7 solutions to support exports and cope with countries' tariff policies

Responding at the regular Government press conference in March, on the afternoon of April 6, Deputy Minister of Industry and Trade Truong Thanh Hoai said that the 46% reciprocal tax rate that the United States has just applied to imported goods from Vietnam exported to the US market from April 9 could have a significant and multi-dimensional impact on Vietnam's export and economic growth activities in the coming time; creating a negative impact on Vietnam's export and economic growth activities, affecting the development of a number of processing and manufacturing industries, attracting FDI investment, domestic investment, as well as related to services and employment of domestic workers.

Some key export items such as: Computers, electronic products and components; machinery, equipment, tools, other spare parts; textiles, footwear, etc.; the part of products exported to the US in the processing and manufacturing sector faces the risk of decreasing export turnover.

Currently, the Government is taking active measures to engage with the United States. After the US President announced the reciprocal tax rate, on the morning of April 3, 2025, Minister of Industry and Trade Nguyen Hong Dien sent a diplomatic note to the US Trade Representative requesting to postpone the decision to impose the above tax to discuss and find a solution that harmonizes the interests of both sides; at the same time, he requested to arrange a phone call as soon as possible to discuss and resolve this issue.

Deputy Minister of Industry and Trade Truong Thanh Hoai answers the press

Later, in a phone call on the evening of April 4, General Secretary To Lam and President Donald Trump affirmed their desire to continue strengthening bilateral cooperation for the benefit of both countries; Vietnam is ready to negotiate with the United States to reduce import tariffs to 0% on goods imported from the United States, and at the same time propose that the United States apply similar tariffs on goods imported from Vietnam.

In addition, the Prime Minister established a Working Group to strengthen cooperation and proactively adapt to adjustments in US economic and trade policies, with Deputy Prime Minister Bui Thanh Son as Head of the Working Group.

Deputy Minister of Industry and Trade Truong Thanh Hoai said that in the coming time, our exports will face many challenges, so ministries and branches will closely coordinate with the Vietnamese business community and foreign enterprises investing and doing business in Vietnam to effectively implement the proposed solutions, aiming to achieve export growth in 2025; focusing on 7 solutions, specifically:

Firstly, take advantage of the existing strengths of 17 Free Trade Agreements with over 60 countries and territories; 70 bilateral economic and trade cooperation mechanisms.

Second, promote the strategy of diversifying export markets, continue to promote negotiations of FTAs ​​with new markets in the Middle East, Latin America, Central Asia and other emerging markets.

Third, strengthen and enhance the effectiveness of trade promotion work, and improve logistics infrastructure to reduce transportation costs and enhance the competitiveness of Vietnamese goods.

Fourth, support to improve the capacity of domestic manufacturing and exporting enterprises of Vietnam to ensure adaptation to the market and development trends. Here we must have more drastic policies for the processing and manufacturing industry, promote the development of supporting industries to promote domestic development, meet the origin requirements of countries.

Fifth, protect the legitimate rights and interests of businesses as well as provide early warning and timely handling of risks of lawsuits or trade defense cases to minimize the damage to Vietnam.

Sixth, expand the system of Vietnamese trade offices abroad to provide market information, business opportunities and better support for businesses.

Seventh, the Ministry of Industry and Trade assessed that, although facing many challenges, this is also an opportunity to restructure the economy towards rapid but sustainable development, greening, digitalization, relying on science and technology, innovation; promoting the construction of an independent, self-reliant economy associated with deep, substantive, and effective international integration; promoting market expansion, diversification of markets, products, and supply chains; promoting localization; promoting exploitation of domestic markets and resources.

Press conference scene

In addition, to minimize risks from international trade fluctuations, the Deputy Minister of Industry and Trade recommends that domestic enterprises take measures such as proactively updating market information; effectively exploiting key markets, traditional markets, as well as developing small markets, niche markets and opening up new potential markets; improving product quality, ensuring products meet technical, labor and environmental standards of export markets, in order to increase competitiveness and reduce the risk of being subject to trade defense measures...

The synchronous implementation of the above solutions will help Vietnamese enterprises increase their resilience to fluctuations in international trade and maintain sustainable export growth.

Source: https://phunuvietnam.vn/7-giai-phap-ho-tro-xuat-khau-ung-pho-voi-chinh-sach-thue-quan-cua-cac-nuoc-20250406165944522.htm