The Ministry of Industry and Trade (MoIT) has urged Vietnamese businesses to stay vigilant as rising Israel-Iran tensions threaten to disrupt global trade, according to a senior ministry official.
Speaking at a press briefing in Hà Nội on June 19, Trần Thanh Hải, Deputy Director of the MoIT’s Agency of Foreign Trade, stressed the importance of continuous monitoring through the Ministry of Foreign Affairs, the MoIT, and reliable news sources. This, he said, would help companies assess risks and adjust their operations proactively.
Hải underscored the need for thorough reviews of export-import contracts, highlighting key clauses on freight charges, delivery timelines, insurance terms, and force majeure provisions. These measures, he noted, are vital to mitigating unexpected disruptions in trade activities.
He warned against over-reliance on single markets or specific shipping lanes, describing it as a critical weakness in the current volatile climate. Instead, Hải recommended diversification, expanding into new markets and collaborating with logistics partners operating safer routes.
“Supply chain resilience,” he added, “requires well-prepared contingency plans.” He encouraged businesses to consider alternative sources for raw materials and adopt multimodal transport solutions, such as international rail freight, to optimise costs and maintain delivery schedules.
Maintaining transparent communication with import partners is also essential to navigating uncertainties, Hải said. He advised firms to work closely with shipping lines, airlines, and freight forwarders to track routes, monitor transit times, and anticipate potential surcharges. Additionally, he recommended exploring comprehensive cargo insurance that covers risks such as war and terrorism.
Addressing broader economic concerns, Hải pointed to the fluctuating global oil prices and currency markets as further risks. He urged companies to implement robust measures against foreign exchange volatility and to seek support from the MoIT, Vietnam’s overseas trade offices, or embassies when needed.
“The Middle East’s geopolitical volatility is a serious risk to global trade flows,” Hải cautioned.
“Vietnamese companies must be agile, prepared, and armed with robust contingency plans to weather the storm and keep their operations afloat.”
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