Wanek Furniture Vice President Andrew Lien and VCCI Vice Chairman Nguyen Quang Vinh (Photo: Truong Dang)

At the meeting, the two sides discussed changes in US tariff policies and their impact on Vietnam. Mr. Andrew expressed that US companies in Vietnam are also concerned about potential future taxes, thereby hoping that the Vietnamese government will take appropriate measures to minimize the negative impacts of new tax policies.

Mr. Andrew said that the US government has expressed concerns about the imbalance of import taxes between many countries, including Vietnam. If the US imposes new taxes on furniture imported from Vietnam, this industry could be seriously affected.

Furniture manufacturers will face increased costs and the risk of reduced export orders. In the worst case, some businesses may have to move their production facilities to countries with lower taxes such as Malaysia, Thailand and Indonesia.

Wanek Furniture Company is one of the typical enterprises in the US furniture and interior manufacturing industry in Vietnam. With a total investment of nearly 200 million USD in Vietnam since 2008, the company not only focuses on production to serve the domestic market but also exports a large amount of products abroad, especially to the US.

Not only the furniture industry, but also other industries such as textiles and electronics are facing the risk of higher taxes. New tariff policies from the US can have a great impact on the Vietnamese economy, especially in the context of many businesses depending on exports to maintain production and growth.

The Vice Chairman of VCCI acknowledged Mr. Andrew's proposals, saying that he will consult with all parties to find solutions to limit the negative impacts of new tax policies if any from the US market. In the coming time, VCCI will closely coordinate with large business associations such as AmCham, EuroCham, or Vietnam's wood and furniture industry associations to jointly research and propose solutions to the Vietnamese government.

VCCI will work closely with AmCham and Vietnam's wood and furniture industry associations to find solutions to the US government's tariff pressure (Photo: Truong Dang)

In 2024, trade relations between Vietnam and the United States will continue to grow strongly, reaching a total turnover of more than 132 billion USD. Of which, Vietnam's exports to the United States will reach nearly 119 billion USD, up 23.3% compared to 2023, and imports from the United States will reach 13 billion USD, up 7.3%. 

The wood industry makes an important contribution to Vietnam's export turnover to the United States. In the first 11 months of 2024, the export turnover of wood and wood products reached 14.6 billion USD, up 20.5% over the same period in 2023. Exports of wood products alone accounted for more than 10 billion USD, up 22%. The United States is Vietnam's largest market for wood and wood products, accounting for 55% of the industry's total export turnover in the first 7 months of 2024. 

However, the growing trade surplus between Vietnam and the United States has raised concerns about the possibility of tariff measures from the US government. Vietnam's trade surplus with the United States reached a record in 2024, making Vietnam a possible target for new tariff measures. This poses a challenge for the Vietnamese wood industry, requiring businesses to improve their competitiveness and comply with international standards to maintain and expand their market share in the United States.