China's net imports of refined copper dropped to a one-year low in July as the world's largest buyer found itself in competition with the U.S. for metal.

Eight decades after the devastating 1945 famine that claimed over 2 million lives, Vietnam has achieved a historic transformation to become one of the world’s top three rice exporters, with exports reaching around 9 million tonnes in 2024.

With the US set to apply a 20% tariff on all Vietnamese exports to the country, agriculture can act as a bridge in the sustainable development of bilateral trade relations.

Building on last year’s strong performance, Vietnam’s seafood industry is poised for further growth this year in expanding exports to key and emerging markets, including the United States, China, ASEAN, and the Middle East.

While exporters in Vietnam are bracing for the impact of proposed US tariffs, many believe the situation may not be as severe as originally feared—though uncertainty remains.

One of the key reasons behind Vietnam’s success in the Chinese market lies in the quality and diversity of its produce.

Negotiations for new trade deals, including rice agreements, will be accelerated alongside efforts to fully utilise 17 existing free trade agreements to achieve an export growth target of 12 per cent this year, according to the Ministry of Industry and Trade.

The US tariff exemption for package shipments valued under US$800 (RM3,267) ends permanently on Friday, with a six-month transition period under which postal service shippers can opt to pay a flat duty of US$80 to US$200 per package.

The tariff imposition could cause a double shock for Việt Nam’s steel industry.

Vieira announced that he will bring up the proposal for FTA negotiations at the next MERCOSUR meeting in early September.