as soon as Mr. Donald Trump was elected, the Prime Minister assigned ministries and branches to proactively study Mr. Trump's policies and expected action plans when taking office.

The Ministry of Industry and Trade has coordinated with other ministries and sectors to make many reports and forecasts on this issue. The Government has anticipated the situation and proposed solutions.

So far, the US President has had a number of policies, especially related to the issue of imposing tariffs on goods around the world. Vietnam is also affected by this, but it is not the country that is strongly affected.

“The Ministry of Industry and Trade has coordinated promptly with ministries and branches, and the ministries and branches themselves have been very proactive in having both summary and individual reports to report to the Government. It is expected that this March, the Government will hold a meeting to discuss key topics and solutions,” said Mr. Tan.

According to the Deputy Minister of Industry and Trade, through the US Embassy in Vietnam and the Vietnamese Embassy in the US, the Ministry has proactively conveyed a message to the US about its desire to maintain and build a harmonious, sustainable, mutually beneficial economic and trade relationship, affirming that Vietnam does not have any policies that could harm US workers or national security.

Mr. Tan also said that on March 13, the Minister of Industry and Trade is expected to meet with the US Trade Representative to discuss and continue the very good relationship between Vietnam and the US.

Vietnam will also create favorable conditions for US investors to participate in the process of forming and developing key industries in Vietnam.

The Ministry of Industry and Trade has also proactively coordinated with industries to prepare for different scenarios. However, to continue developing in the context of a volatile and difficult world economy, in addition to the efforts of the Government, ministries, industries and businesses need to be sensitive, proactive in following the market and adapting, exploring and developing competitiveness.

“Enterprises need to continue to proactively develop roadmaps and solutions to diversify export markets, improve product quality, and ensure technical, labor, and environmental standards. In particular, it is necessary to focus on controlling the origin of raw materials for production and carefully evaluate investment cooperation with enterprises from countries that are having trade tensions with the US,” Mr. Tan recommended.