According to analysts of the VCB Securities Company, the outstanding export loans to the enterprises only account for five per cent of the total outstanding loans of the whole banking system,
Being cautious and proactive at this time will help Việt Nam protect its exports to the EU and preserve the international reputation of Vietnamese goods amid an increasingly volatile global trade landscape.
Việt Nam has responded to the new tariffs by consulting businesses, cutting some import duties, easing technical barriers, curbing origin fraud and boosting imports.
Over the longer term, Việt Nam must consider diversifying export markets, especially those with free trade agreements already in place. Markets in East Asia and the European Union offer viable alternatives based on demand and trade volume.
The Ministry of Planning and Investment (MPI) will continue working hard to ensure gross domestic product (GDP) growth reaches 6.8 per cent at the end of the year.