VCCI Chairman Pham Tan Cong answers the press about the context and Vietnam's response after the announcement of reciprocal tariffs on imported goods to the United States. Photo: Ngoc Quynh/BNEWS/VNA

After more than a week of turmoil with a range of emotions surrounding the "earthquake" of reciprocal tariffs by the United States, once again the alarm bell has been sounded about a strongly changing and unpredictable trade order, with no time for "slowness". On April 11, at the headquarters of the Vietnam Chamber of Commerce and Industry (VCCI), VNA reporters interviewed VCCI Chairman Pham Tan Cong, assessing the current situation, the perspective of business community representatives on the risk of a global trade war; as well as recommendations for the Government, sectors and businesses to adapt to this challenging context.

Reporter: How do you assess the current situation and general difficulties of global trade, especially after the Trump Administration's move to impose reciprocal tariffs on imported goods from abroad to the United States?

VCCI Chairman Pham Tan Cong: Currently, the world trade picture has changed a lot. Protectionism is gradually returning with conflicts between the two trends of protectionism and free trade...

The United States is a large market. In the trend of globalization and free trade, the above-mentioned tax imposition is a shock. It can be imagined that, like when the global trade flow is blocked, the consequences are unpredictable.

In the face of this shock, the reactions of countries are very harsh, even those that are allies of the United States. There are also many opposing views, but it is undeniable that just one change has led to chain reactions that have caused the whole world to fall into a trade "earthquake" in recent days.

VCCI Chairman Pham Tan Cong emphasized that Vietnam always finds new development drivers, and always sees opportunities to rise in danger. Photo: Ngoc Quynh/BNEWS/VNA

Reporter: It seems that this is not the first time Vietnam has faced such a big challenge from the shock of international trade?

VCCI Chairman Pham Tan Cong: It is true that for Vietnam, this is not the first time we have encountered such a big shock. Looking back 30 years ago, when Vietnam began the renovation process, it also had to face extremely difficult situations when the economies of the former Eastern European countries disintegrated...

Now, we are starting a new era, but Vietnam's largest export market, the leading important economic partner, the United States, has changed its entire strategy. I believe that we have learned from previous lessons. In common difficulties, Vietnam always finds new development drivers; even, taking advantage of the context to see "opportunity" in "adversity" and "fly" up.

Now is the time, we need to identify and find a new path of development. This context really needs calmness, then there will be a solution!

Reporter: How do you evaluate the response of the Government, sectors and levels in this context?

VCCI Chairman Pham Tan Cong: In recent days, the Government, sectors and businesses have been very active in seeking solutions. After the meeting between General Secretary To Lam and President Donald Trump, the Government and the General Secretary's Special Envoy are on their way to the US to work very proactively and positively, making efforts to promote a common direction for negotiations to achieve the most favorable results.

Domestically, the Vietnam Chamber of Commerce and Industry also created a specialized group, actively working and coordinating with organizations and industry associations such as the American Chamber of Commerce in Vietnam (AmCham) or the American Chamber of Commerce in Washington to support the Vietnamese Government in finding solutions to overcome difficulties. VCCI also sent letters and immediately received supportive responses from other friendly partners such as the Los Angeles Chamber of Commerce and the San Francisco Chamber of Commerce to create a business alliance, unanimously speaking out against President Donald Trump's tariffs. The creation of a common voice and the support of the US business community, along with the reaction of the global stock market, created great pressure, forcing the Donald Trump administration to announce a 90-day delay in imposing tariffs.

For governments, these 90 days are a time to negotiate in a timely manner to reach the best agreement for businesses. For businesses, this is also an opportunity to take advantage of these 90 days of truce to deal with business issues such as: signed contracts, how to handle goods, how will the production line be, how will the market be resumed?

This is the time when countries need to cooperate in negotiating to reach an agreement, individually it will be very disadvantageous. Specifically, the ASEAN Community, for example, each country may have its own characteristics, but there needs to be agreement on common principles such as promoting global free trade, respecting and complying with international trade laws, etc.

For Vietnam, in the next 90 days, there are things to do. Firstly, we must prioritize negotiations to achieve the best results, ensuring that Vietnam does not lose its inherent competitive advantages and that any setbacks must be within the tolerance of Vietnamese enterprises.

Secondly, we need to identify solutions and develop scenarios to maintain a proactive position in adaptation. If the negotiations achieve high, average or low results, what are the corresponding solutions to handle them? What will be the strategy, orientation for economic development and policies to support businesses and people?

This is also an opportunity for us to review and transform, and we will certainly need a strategy. That is to continue to make efforts to innovate institutions and the business environment; to diversify markets and products; and to redefine Vietnam's strength and competitive advantages in the coming time. This is also the right time to promote and motivate changes according to the strategies that the Party and Government are advocating, such as arranging and streamlining the State apparatus, rearranging localities to create new development space, promoting science and technology strategies... to increase competitiveness and enhance the value and position of Vietnam.

Market diversification needs to be viewed more broadly by choosing new pillars of the economy. That is, developing the domestic market in parallel with exports. Along with opening up more space for new markets through signing Free Trade Agreements (FTAs), it is also necessary to further promote policies and support mechanisms to promote domestic consumption; allocate a portion of increased budget revenue to support business development in parallel with promoting public investment.

The important thing to do is to support businesses to expand their markets, convert technology, financial tools, land, create more funds, and programs to encourage business development. Thanks to that, businesses will not only improve their competitiveness but also be able to turn the situation around, find ways to reverse the flow of goods, and soon turn Vietnam into an international commodity trading center in the near future.