The Vietnam Trade Office in Spain has warned domestic enterprises to be cautious when signing contracts with Spanish businesses to avoid risks.

Washington seems inclined to increase tariffs on Chinese imports in 2024, analysts said on Tuesday, despite opposition by Beijing and US businesses.

In 2018, the Trump administration started a trade war with China by enacting multiple phases of tariffs under Section 301 of the Trade Act of 1974 to counter China’s “illicit trade practices.” The Biden administration left most of the China tariffs in place, and its expected assessments of their results are overdue. 

China was the biggest buyer of Vietnam’s agro-forestry-fishery products in 2023, and it is expected to remain a promising market with numerous opportunities for Vietnamese farm produce to increase the market share and export value.

A series of large shipping companies such as Yang Ming Line, One, Evergreen Line, HMM, Maersk... have sent notices of freight rate increase for the change of itineraries on Asia - Europe routes, avoiding going through the Suez Canal and Red Sea area.

According to Shinhan Securities Việt Nam, Vietnamese firms exporting to Europe and North America’s East Coast are being affected by Red Sea route changes.

Vietnam serves as chair of the sessions on food safety and sanitary and phytosanitary measures during this time’s negotiations on the upgrade of the ASEAN - China Free Trade Area (ACFTA), expected to further facilitate Vietnam and the Association of Southeast Asian Nations (ASEAN)’s exports to China.

Along with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the Vietnamese garment and textile sector also needs a Vietnam-Canada free trade agreement or another bilateral deal to penetrate more deeply into the North American market, according to experts.