In 2024, Vietnam’s trade turnover with the US exceeded US$132 billion. Steel and steel product exports reached US$983 million, up nearly 159% from 2023, while aluminum exports totaled US$479 million, marking a 9.5% increase. Key export items include galvanized steel, stainless steel, aluminum alloys, and aluminum interior furnishings.

According to Do Ngoc Hung, Head of the Vietnam Trade Office in the US, the tariff hike will negatively affect aluminum and steel-exporting countries and disrupt global supply chains. Major exporters such as Canada, Mexico, the EU, Japan, the Republic of Korea (RoK), and Taiwan (China) are expected to face considerable challenges.

Despite this, Vietnam’s aluminum and steel sector still holds export potential, as US domestic production cannot immediately meet market demand. However, profit margins for exporters may shrink. Vietnamese products remain competitively priced and high-quality, supporting the US economy and helping to curb inflation.

Vietnamese businesses are advised to assess market conditions, diversify export destinations, and maximize the benefits of free trade agreements (FTAs) to avoid overreliance on a single market. They should also comply with US regulations on product origin and actively engage with US trade authorities in trade defence investigations.

Close coordination with the Ministry of Industry and Trade and Vietnam’s diplomatic representatives in the US will be essential to monitor developments and respond effectively to trade defence measures.

Seven-month steel exports to US see upsurge

VOV.VN - The United States remained Vietnam’s largest iron and steel export market with volume reaching 1.11 million tonnes during the seven months of the year, representing a sharp rise of 89% on-year, according to data released by the General Department of Vietnam Customs.