Vietnam attends special ASEAN conference to discuss US tariff policy

The conference was chaired by the Minister of Investment, Trade and Industry of Malaysia in its capacity as ASEAN Chair in 2025.

The Vietnamese delegation attending the Conference was led by Minister of Industry and Trade Nguyen Hong Dien.

Minister Nguyen Hong Dien spoke at the conference.

The conference was held in the context of the US government announcing the application of a basic reciprocal import tax of 10% on all imported goods from April 5 and additional tax rates on countries with large trade deficits with the US from April 9.

However, on the morning of April 10, President Trump announced that he would increase US tariffs on imports from China to 125%. At the same time, he would suspend reciprocal tariffs for 90 days on more than 75 countries that "did not retaliate" but contacted him for negotiations.

At the Conference, ASEAN Economic Ministers exchanged and assessed the situation and discussed ASEAN's strategic approach to the US unilaterally imposing tariffs on countries (including ASEAN) to protect regional economic interests and reduce negative impacts on businesses and people's lives.

On the Vietnamese side, Minister of Industry and Trade Nguyen Hong Dien said that Vietnam has been proactive in exchanges, dialogues and negotiations with the US.

"Vietnam believes that ASEAN needs to prioritize promoting cooperation with external partners in general and the US in particular in areas of mutual interest, thereby realizing long-term development goals and enhancing ASEAN's position in the new context," said Minister Nguyen Hong Dien.

At the same time, the Minister also acknowledged and supported the content of the Joint Statement discussed by Vietnam and ASEAN countries.

"Vietnam supports ASEAN's comprehensive, flexible and practical approach to enhancing economic autonomy and promoting supply chain diversification through effectively utilizing existing FTAs, including upgrading the ASEAN Trade in Goods Agreement (ATIGA)," Mr. Dien emphasized.

After discussions, the Ministers agreed to adopt the Joint Statement of ASEAN Economic Ministers, expressing the common stance of the bloc on the US application of reciprocal tariffs on a number of contents:

Affirming the importance of the ASEAN-US comprehensive strategic partnership for regional economic growth, contributing to promoting peace and stability, bringing practical benefits to both the region and the US. Currently, ASEAN is the 5th largest trading partner of the US, the US is currently the second largest trading partner and largest investor of ASEAN.

Expressed ASEAN’s deep concerns over the negative impact of the new US tax policy, which could pose significant challenges to the business community, especially small and medium enterprises, potentially undermining global economic growth prospects, disrupting supply chains as well as trade and investment flows.

Reaffirm ASEAN’s commitment to a rules-based, predictable, transparent, free, fair, inclusive and sustainable multilateral trading system with the World Trade Organization (WTO) playing a central role and call on the US to engage in constructive and candid dialogue to address trade-related concerns and ensure a balanced and sustainable relationship;

Committed to continuing cooperation with the US in trade, investment and high value-added areas of mutual interest; ready to strengthen cooperation with the US on existing cooperation mechanisms such as the ASEAN-US Trade and Investment Framework Agreement (TIFA) and the Expanded Economic Engagement Work Plan (E3) to seek appropriate solutions to issues of mutual benefit.

PHAM DUY

Source: https://vtcnews.vn/viet-nam-tham-du-hoi-nghi-dac-biet-cua-asean-ban-ve-chinh-sach-thue-quan-cua-my-ar936814.html