Latest news with #TradeOffice
The Star
26-05-2025
- Business
- The Star
Enhancing the presence of Vietnamese goods
HANOI: As Vietnam's export turnover has yet to fully reflect its potential within the Asean region, enhancing the presence of Vietnamese goods and seizing opportunities in this market is essential, particularly amid tariff fluctuations. This issue demands greater attention from businesses, along with a proactive and flexible approach to market access, deep market understanding and the ability to overcome trade barriers. Vietnam's Trade Office in Singapore recently encouraged Vietnamese businesses to participate in Retail's Big Show APAC 2025, which will take place in Singapore early next month. The event provides opportunities for Vietnamese enterprises to connect with potential customers and top retailers, while also exploring new trends in retail, ranging from enhancing customer experience to digital transformation strategies. In light of Vietnam becoming the fourth-largest seafood supplier to Singapore, the trade office also announced ongoing efforts to promote trade connections between Vietnamese and Singaporean seafood businesses. These efforts include participating in seafood exhibitions and trade fairs to increase the visibility of Vietnamese products in Singapore and help companies expand their market share. The trade office also advised Vietnamese seafood exporters to maintain high quality standards, stay updated on local regulations, improve packaging designs and boost productivity to remain competitive with products from other countries in the region. Guidance and support are crucial for Vietnamese enterprises looking to deepen their presence in Singapore specifically, and the Asean region more broadly – especially amid global trade instability caused by shifting US tariffs. As of the first four months of this year, Vietnam's exports to Thailand reached US$2.67bil, a modest increase of 1.4% year-over-year (y-o-y). Meanwhile, imports from Thailand surged to over US$4.2bil, an 18.5% rise. Thailand is currently Vietnam's largest export market within Asean, accounting for more than 20% of Vietnam's total Asean export turnover, followed by Indonesia and the Philippines. Key exports to Thailand include machinery and equipment, electronics and components, phones and parts, crude oil and vehicles. At a seminar in Ho Chi Minh City last Thursday, a representative of Central Retail Vietnam Group said that the company was promoting lychee exports to Thailand as the harvest season approached. In mid-May, Vietnam's Trade Office in the Philippines provided an update on the trade relationship between the two countries, noting that Vietnam still has plenty of room to expand its exports to the Philippines. Agricultural products represent a significant opportunity. Despite similarities in the agricultural profiles of both countries, they are not direct competitors. Vietnam has a comparative advantage in various subtropical fruits and seafood strains that have not yet been exported to the Philippines. Aside from rice, the Philippines has strong demand for many types of Vietnamese agricultural products, particularly fresh produce. However, some sectors remain untapped due to trade and logistics barriers. Moreover, light industrial products, fertilisers, chemicals, tools, machinery, electrical and household appliances, heavy industry products and construction materials also have growth potential in the Philippine market. Vietnamese exporters should also be aware of the market's challenges and risks, and adopt appropriate marketing and market entry strategies to ensure success. Despite these individual market opportunities, Vietnam's overall export performance in the Asean region still falls short of its potential. According to the latest data from Vietnam's General Department of Customs, from the beginning of this year to May 15, exports to Asean reached US$12.42bil – an increase of just 3.2% y-o-y, or US$389mil. Asean ranks as Vietnam's fourth-largest export market after the United States, China and the European Union. To boost export turnover and the presence of Vietnamese products in Asean, it is vital for Vietnamese businesses to show greater interest and capitalise on opportunities in this regional market. Building consumer trust and brand credibility is also crucial. Vietnamese exporters must work hard to change Asean consumers' perception of Vietnamese goods and distinguish them from competitors. — Viet Nam News/ANN
Yahoo
08-04-2025
- Business
- Yahoo
Trump Team Made a Critical Math Error When Calculating Extreme Tariff
The Trump administration's calculations justifying the most consequential tariff scheme of the last century are all wrong. In an op-ed for The New York Times published Monday, economist Brent Neiman, whose research was used to justify the White House's implementation of reciprocal tariffs, wrote that the White House fundamentally misunderstood his work. 'My first question, when the White House unveiled its tariff regime, was: How on earth did it calculate such huge rates?' Neiman wrote in the op-ed. 'The next day it got personal.' Shortly after the Trump administration announced its plan to implement tariffs of 10 percent or more on 90 countries—which it claims will eliminate the trade deficit but has only spurred global economic chaos—the Office of the United States Trade Representative published its methodology for the tariff calculations, citing a paper by Neiman and four other economists. 'But it got it wrong. Very wrong. I disagree fundamentally with the government's trade policy and approach,' Neiman wrote. 'But even taking it at face value, our findings suggest the calculated tariffs should be dramatically smaller—perhaps one-fourth as large.' So if the White House had done the math right, and wanted its absurd trade plan to actually work, 20 percent tariffs should have been … 5 percent. That wasn't the only mistake, Neiman pointed out. The Trade Office claimed its reciprocal tariff calculations would eliminate trade deficits with each American trading partner. Neiman concluded that is not a 'reasonable goal.' 'Trade imbalances between two countries can emerge for many reasons that have nothing to do with protectionism.… There are some reasonable arguments in favor of reducing the overall trade deficit, such as to reduce risks from our debt. But these arguments don't apply country by country,' Neiman wrote, further exposing the White House's lack of reasoning. Even if all trade deficits are eliminated (which Neiman points out is basically impossible), reciprocal tariffs still won't work. 'The administration's tariff formula assumes that a tariff placed on one country won't affect imports from any others and ignores any implications for exports,' Neiman said. 'These assumptions may work for an action against one small trade partner, but not for the broad salvo announced last week.' Neiman went on to decimate pretty much every justification the Trump administration has provided for tariff implementation, including its selective picking and choosing of his research results to support its claims. 'As a result of these and other methodological choices, Wednesday's reciprocal tariffs will bring average tariff rates to their highest level in over 100 years. I would strongly prefer that the policy and methodology be scrapped entirely. But barring that, the administration should divide its results by four.' Neiman concluded, a grim reminder of the economic chaos yet to come.
