General Statistics Office recommends solutions to respond to reciprocal taxes from the US

Workers working in a Samsung phone factory - Photo: B.NGOC

15 largest commodity groups exported to the US in 2024

According to this agency, before the US decided to impose reciprocal taxes on exports from Vietnam, many groups of goods exported to the US in the past were still subject to an average import tax rate of about 12%.

Among them, there are products subject to 7% and 12% tax, and even Vietnamese products exported to the US are currently subject to a tax rate of up to 27%.

The reason is that Vietnam has not signed a free trade agreement with the US. Furthermore, the 46% tax rate (currently suspended for 90 days) is an overall figure, not applied uniformly, but applied to each product line.

Therefore, the General Statistics Office recommends that businesses stay calm and continue negotiating with brands and buyers to adapt to the new tax rate.

In fact, American consumers still have great demand for Vietnamese products and Vietnam is still maintaining relations with many major partners around the world, including the US.

Regarding export items that will be greatly affected in the US, according to the General Statistics Office, there are 15 groups of goods and items, including: Computers and components, machinery, equipment, tools and other spare parts, textiles, phones and components, wood and wood products.

Footwear of all kinds, means of transport and spare parts, plastic products, seafood, groups of products such as handbags, wallets, suitcases, hats, umbrellas.

Toys and sports equipment, iron and steel products, iron and steel of all kinds, camera and video camera groups, components, cashew nuts.

The total export turnover of these 15 groups of goods and items to the US in the period 2020-2025 is as follows: In 2020 about 77 billion USD, in 2021 about 96.2 billion USD, in 2022 about 109.3 billion USD, in 2023 about 97 billion USD, in 2024 about 119.5 billion USD.

However, in a recent announcement, President Trump said the US will not impose reciprocal taxes on phones and computers exported to the US.

	billion dollars
Computers, components	23.2
Other machinery and equipment	22
Textile	16.1
Phones, accessories	9.8
Wood, wood products	9
Shoes	8.2
Vehicles, spare parts	3.2
Plastic products	3
Seafood	1.8
Handbags, wallets, suitcases, hats, umbrellas	1.8
Toys, sports equipment	1.7
Iron and steel products	1.3
Iron and steel of all kinds	1.3
Camera, camcorder	1.2
Cashew	1.1

What products should be imported from the US?

Assessing the impact of reciprocal taxes on Vietnamese exports to the US in the short term (10% tax rate for 90 days), the General Statistics Office said that because exporting enterprises have negotiated prices with buyers in advance, when taxes change, brands and labels must consider their business strategies to adjust.

American consumers will be directly affected when product prices increase.

In the medium term, businesses need to wait for the negotiation between the two governments within 90 days to have appropriate response plans.

After the negotiations are completed, there will be specific tariffs on each group of goods in the US, such as: automobiles, textiles, footwear, phones, components, etc. Businesses need to closely monitor to have appropriate business plans.

And to improve the trade balance with the US, the General Statistics Office said the Government has just added preferential import tax rates for a number of items such as cars, cherries, apples, raisins, etc., many of which are of American origin.

Besides, in the current context, it is necessary to effectively implement cooperation mechanisms and bilateral agreements with the US such as: Vietnam - US Trade and Investment Framework Agreement (TIFA), Vietnam - US Bilateral Trade Agreement (BTA).

At the same time, it is necessary to increase investment attraction from the US and increase imports of US technology products, including items planned to increase imports from the US such as helicopters, airplanes, energy, and electrical equipment.

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BAO NGOC

Source: https://tuoitre.vn/cuc-thong-ke-khuyen-nghi-giai-phap-ung-pho-thue-doi-ung-tu-my-20250416110630505.htm