Hanoi's export revenue could drop by 5-7%, and the city's GRDP growth could fall by 0.3-0.5% in 2025 if the US imposes a 46% retaliatory tariff on Vietnamese exports, according to Vo Nguyen Phong, Director of the Hanoi Department of Industry and Trade.

Phong was speaking at a conference held last month by the Hanoi Department of Industry and Trade to find solutions to help local export businesses overcome current difficulties.

Key export industries such as electronics, machinery, textiles, footwear, and wood products account for nearly 70% of Hanoi's total export value to the US and would be most heavily impacted.

"This would pose a major challenge to Hanoi's goal of achieving over 7% export growth and more than 8% GRDP growth," said Phong.

To support businesses, the department will continue to closely monitor global trade policy changes, especially from major economies, and maintain regular dialogue with enterprises to stay updated on market demands.

The department also plans to assess the support needs of businesses and advise timely measures in line with the directions of the Ministry of Industry and Trade and the Hanoi People's Committee.

Support efforts will include helping businesses invest in technology upgrades, improve their competitiveness, promote potential export products from Hanoi and across Vietnam, and connect with domestic and international partners.

Additionally, the department will assist Hanoi-based businesses in finding direct export channels and overseas buyers.

The Department of Industry and Trade has proposed that the Hanoi People's Committee recommend the central government continue reducing value-added tax and that credit institutions provide easier access to loans, especially for small and medium-sized enterprises.

Other departments and agencies are also urged to further simplify administrative procedures to help businesses save time and costs, and quickly seize new business opportunities.