Delegates attending the meeting

According to the Department of Industry and Trade, in 2024, the province's total export turnover will reach about 46 million USD, with wood and wood products accounting for nearly 43%, of which the US market accounts for 15%. There are currently 22 exporting enterprises in Bac Kan, of which two units directly export to the US, namely Govina Investment Joint Stock Company and Lechenwood Vietnam Company Limited - enterprises with up to 54.7% of production output serving exports to the US.

The US's application of new tariffs has caused a number of business orders to be canceled, in particular, Lechenwood Vietnam Co., Ltd. had all of its flooring orders to the US canceled; the impact spread to the supply chain, input costs, the risk of declining production output and increasing unemployment. It is forecasted that the province's wood industry could lose 8-10 million USD in export turnover in 2025.

At the meeting, representatives of enterprises with products exported to the US market requested the Provincial People's Committee to consider and support connecting enterprises to expand alternative markets, enhance trade promotion in markets such as the EU, Japan, Korea, Southeast Asian countries; support enterprises to access capital to stabilize production and expand the domestic market; have policies to postpone and extend taxes for enterprises in the current situation...

Concluding the conference, Standing Vice Chairman of the Provincial People's Committee Dinh Quang Tuyen shared the difficulties that businesses are facing in the context of the US issuing a countervailing tariff of up to 46% on a number of products originating from Vietnam, including exported wood products - a key product of Bac Kan province. However, according to the Standing Vice Chairman of the Provincial People's Committee, in this context, the US's 90-day suspension of the tariff is a "golden opportunity" for the negotiating parties and Bac Kan businesses to adjust their business strategies, expand their markets and improve their ability to adapt to global trade fluctuations.

In response to the proposals of enterprises, the Standing Vice Chairman of the Provincial People's Committee requested relevant units to develop plans to support affected enterprises; at the same time, promote trade promotion activities, connect with alternative markets such as the EU, Japan, Korea, ASEAN. Request the Department of Finance, the State Bank of Vietnam provincial branch to coordinate in reviewing and proposing financial support channels to help enterprises stabilize production.

The Vice Chairman also suggested that export enterprises take the initiative to take advantage of free trade agreements to diversify markets. The Provincial People's Committee will continue to recommend the Government and ministries and branches to take timely measures to support local enterprises in terms of law, finance and technology…/.