Vietnam seeks US's delayed imposition of new tariffs for negotiations: Deputy PM

Deputy Prime Minister Ho Duc Phoc announced on Friday that the Vietnamese Government has proposed the US delay its imposition of new 46 % tariffs on Vietnamese goods for 1-3 months, aiming to pave the way for negotiations that ensure fair taxation.

Phoc made the statement at his working session in Ha Noi with enterprises exporting products to the US, industry associations, and related agencies.

The Deputy PM expressed his surprise at the US's decision announced on April 2, but underscored Vietnam's consistent openness and cooperation with the US in securing equitable tariffs, curbing goods transshipment, and fostering mutually beneficial trade.

He highlighted a recent decree, issued on March 31, slashing 23 tariff lines on goods imported from the US, many now at 0 %, as proof of Vietnam's goodwill. The country has also fast-tracked contracts for US products like aircraft and liquefied natural gas (LNG), while easing the way for US investment and trade.

Looking ahead, Phoc affirmed Vietnam's intent to boost imports of US raw materials and equipment, noting that the two nations’ goods complement each other rather than compete. He reiterated Vietnam's firm stance against trade fraud, ensuring it will not serve as a transshipment hub, and pledged adherence to international commitments to avoid affecting businesses and the economy of Vietnam, the US's consumption, the Vietnam-US Comprehensive Strategic Partnership and global supply chains.

Vietnam will also roll out measures to increase cooperation with the US in sci-tech and digital transformation, and increase imports of American-made products as well, the Deputy PM said.

He encouraged Vietnamese exporters to hold steady on prices while waiting for the results of negotiations and to adopt proactive strategies to maintain their US market shares. The Vietnamese Government, Phoc added, will work closely with businesses to devise solutions to weather these challenges.

The Deputy PM also called on the American Chamber of Commerce (AmCham) in Vietnam and the US-ASEAN Business Council to convey the message of goodwill from the Vietnamese Government and business community to President Donald Trump’s administration to foster effective talks that could further reinforce the Vietnam-US comprehensive strategic partnership.

Virginia Foote, Vice Chair of AmCham Ha Noi, welcomed Vietnam's efforts, noting US companies’ eagerness to finalise deals in energy, LNG, and aviation to balance trade.

She highlighted US firms’ confidence in Vietnamese consumers’ demand, thus driving their push to expand in this vibrant market.

Foote also advised Vietnam to show its efforts in combating the transshipment of goods and thoroughly resolving accusations and rumors that are not beneficial to Vietnam.

Opinions suggest that Vietnam's exports of agricultural, forestry, fishery products, and footwear to the United States are not only products that meet increasingly high standards and possess comparative advantages, but also contribute to the economy and benefit US consumers, as heard from the meeting.

The export of goods from Vietnam to the US is mutually beneficial; businesses and associations affirm their readiness to increase imports of US products, provide evidence to verify origin and capacity to support negotiations, and stress that "by all means, this market must be maintained."

Providing various practical consultations for the Vietnamese Government in negotiations with the US, especially regarding product categories, industries, and tax imposition timelines, representatives of associations and enterprises also propose measures to reduce the trade deficit between the two countries. They pledge to continue actively cooperating with the Vietnamese Government to address future challenges. 

Viet Nam News

Asia News Network