VITAS also expressed disappointment with the USTR’ decision to launch a Section 301 investigation on Vietnam – a move that could pave the way for imposition of new punitive duties on U.S. imports from the country. Citing the negative impact of the administration’s tariffs on imports as a result of other Section 301 investigations.
Over the last few decades, Vietnam has become a fair and open trade partner with not just the United States but also the European Union, the United Kingdom and many more around the world. In Asia in particular, Vietnam has grown to become an important strategic partner of the United States both politically and economically. Recently, given the services and trade exchange activities between two countries, Vietnam consumers have enjoyed U.S goods and services and vice versa. This has entirely owed itself to the efforts by services and goods exporters and importers of the two countries, which is not related to Vietnam Government’s monetary policies that are in nature exercised towards such domestic goals as inflation control and macroeconomic stability.
Regarding to Vietnam apparel, footwear, and travel goods industry, is an important trading partner for the U.S. apparel, footwear, and travel goods industry, and has become even more important as U.S. companies have implemented diversification strategies away from China. Vietnam is the second largest supplier of apparel, footwear, and travel goods to the U.S. market, and has experienced dramatic growth since 2016, however compare with China in percentage market share, Vietnam apparel is only count for 15,83% of total apparel import to US compared with China is 25,93% (updated to July 2020)
Brands did their best to restructure their sourcing models to protect American consumers and American global value chain workers from increased costs caused
