Vietnam tells firms to tighten control on origins of goods and materials
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Firms were also told to diversify their sources of materials and avoid relying on a single source.
PHOTO: REUTERS
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HANOI - Vietnam has told firms to tighten controls on the origins of goods and materials and to tackle fraud, according to a ministry document that was seen by Reuters, as the country tries to avoid being hit with a 46 per cent tariff rate by the Trum
The ministry also told firms to diversify their sources of materials and avoid relying on a single source, according to the ministry document, which was signed by Minister of Industry and Trade Nguyen Hong Dien on April 10.
The call for companies to ensure correct origin-of-goods details comes after Washington raised concerns about Chinese goods being sent to America with “Made in Vietnam” labels, and as Hanoi tries to negotiate a US trade deal.
“The international trade situation is evolving in a fast and unpredictable manner, in the context of the US seeking to impose tariffs on several countries, including Vietnam,” the ministry document said.
Last week, the Vietnamese government said the United States and Vietnam had agreed to start talks for a trade agreement
Vietnam is a major regional manufacturing base for many Western companies, and is heavily reliant on materials from China.
In 2024, Vietnam had a trade surplus of more than US$123 billion (S$161 billion) with the US, its largest export market. REUTERS
