Businesses advised to be well prepared for policies under Trump administration

Do Ngoc Hung, head of the Vietnam Trade Office in the US, said with the economic policy under the coming Donald Trump administration, the protection of goods produced in the US market will continue to increase.

Trade defence measures will therefore be established and there may be more trade remedy lawsuits, Hung added.

He revealed that over the past three weeks, the office has held more than three consultations on trade defence cases with the US Department of Commerce.

Hung therefore recommended that domestic enterprises devise a proactive plan to deal with policies under the new US administration.

He underlined the necessity of promoting the trade balance between the two countries by increasing the import of goods from the US, particularly as Vietnam currently posts a trade surplus with the US.

For many years, the US has always been Vietnam’s largest export market and second largest trading partner.

Statistical data compiled by the General Department of Vietnam Customs highlights that two-way trade turnover between the two countries during the Jan-Oct period reached nearly US$111 billion.

Of the figure, exports reached nearly US$98.5 billion, up 24.2% year on year, while imports rose by 8.2% to US$12.3 billion.

With this result, 2024 marks the fourth consecutive year that two-way trade turnover has hit the US$100 billion mark.