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

Deputy PM Ho Duc Phoc speaks at the event (Photo: VNA)

Hanoi – Deputy Prime Minister Ho Duc Phoc announced on April 4 that the Vietnamese Government has proposed the US delay its imposition of new 46 per cent 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 Hanoi 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 results of negotiations and 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 Hanoi, 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 transshipment of goods and thoroughly resolving accusations and rumours that are not beneficial to Vietnam.

Stating that Vietnam is the global base of Samsung Group, a representative of Samsung Vietnam suggested that during the negotiation process, the Government should emphasise the important role of Vietnam in the global supply chain.

Imposing a uniform tax of 46 per cent on goods originating from Vietnam not only affects the global supply chain but also creates a burden for US consumers and businesses, the representative elaborated.

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Vietnam urges US to delay tariff decision In response to the United States’ decision to impose a 46 per cent tariff on Vietnamese exports, the Ministry of Industry and Trade (MoIT) has urged Washington to delay the enforcement of the measure in the hope of finding a mutually beneficial solution through constructive dialogue.

AmCham urges US to consider tariffs grace period While AmCham acknowledges the need to address the growing trade deficit between the two nations, we strongly urge the US administration to consider implementing a grace period for the just announced reciprocal tariffs on Vietnam.