Vietnam Voices Concern Over New US Tariffs, Monitoring Economic Impact

The Vietnamese government has expressed deep concern regarding the US's move to impose new tariffs of 12.5% on certain Vietnamese products. The government is closely monitoring the potential impact of this measure on Vietnam's economic growth and is coordinating with relevant ministries to consider response strategies. This tariff increase could strike a blow to Vietnam's export industries, particularly those heavily reliant on the US market. The government is expected to explore long-term measures such as diversifying export markets and strengthening the competitiveness of domestic industries. Furthermore, within Vietnam, social insurance contribution amounts are set to increase from January 1, 2027, due to adjustments in the minimum wage. This could become an additional cost factor for businesses, especially small and medium-sized enterprises, potentially placing further pressure on their management. The government faces the need for cautious and strategic responses to these economic pressures from both domestic and international sources. Vietnam has achieved robust economic growth in recent years, enhancing its presence in the international community, but its ability to respond to geopolitical risks and fluctuations in the global economy is being tested. Separately, new proposals are also being advanced regarding the issuance of land use rights certificates (Sổ đỏ). This could lead to increased transparency in the domestic real estate market and enhance the protection of citizens' rights. Source: VnExpress