Vietnam is currently grappling with significant trade uncertainty due to a 46 percent duty on exports to the US, vital for its economy. Kieu Quoc Thanh, CEO of SVC Group, describes the chaos among exporters since the recent announcement of tariff changes by the US government. Although President Trump paused some tariffs, confusion persists over tax rates on cashew shipments. Given that 30 percent of Vietnam's GDP relies on US exports, the country is anxiously awaiting the outcome of trade negotiations between Hanoi and Washington, which both hold substantial stakes in the discussions.
Kieu Quoc Thanh, the CEO of SVC Group, expressed the overwhelming sentiment in the cashew export industry, revealing that everyone is feeling crazy amid tariff changes.
While businesses navigate disruptions from the tariff situation, the potential trade deal negotiations between Hanoi and Washington add another layer of uncertainty for Vietnam's economy.
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