Quickly deploy measures to respond to US tax policies

(BD) - On the morning of April 4, at the Provincial People's Committee Office, Chairman of the Provincial People's Committee Pham Anh Tuan chaired a meeting to assess the impact of the US tax policy on the province's industries and discuss response measures. Attending the meeting were representatives of a number of departments, branches, the Binh Dinh Timber and Forest Products Association (FPA Binh Dinh) and enterprises with large volumes of goods exported to the US market.

Chairman of the Provincial People's Committee Pham Anh Tuan gave a speech at the meeting. Photo: T.SY

According to representatives of the Department of Industry and Trade, Binh Dinh FPA and enterprises attending the meeting, the US is the main import-export market of many enterprises operating in the production and trading of wood, garment, construction stone and seafood products. In 2024, export turnover to the US market is estimated to reach 604 million USD, accounting for 34.5% of the total import-export turnover of the whole province; import turnover reached 11.6 million USD. The US's application of a 46% reciprocal tax rate on goods from Vietnam will have a profound impact on enterprises producing and exporting the above-mentioned industries . Currently, many partners from the US have asked enterprises in the province to renegotiate signed orders; some other partners have postponed the signing of new orders. In the coming time, import-export to the US market will certainly face many difficulties, costs and export barriers will also increase. This increases pressure on capital, income, employment and employee retention... The province's import-export turnover and investment attraction in the coming time will also be greatly affected.

Meeting scene. Photo: T.SY

In order to reduce the pressure from the US tariff policy, in the immediate future, enterprises should proactively connect and negotiate with partners to find solutions to signed orders; cut input costs and work with units participating in the supply chain with the hope of reducing product prices. Enterprises recommend that the Provincial People's Committee and relevant agencies continue to share and support enterprises in terms of loans, taxes, and fees; support enterprises in removing difficulties arising when implementing regulations on fire prevention and fighting and environmental protection at enterprises.

Enterprises inform about the impacts and immediate solutions to reduce pressure from US tariff policy. Photo: T.SY

Speaking at the meeting, Mr. Pham Anh Tuan, Chairman of the Provincial People's Committee, shared the difficulties and challenges that businesses are facing and pledged to continue to accompany and share with businesses to overcome difficulties.

In that spirit, the provincial leaders requested the Department of Industry and Trade to review each industry of the province that is affected, propose specific solutions to support businesses. Along with that, discuss with businesses, guide them to exploit the domestic market and seek new export markets. Proactively grasp support policies on social insurance, health care, unemployment benefits and review the reality at businesses, report to the Provincial People's Committee so that the province and the Central Government can have solutions to support businesses. The Department of Finance and the tax sector review land rental prices and tax policies to support businesses.

Regarding the credit sector, Chairman of the Provincial People's Committee Pham Anh Tuan assigned Mr. Nguyen Tra Duong, Deputy Director of the State Bank Branch in Region X, to proactively work with banks in Binh Dinh to share more with businesses, not to do it in a formal way.

Taking note of the recommendations and proposals of enterprises, comrade Pham Anh Tuan directed the Department of Justice to preside over, together with departments and branches, to review the legal regulations implemented in the province that are having problems, and to report and propose immediately to the province so that the province can report to the Central Government for consideration and adjustment. "The province takes people and enterprises as the center of service, units must thoroughly understand this, sympathize with enterprises, and proactively support enterprises to overcome difficulties," the provincial leader requested.

On the part of enterprises, Chairman of the Provincial People's Committee Pham Anh Tuan suggested promoting information technology and digital transformation; reorganizing production, saving, reducing input costs; focusing on investment, applying technology, developing circular economy, creating differentiated products, to meet higher demands from markets, and improving competitiveness. Enterprises also need to proactively research and develop diversified product consumption markets.

T.SY

Source: https://baobinhdinh.vn/viewer.aspx?macm=5&macmp=5&mabb=343803