Businesses in Hanoi are grappling with decreasing sales attributed to impending US trade tariffs set to be 46% in July. The Old Quarter, famous for its designer goods and electronics, relies on foot traffic from tourists. Prime Minister Pham Minh Chinh is optimistic about reaching a trade agreement with the US before the tariffs take effect. Meanwhile, a baseline tariff of 10% has already been implemented. Despite challenges, Vietnam's robust economic growth is buoyed by key foreign investments and increasing manufacturing exports, which underscores the potential impact of negotiations on the economy.
Hanoi's Old Quarter, once bustling, now experiences declining sales as US tariffs loom, highlighting the need for urgent trade negotiations to alleviate economic strain.
Vietnam faces a 46% tariff from the US set for July. PM Chinh remains hopeful for a trade deal to negotiate a reduction before the deadline.
With a 10% baseline tariff in place since April, Vietnam's economy, once vibrant, shows signs of strain as shops hope for increased tourist traffic.
Vietnam's potential is clear, with major brands like Apple and Nike capitalizing on its young workforce, but the imminent tariffs threaten this growth.
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