At the regular press conference on April 4, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that it is necessary to stay calm because if we assess the situation in a negative way, it will not be complete. The management agency will have the most timely and appropriate solution, harmonizing the interests of both sides before the US reciprocal tax takes effect.
According to the decree signed by US President Donald Trump on April 2 local time, from April 5, the US will apply a 10% tax rate on all trading partners and apply individual reciprocal taxes on a series of other countries from April 9, 2025, including a 46% tax on Vietnam.
Vietnam is among the countries subject to the highest tax rates. This tax rate is imposed to "counter" the import tax that Vietnam is applying to US goods, which is about 90%, according to this country's calculation.
According to Deputy Minister Nguyen Sinh Nhat Tan, Vietnam can take advantage of opportunities related to the story of economic independence and autonomy in the integration process. This weekend, the Government leaders will visit the US to discuss many issues directly related to the US's reciprocal tariffs. Vietnam has prepared many issues that the US is interested in for discussion and negotiation.
"We will explain more clearly and specifically about policies, import-export management, taxes and other related contents," the Deputy Minister shared.
Regarding this issue, Director of the Foreign Market Development Department Ta Hoang Linh informed that on the morning of April 3, after the US announced the imposition of taxes, Minister of Industry and Trade Nguyen Hong Dien sent a diplomatic note requesting the US to postpone the decision to impose the above taxes to take time to discuss and find a reasonable solution for both sides.
The Ministry of Industry and Trade is currently arranging a phone call at the ministerial and technical levels with the US Trade Representative (USTR) and the US Department of Commerce as soon as possible.
According to Mr. Linh, 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, it also creates conditions for American consumers to use cheap Vietnamese goods.
Vietnam's current average MFN tariff on imported goods is 9.4%. Therefore, the fact that the US is assessing Vietnam to impose a 90% tariff on US goods and the US is imposing a 46% tariff on Vietnamese goods is really unfair, and does not reflect Vietnam's goodwill and efforts over the past time in dealing with the trade deficit and building a harmonious and sustainable trade relationship between the two countries.
"The Ministry of Industry and Trade hopes that the US will implement fair trade, expand discussion opportunities, and cooperate more closely to work towards an economic and trade cooperation framework that ensures tax benefits, opens markets for goods and services, and removes trade barriers... in line with the interests of both countries," Mr. Linh emphasized.
On the same afternoon, at a meeting with associations, businesses, and diplomatic agencies to discuss tariff solutions with the US, Deputy Prime Minister Ho Duc Phoc said that the Government proposed that the US temporarily postpone the imposition of reciprocal tariffs for 1-3 months to negotiate, in the spirit of ensuring fairness and mutual benefit. The Deputy Prime Minister asked Vietnamese enterprises exporting to the US market to maintain their export prices while waiting for the negotiation results. At the same time, they should proactively come up with appropriate and effective solutions to "retain the US market". |
Source: https://doanhnghiepvn.vn/kinh-te/chinh-sach/lanh-dao-chinh-phu-sap-sang-my-trao-doi-ve-thue-doi-ung/20250404083750147
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