Ministry of Industry and Trade has a diplomatic note requesting the US to temporarily postpone imposing 46% tax

On April 2, US President Donald Trump issued an Executive Order on reciprocal taxes applicable to goods imported into the country.

The average MFN tariff that Vietnam applies to imported goods is currently 9.4%.

Regarding this content, on the afternoon of April 3, Mr. Ta Hoang Linh, Director of the Department of Foreign Market Development - Ministry of Industry and Trade , informed about this issue.

According to Mr. Ta Hoang Linh, the Ministry of Industry and Trade regrets that the US announced a 46% tax on all Vietnamese export goods, effective from April 9.

Vietnam and the US are two complementary economies . The export and foreign trade structures of the two countries do not compete directly but complement each other, in accordance with the internal needs of each country.

Vietnamese goods exported to the US mainly compete with third countries, not directly with American businesses in the US market. On the contrary, Vietnamese goods exported to the US also create conditions for American consumers to use cheap goods.

The average most-favored-nation (MFN) tariff that Vietnam currently applies to imported goods is 9.4%.

In recent times, the Government and ministries have resolved a series of difficulties and problems of US businesses in Vietnam, issuing a Decree to reduce MFN taxes, in which 13 groups of advantageous US goods benefited.

In addition, many American projects in Vietnam are receiving attention, resolving and removing difficulties and obstacles.

According to the White House announcement, the reciprocal tariffs that the US imposes on its trading partners aim to correct global trade injustices, bring manufacturing back to the country, strengthen national security, and promote economic growth.

It is understood that the tariffs will remain in place until the US determines that the threat posed by the trade deficit and unfairness in trade is addressed, remedied or mitigated.

Therefore, the Ministry of Industry and Trade believes that there is still room for discussion and negotiation between the two sides to reach a mutually beneficial result.

On the morning of April 3, right after the US announced the imposition of tariffs, Minister of Industry and Trade Nguyen Hong Dien sent a diplomatic note requesting the US side to postpone the decision to impose tariffs to spend time discussing and finding a reasonable solution for both sides. "We are arranging a phone call between the two Ministers as well as at the technical level with colleagues at the US Trade Representative (USTR) as soon as possible," said Mr. Linh.

According to the Director of the Foreign Market Development Department, if Vietnam and the US cannot find a positive solution, this tax imposition will have a certain negative impact on the export growth target.

However, this is also an issue that the Ministry of Industry and Trade has predicted and prepared for. The Ministry of Industry and Trade has also proposed a specific Action Plan to the Government and advised businesses to take necessary steps when the problem occurs.

In the coming time, the Ministry of Industry and Trade will continue to promote negotiations of FTAs ​​with new markets in the Middle East, Latin America, Central Asia and other emerging markets.

In the context of the US imposing reciprocal tariffs on global trade partners, to minimize risks from international trade fluctuations, the Ministry of Industry and Trade recommends that domestic enterprises diversify export markets; improve product quality; control the origin of raw materials; strengthen trade defense capacity...

(Source: Lao Dong Newspaper)

Link: https://nld.com.vn/bo-cong-thuong-co-cong-ham-de-nghi-my-tam-hoan-ap-thue-46-196250403192930356.htm?fbclid=IwY2 xjawJbbYtleHRuA2FlbQIxMAABHT0VBVGaPc4s2vfHHguZGdiphT_fVBlSOJxgLuia1L9vK6DzhXYBP9jfQQ_aem_jFlaSMz_ec2FrGxVMgiVoA

Source: https://vtcnews.vn/bo-cong-thuong-co-cong-ham-de-nghi-my-tam-hoan-ap-thue-46-ar935598.html