🦉✨ 46% CUSTOMS DUTY OF THE USA WITH VIETNAM – WHICH INDUSTRIES ARE AFFECTED
Recently, U.S. President Donald Trump announced a 46% tax on Vietnamese goods. This is a very high tax, causing difficulties for many of our export industries.
📌 WHICH INDUSTRIES WILL FACE CHALLENGES?
1. 👕 Textiles:
- There are up to 2.5 million workers employed.
- Exports in 2024 are expected to reach 44 billion USD.
- Large companies may lose many orders from the U.S. due to high taxes.
2. 👟 Footwear:
- About 1.5 million workers.
- Exports reach 24 billion USD.
- High taxes will reduce competitiveness, leading to potential job losses.
3. 🛋️ Furniture:
- 500,000 workers involved.
- Export revenue of 16 billion USD.
- Companies like Savimex (50% of exports to the U.S.) will face significant challenges.
4. 📱 Electronics:
- 1 million workers.
- Exports 130 billion USD.
- Increased product prices will reduce sales in the U.S. market.
5. 🐟🍎 Seafood and agricultural products:
- Millions of workers employed.
- Seafood exports 11 billion USD, agricultural products 30 billion USD.
- Price increases will lead Americans to buy less, causing a sharp decline in revenue.
⚠️ TOTAL:
- More than 5 million workers will be affected to some extent.
- Risk of slowing GDP growth, increased unemployment due to reduced orders, and decreased income for the people.
💡 BUT THERE ARE ALSO POSITIVE ASPECTS:
- Vietnamese companies will seek new markets instead of relying on the U.S. market alone.
- Businesses will focus on improving products, reducing costs, and enhancing quality.
- Vietnam is negotiating for the U.S. to lower taxes on imports into Vietnam such as cars, LNG gas.