Dear EuroCham Members,
It is only two weeks since I have been re-elected as Chairman of EuroCham. But I must admit so many things have happened over the past fortnight. Last week, I headed up the EuroCham Vietnam’s high-level delegation to Brussels. And this week, the King and Queen of Belgium honoured Vietnam with a state visit. And then “Liberation Day” arrived to change the world we knew.
On Wednesday, 2 April, U.S. President Donald Trump announced sweeping tariff measures. Vietnam was hit with a 46% tariff, and so were many others. The below graph shows the impact across various countries.
There is no getting around it: the indicated reciprocal tariffs are so blunt that they will weigh on Vietnam’s economy in the short term. The calculation method used to come to these tariffs is beyond simplistic and perhaps the biggest reason why these measures will backfire over time: even if no country were to retaliate (which is very unlikely), the impact on the cost of living in the United States will be gigantic and lead to a (global) recession and inflation. As a direct consequence, it might also temper foreign investment and impact our members’ activity.
Even our Quarterly Business Confidence Index for Q1 2025 did not see this coming. Conducted before the tariff announcement, it showed cautious optimism with an index at 64.6. Businesses were relatively positive – yet vigilant. Many flagged “waiting for Washington” as the key uncertainty. Now we know why.
Make no mistake: this is not business as usual.
The impact of these decisions will ripple far and wide – across supply chains, across sectors, and across continents. Vietnam, with its many FTAs and open economy, central to many global trade flows, will feel without a doubt the shockwaves. But the story is far from over. Negotiations are already underway. Vietnam’s Deputy Prime Minister will fly to Washington this weekend and the authorities meanwhile have asked officially to postpone the measures. But even in these turbulent times, the message from Vietnam’s top leadership remains clear: the country sees opportunity in adversity.
Prime Minister Phạm Minh Chính yesterday stated that global trade competition is now fierce, complex, and unpredictable – but that this is also a catalyst. Vietnam, he said, must seize this moment to restructure its economy for rapid yet sustainable growth – grounded in technology, innovation, and resilience. The goal? An independent, self-reliant economy, integrated deeply and effectively with global markets. Diversified supply chains, domestic demand, and smart policies will be the foundation. The target of 8% GDP growth in 2025 remains unchanged.
The geopolitical ground is shifting. A global trade war may be unfolding. And while we cannot yet fully measure how the U.S. tariffs will impact EU-Vietnam relations, one truth is clear:
We must stay united, informed, and vocal.
Beyond updating on the progress in Vietnam and advocating for your businesses’ interests, our meetings in Brussels highlighted another crucial shift: the EU is moving towards a more business-friendly and strategic approach to international trade. The European Commission is actively working to deregulate by reducing regulatory burdens, simplifying processes, and engaging directly with businesses to shape foreign policy decisions. This is not just an administrative makeover. It is a major change, an open door for European companies in Vietnam to claim a stronger voice in EU policy making.
This is where EuroCham plays its most vital role.
In times of uncertainty, we must listen to our members, amplify your voice, and steer policy in a direction that serves our collective interest, swiftly. That’s why we are encouraging you to take part in the “Tariff Impact Survey” co-hosted with our 9 Affiliated Business Associations. This short survey, closing on Wednesday 9, April at 5.00pm, aims to capture the real-time sentiment of our members. It will help us identify your concerns, challenges, and potential pain points so we can channel them directly into high-level advocacy with Vietnamese authorities and international partners. Your feedback is what turns reaction into strategy — it ensures our response is grounded in your reality, not theory.
EuroCham members, you will find the link to the survey in your mailbox from chairman@eurochamvn.org.
To stay ahead of these rapid developments, I invite you to join us on 11 April in Hanoi, the day of the Whitebook Launch. This is your chance to gain firsthand access to EuroCham’s Must-Win Battles – the critical policy challenges and solutions shaping Vietnam’s economic trajectory. You will also be among the first to receive the 2025 Whitebook, EuroCham’s flagship policy guide, offering practical recommendations for administrative reforms and dual transformation strategies that directly impact your business sector.
But that is not all. We know how concerning this situation is for many of your businesses. And we have heard you. That is why on the very same day, Friday 11 April, from 08:00 to 09:30, we will host a dedicated Special Briefing on US Tariffs, together with all 9 Affiliated Business Associations, to address the immediate impacts and implications of the US tariffs. We will bring clarity, context, and coordination.
One day, two crucial events. Do not miss either one of them.
Stay Together
In these moments, our instinct may be to hit the pause button. But this is exactly the moment in which we need to act. The next months will be decisive. They will determine whether Vietnam strengthens its role in EU-ASEAN trade – or whether it gets caught in global geopolitical tensions.
A clear way forward is to double down on trade integration – deepening and expanding agreements between Europe, Asia, and the world. Vietnam is a vital partner. And Europe must lead in keeping trade open, rule-based, and inclusive.
At EuroCham, we will continue to fight for your interests, the interests of our members – in Brussels, in Hanoi, and wherever decisions are made. Now is the time to engage. The world is shifting. But so are we. Speak soon.
Bruno Jaspaert
Chairman, EuroCham Vietnam
