Prime Minister chairs meeting with ministries and branches on tax rates...

On the morning of April 3, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with ministries and branches to assess the situation and discuss immediate and long-term solutions after the United States announced reciprocal tariffs on goods from many countries, including Vietnam.

According to the Government Electronic Information Portal, speaking at the meeting, Prime Minister Pham Minh Chinh emphasized that the current situation shows that trade competition is becoming more fierce, more complicated, and more unpredictable. In recent times, Vietnam has made great efforts to implement synchronous and comprehensive solutions in politics, diplomacy, economy, and people-to-people exchange to cope with the situation.

According to the Prime Minister, the US imposition of tariffs is not in line with the good relations between the two countries, the wishes of the people on both sides, and Vietnam's efforts in recent times.

Prime Minister Pham Minh Chinh chairs a meeting of the Government Standing Committee with ministries and branches (Photo: VGP)

In the coming time, the Prime Minister requested ministries and branches to be calm, courageous, have proactive, flexible, timely and effective responses to all developments to continue to overcome difficulties, obstacles and external shocks as they have done in recent years in the context of the pandemic, conflicts in many places around the world, and supply chain disruptions...

Along with directing a number of comprehensive, harmonious, reasonable, effective measures, both short-term and long-term, the Prime Minister requested the immediate establishment of a rapid response team on this issue headed by Deputy Prime Minister Bui Thanh Son; assigned Deputy Prime Minister Ho Duc Phoc to chair and direct ministries and branches to organize listening to opinions from businesses, including large export enterprises.

The Prime Minister emphasized that this is also an opportunity to affirm the nation's mettle and strength; an opportunity to restructure the economy towards rapid but sustainable development, greening, digitalization, based on science and technology, innovation; promote the building of an independent, self-reliant economy associated with deep, substantive, and effective international integration; promote market expansion, diversification of markets, products, and supply chains; promote localization; promote exploitation of domestic markets and resources.

The Prime Minister emphasized that the GDP growth target of 8% or more in 2025 remains unchanged.

Previously, on April 2, 2025 (US time), US President Donald Trump officially announced a new tariff policy, applying a basic tax rate of 10% to all goods imported into the US. Notably, Vietnam is among the countries subject to the highest tax rate, up to 46%.

This policy was introduced in response to tariffs and trade barriers that many other countries are applying to US goods, and at the same time to narrow the country's trade deficit.

In addition to Vietnam, China (34%) and Cambodia (49%) are among the countries with the highest tariffs. Other countries with lower tariffs include the UK, Brazil and Singapore at 10%, while the European Union, Japan, South Korea, Malaysia and India are charged between 20% and 26%.

Source: https://baodaknong.vn/thu-tuong-chu-tri-cuoc-hop-voi-cac-bo-nganh-ve-muc-thue-moi-cua-my-248182.html