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The US market accounts for 13% of global imports. Vietnam’s exports to the US make up 30% of Vietnam’s total export revenue. According to the Ministry of Industry and Trade, Vietnam has signed 17 Free Trade Agreements (FTAs) with over 60 countries and territories, along with 70 bilateral cooperation mechanisms. By diversifying export markets, businesses can tap into the other 87% of global trade opportunities.

Ta Hoang Linh, Director of the Department of Foreign Market Development at the Ministry of Industry and Trade, said: "We are working actively to expand exports to new potential markets. The Ministry will continue to negotiate FTAs with emerging markets in the Middle East, Latin America, and Central Asia. We will focus on trade promotion and enhancing logistics infrastructure to reduce logistics costs and improve the competitiveness of Vietnamese goods. We also plan to strengthen the network of Vietnamese Trade Offices abroad to better support businesses in trade connections and export activities."

To navigate these adjustments, businesses and export industries must take coordinated action to diversify export markets, maximize the potential of traditional markets, and improve product quality to enhance competitiveness while mitigating the risk of trade remedies. Businesses are urged to improve their trade remedy capacity and closely monitor and adapt to global market trends and policy changes.

Phan Thi Thanh Xuan, Vice President and Secretary General of the Vietnam Leather, Footwear, and Handbag Association, said: "Businesses need to restructure production and reduce input costs. The government needs to adopt better policies and more incentives and strengthen administrative reforms to help enterprises reduce costs and improve efficiency."

In the long term, Vietnam must focus on economic restructuring, product diversification, and supply chain expansion to sustain export growth and enhance sustainable growth.