Vietnam's steel industry is facing fiercer competition from foreign rivals as imported products, particularly those from China, have flooded the domestic market, raising fears of market saturation. Industry experts have warned that without prompt action, domestic producers could be pushed to the brink.

In a short time, the Republic of Korea (RoK) has emerged as one of the top 10 individual markets importing tuna from Vietnam. Despite positive growth trends and the participation of 15 companies in tuna exports to the RoK over the past six months, these businesses are also facing challenges due to a decline in raw material supply.

Việt Nam’s seafood exports remained heavily dependent on natural sources, which have become increasingly difficult to secure due to tightening regulations and limited local marine farming, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

Related ministries were tasked to remove obstacles in imports of precursor substance Formic Acid (FA).

Vietnam, a coastal nation with over 3,200 kilometres of coastline, relies heavily on the growth of its marine and coastal economy, which plays a crucial role in the overall economic development. In recent years, the results from national and minitrial marine science and technology programmes have been making significant contributions while directly driving sustainable development in the marine economy.

Washington's protectionism to face greater hurdles amid mounting costs: experts

Some localities with great potential for supporting industry development have proactively issued their own policies to support businesses in training human resources, helping businesses access the global production chain.

Việt Nam must continue to innovate its growth model by focusing on high technology, supporting innovative startups, and transitioning to a green economy, experts said.

More advanced manufacturing from Taiwan (China) will migrate to Việt Nam over the coming decades. Known as Taiwan’s prime destination for investment, the nation is confident it will win contracts.

Vietnam and Japan are participating in 4 bilateral and multilateral free trade agreements, Vietnamese enterprises need to take advantage of this to increase exports.