Vietnam’s export goods do not compete directly with those of the US but are complementary. The two sides have also increased dialogue, creating favorable conditions for US investors to enter Vietnam.
Deputy Minister Nguyen Sinh Nhat Tan - Photo: DANH KHANG
On the afternoon of March 5, at the regular Government press conference, Tuoi Tre reporters asked questions related to the impact of US President Donald Trump's trade policy, which is causing much concern for Vietnam's export industries. Accordingly, the Prime Minister directed that a meeting will be held this week to discuss response measures.
"So how do ministries and branches assess the possibility of reciprocal taxes, the impact of tax increases on wood, steel, and automobile products, and proactively come up with solutions to respond?" - Tuoi Tre newspaper stated.
Proactively research and have response strategies
In response, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that as soon as Mr. Trump was elected, the Prime Minister directed the study of policies and response measures. Accordingly, the Ministry of Industry and Trade has researched, forecasted and reported the situation to the Government for solutions.
Updating the situation, Mr. Tan said that so far the US government has introduced policies to impose taxes on a number of goods and countries, with different impacts. In recent times, the Ministry of Industry and Trade has closely monitored the US's policy moves towards countries.
At the same time, the ministry also, through the US Embassy in Vietnam, the Vietnamese Embassy in the US, and direct contact with the Department of Commerce and the US Trade Representative (USTR), proactively conveyed the message to the US about the desire to maintain and build a harmonious, sustainable, and mutually beneficial economic and trade relationship.
Accordingly, Vietnam affirms that there is no policy that could harm US workers or national security. Next week, the Minister of Industry and Trade is expected to directly discuss with the US Trade Representative on economic and trade issues of mutual concern.
Mr. Tan said that Vietnam and the US are two complementary economies. The imbalance in trade between the two countries stems from the complementary nature of the two economies, and is due to the export and foreign trade structures of the two countries, not due to any other reason.
Vietnamese goods exported to the US mainly compete with third countries, not directly with US businesses in the market. On the contrary, Vietnamese goods also create conditions for US consumers to use cheap Vietnamese goods.
He affirmed that Vietnam is an open economy, in the integration process, Vietnam pursues a free trade policy, the difference in tariffs on US goods is not much. In the coming time, this tax rate may continue to decrease, because Vietnam advocates reducing MFN taxes on many goods.
Therefore, some US products with high competitive advantages, such as automobiles, agricultural products, liquefied gas, ethanol, etc., will benefit from this policy, and at the same time will create positive import flows from the US, contributing to improving the trade balance between the two countries.
Will import more American goods
He also said that the two countries have a policy dialogue mechanism established under the Vietnam-US Trade and Investment Framework Agreement. Therefore, existing issues in bilateral trade and economy, if any, will be proactively discussed through the Vietnam-US Trade and Investment Council (TIFA).
At the same time, the Vietnamese Government has also proactively assigned ministries and branches to review difficulties and develop solutions to issues of concern to the US; on the basis of fair and reciprocal trade, in accordance with the law, and in harmony and satisfactory response to the interests of all parties.
Vietnam will also create favorable conditions for US investors to participate in the formation and development of key industries in Vietnam, especially key energy (new energy, hydrogen, nuclear power, etc.). This creates the premise to increase the import of liquefied gas, fuel, machinery and equipment, and technology from the US, thereby contributing to improving the trade balance.
Regarding businesses, the Deputy Minister of Industry and Trade said that he has proactively coordinated with industries to prepare for different scenarios. Businesses need to continue to proactively develop roadmaps and solutions to diversify export markets, improve product quality, ensure technical standards, labor, environment, control the origin of raw materials, etc.
Nervous about Trump's taxesSource: https://tuoitre.vn/se-tang-nhap-khau-khi-hoa-long-may-moc-cong-nghe-tu-my-de-giam-tham-hut-thuong-mai-20250305163256174.htm
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