Vietnam to tackle U.S. tariffs with export diversification, quality upgrades
Vietnam plans to introduce measures to boost product quality and reduce reliance on the U.S. market, following the imposition of new tariffs under an agreement with the Trump administration, Deputy Trade Minister Phan Thi Thang said Wednesday.
Speaking at an investment conference in Hanoi, Thang said Vietnam’s Ministry of Industry and Trade is working with businesses to address the 20% tariffs on Vietnamese goods and 40% tariffs on transshipments from third countries, News.Az reports, citing Reuters.
Thang framed the situation as an opportunity, saying Vietnam will focus on improving product standards and expanding exports through its 16 free trade agreements, including those with the EU and regional partners.
Vietnam’s economy grew 7.96% in Q2, up from 6.93% in Q1, but still below the government’s full-year 8% growth target, which Prime Minister Pham Minh Chinh described as a “big challenge.”
Similar news
