The Ministry of Finance will research, study and propose appropriate solutions when the US imposes a 46% tax.

On April 3, at the regular meeting of the Ministry of Finance in the first quarter of 2025, regarding the issue of the US imposing a 46% reciprocal tax on goods originating from Vietnam, Mr. Truong Ba Tuan - Deputy Director of the Tax Policy Department (Ministry of Finance) affirmed that Vietnamese goods are subject to a 46% tax rate, much higher than the current rate. This has a negative impact on many manufacturing industries, especially industries with a large proportion of exports to the United States such as agriculture, textiles, footwear, etc.

Mr. Tuan added that in order to proactively adapt to developments in the world economic situation and the growth and macro-balance targets, the Ministry of Finance has conducted a comprehensive review of import tax rates to advise the Government on timely adjustments.

Accordingly, on March 31, the Government issued Decree 73/ND-CP in 2025 amending and supplementing preferential import tax rates for a number of goods. In particular, a series of imported goods from the US as well as a number of interested major trading partners have had their taxes reduced to low levels, even 0%. The goal of the Decree is to balance the trade balance with major partners, helping businesses and consumers to access more diverse markets and goods. Decree 73 has reduced 16 import tax lines, such as automobiles, some agricultural products, wood, etc.

Specifically, many agricultural products have had their taxes reduced, such as frozen chicken thighs from 20% to 15%, almonds from 10% to 5%, fresh apples from 8% to 5%, cherries from 10% to 5%, raisins from 12% to 5%. Preferential import taxes on cars have also been reduced from 64%, 45% to 50% and 32%. In particular, many products have had their taxes reduced to 0%, such as corn kernels (previously the tax was 2%), wood and wood products have had their taxes reduced from 20%.

Mr. Tuan added that a recent report from the US Trade Representative Office showed that Vietnam's average import tax rate is 9.4%, the highest being 15%. "This means that Vietnam's tariff level is much lower than the level announced by the US," Mr. Tuan affirmed. Therefore, Mr. Tuan believes that in addition to the tax factor, there will be other factors that cause the corresponding tax rate that the US announced to Vietnam in the early morning of April 3 (Vietnam time).

Deputy Minister of Finance Nguyen Duc Chi added that the Ministry will study and learn more information related to the US tax imposition to come up with suitable solutions for Vietnam. The trend is towards a trade balance but it also depends on many other factors.

“However, balance must be developed, meaning trade turnover must be larger and cannot use tax policies, because if high tax rates are applied, it can impact the reduction of import and export turnover,” said Deputy Minister Nguyen Duc Chi.

Deputy Minister Chi affirmed that the Ministry will persistently find solutions and discuss and share with trade partners and move towards a balance in the direction of development to both increase turnover and positively impact the market so that consumers of both countries can benefit from trade development and not affect the world trade situation.

Mr. Nguyen Duc Chi hopes and believes that the tax rate announced by the US is the maximum rate, and there will be different specific rates... At the same time, the Deputy Minister of Finance said that this weekend, a Government delegation will come to work with the US and hopes that the other side will listen to the information exchanged by the Vietnamese side.

Previously, the Ministry of Industry and Trade also announced the development of a Decree on strategic trade control. According to the Minister of Industry and Trade, the development of this Decree is also an activity to actively implement many specific solutions towards a harmonious and sustainable trade balance with many major trade partners, such as the United States or the European Union - EU.

Therefore, building an effective strategic trade control mechanism also creates a solid foundation for increasing the import of high technology and source technology from this market, thereby helping to balance the trade balance.

In a quick exchange with PLVN newspaper, Mr. Do Ngoc Hung - Head of the Vietnam Trade Office in the US, assessed that it must be recognized that the US publicly announced the application to many countries, in addition to Vietnam, there are other partners, so many countries will also be affected.
However, in the immediate future, Vietnam needs to take actions such as effectively implementing bilateral cooperation mechanisms between Vietnam and the United States. Specifically, by increasing market opening as well as importing some products with export strengths from the United States that are suitable for Vietnam's needs as well as creating conditions for US businesses to continue to increase investment in Vietnam.
In addition, the general spirit is that immediately, businesses need to be proactive in the initial stage, must "bear the pain", actively import input materials, especially materials originating from the United States to increase the content of materials with "US elements", avoiding risks in the later process when the US applies trade defense measures. At the same time, during the production and business process, it is necessary to keep invoices and documents to prove the origin of goods when necessary.
Notably, Mr. Hung said that because the tax rates imposed on other countries are also quite high, if businesses have good production and business strategies and invest in improving production capacity, there will be opportunities in this context. In addition, continuing to expand export markets and returning to develop domestic consumption is also an option that businesses can apply at present.
Mr. Hung also expects that the US's imposition of high tariffs will not only affect other countries but also directly affect US consumers. Because when import tariffs increase, US importers will have to pass on this increased cost to the selling price of goods to consumers. This will certainly reduce consumer spending and the US will also have to face increased consumer costs. Therefore, the US will apply this tariff for a while to "watch" the situation and will probably make adjustments.