Vietnam does not impose 90% tax on US goods

Vietnam is facing record high reciprocal import tariffs from the United States after President Donald Trump signed an executive order imposing a 46% tax on Vietnamese goods. However, a representative of the Vietnamese Ministry of Finance has rejected the US's calculation, asserting that the actual tax rate is much lower than the 90% figure given by the US.

At the regular press conference of the first quarter of 2025 of the Ministry of Finance held on the afternoon of April 3, Mr. Truong Ba Tuan, Deputy Director of the Department of Management and Supervision of Tax, Fee and Charge Policies (Ministry of Finance) said: "The average tax rate that Vietnam is applying to imported goods from the US is only about 9.4%, most US goods imported into Vietnam are subject to a tax rate of no more than 15%".

Rubber is one of the export items to the US market.

This statement directly refuted the US's argument when applying a 46% reciprocal tax rate on Vietnamese goods based on the accusation that Vietnam is imposing a tax of up to 90% on US goods.

Mr. Tuan emphasized the need to clarify the basis of the US's calculation: "When we drafted the Decree, we reviewed many taxes on imported goods. However, comparing the numbers that the US calculated this morning, we need to consider the basis on which the US announced such numbers."

According to a representative of the Ministry of Finance, the newly announced 46% tax rate by the US is "much higher than the actual rate" and will negatively impact many manufacturing industries in Vietnam, especially those with large export proportions such as electronics, agriculture, textiles and footwear.

Deputy Minister of Finance Nguyen Duc Chi emphasized Vietnam's stance towards balancing trade in a direction that is "better for all parties".

"The direction is to persistently share with partners to move towards a positive balance, towards increasing turnover without increasing taxes, so that people of both countries can benefit," Deputy Minister Chi emphasized.

He added that the Vietnamese government leaders will visit the US this weekend to discuss directly the issue of reciprocal tariffs. Deputy Minister Chi expressed his hope: "We believe that the level announced by the US government is the maximum, the specific level will still be considered."

It is expected that the Minister of Industry and Trade will meet with the US Trade Representative on March 13 to discuss this issue directly, in order to find a harmonious solution for both sides.

Previously, the Vietnamese Government also anticipated and proactively responded to President Trump's trade policies from the beginning of 2025.

NGUYEN NAM

Source: https://baobariavungtau.com.vn/kinh-te/202504/viet-nam-khong-ap-thue-90-voi-hang-hoa-my-1038798/