In recent days, global economies including Vietnam, have been disturbed by tariff policies applied to imported goods that the US offered.
As a pepper exporter in the world, especially the largest exporter of pepper to the US (accounting for more than 10% of the total export turnover to the United States), Mr. Phan Minh Thong – Chairman of Phuc Sinh Group – has just shared about how to respond.
According to Mr. Thong, first of all, this must be a challenge for businesses (businesses) in Vietnam because we are not ready to be imposed on high tariffs. However, if calmly recognized, the tariff policy will be divided into 2 subjects:
The first, Enterprises have high taxes, great influence of groups that compete with the US market such as electronics, apparel, wooden and furniture, leather shoes, aquatic products and some other items.
For enterprises that produce or invest in these goods in Vietnam to export, it is clear that the target of imposing tax will attract investment and open factories in the US.
Monday, Enterprises providing goods that the United States does not have, for example, coffee, coconuts … agricultural products in tropical and other resources or other goods. With American goods without, taxing, Americans will be first affected.
However, it is still early to say that the United States will officially impose specific taxes on any exceptional/exemption list. Because the importers are still waiting for the last messages from the White House.
Need A international goods trading floor
According to the representative of Phuc Sinh, a group of commodity components may be exception, tax exemption belongs to the advantage of Vietnam that the United States does not have, not competitive. Therefore, promoting these items to increase the value, need a commodity trading floor enough to be established and built early at the international financial center.
In particular, commodity trading floor is part of the financial center. Vietnam currently has commodity trading floors but modest scale.
For private and small enterprises, especially small and medium -sized enterprises (SME), Mr. Thong said that the financial support policy is needed:: Preferential credit support (currently the SME area has preferential interest rates from 4% but the reality has not really been implemented on a large scale); reducing corporate income tax, land tax incentives to encourage the construction of the factory …
Mr. Thong also proposed more specialized support policies such as the offer for development and green and ESG practice, digital conversion incentives.
“Of course, all support policies need to make their own efforts N ”, Mr. Thong emphasized. The Government paved the way with 17 free trade agreements (FTAs) with over 60 countries, territories, and the time of negotiating 3 FTAs and economic frameworks.
” The large market allows businesses to actively diversify and find “need” the most “place” – Mr. Thong affirmed.
Focus on environmental and social factors in business
Regarding the sustainable development, it is known that after Mr. Trump went to the president, the United States has now withdrawn from ESG criteria, while other major markets still pursue.
Therefore, Vietnam according to experts should continue to promote sustainable development to expand the export market in the current context.
Mr. Pham Trong Chinh – Market expert of the HVNCC – at the recent seminar said: “Environmental factors are mandatory regulations when exporting to the markets of countries. In fact, the focus on environmental protection has been noticeable 20 years ago, but in the last 5 years it is mandatory.
As for the United States, Chinh said that the US has withdrawn from ESG but the president’s term is limited, so after 4 years, the US may return to the common economic guidelines they are pursuing with other countries. Mr. Chinh also specially emphasized that Phuc Sinh is a special case in Vietnam, when this is a few businesses receiving consecutive green investment capital.
“In fact, in the past 5 years, many sources of investment capital impact on Vietnam but they find no enterprises suitable for pouring capital. And they have poured into Phuc Sinh because this enterprise ensures ESG and especially emphasizes the environment. The funds are also aimed at gender equality in the Phuc Sinh team, so this is the ‘case’ that businesses should monitor and study.” Mr. Chinh said.
Return to the domestic market: Need a better interest rate
One of the current recommendations is “The world is too difficult, then we go home 100 million users.” With this point of view, Mr. Thong emphasized that there is no view that is right or wrong here, but one of our markets are still only on a mid -range scale, and need to be activated.
According to Mr. Thong, if you want businesses to return, the policies to support stimulating domestic production enterprises are not inferior to export enterprises. Especially, the interest rate of capital mobilization, when the exporting enterprises have a loan of USD interest at only more than 1%, domestic production enterprises borrow money 9-10%, it is not considered as a mechanism to promote fairness.
“If the domestic production market has attractive interest loan packages, I believe that I can create a richer market than the products. “, Mr. Thong said.
Besides, to increase the purchasing power for the economy at the current period, it is necessary to support consumer support packages; Accompanying is a management policy with the orientation of the quality of goods to promote “Vietnamese people who love Vietnamese goods” in a substantive way.
He also said that he did not worry about the removal of imported goods (like the US) about 0%, which will make American goods return to Vietnam to compete with domestic enterprises. With the high standard of this market, plus non -tariff costs, such as logistics, to enter the market, domestic enterprises still have the advantage to compete in price.
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