Ministry of Industry and Trade: There is still room for discussion and negotiation with the US

Mr. Ta Hoang Linh - Director of the Foreign Market Department (Ministry of Industry and Trade) said that according to the announcement of the White House, the reciprocal tariffs that the United States imposes on its trading partners are aimed at overcoming global trade injustice and bringing production back to the country.

The tariffs will remain in place until the United States determines that the threat posed by the trade deficit and unfairness in trade is addressed, remedied or mitigated. Therefore, the Ministry of Industry and Trade believes that there is still room for discussion and negotiation between the two sides to reach a mutually beneficial outcome.

On the morning of April 3, immediately after the United States announced the imposition of tariffs, Minister of Industry and Trade Nguyen Hong Dien sent a diplomatic note requesting the United States to postpone the decision to impose tariffs to take time to discuss and find a reasonable solution for both sides.

The Ministry is also arranging a phone call between the two Ministers as well as at the technical level with colleagues at the Office of the United States Trade Representative (USTR) at the earliest opportunity.

Mr. Linh added that in 2025, the Ministry of Industry and Trade aims for export growth of about 12%, equivalent to about 450 billion USD. This target is set in the context of global economic recovery and Vietnam taking advantage of signed free trade agreements.

"In case Vietnam and the US cannot find a positive solution, this tax will have a certain negative impact on the export growth target. However, this is also an issue that the Ministry of Industry and Trade has predicted and prepared for. The Ministry of Industry and Trade has also proposed a specific Action Plan to the Government and recommended businesses to take necessary steps when the problem occurs," said Mr. Linh.

The Ministry of Industry and Trade forecasts that in the coming time, export activities will face many difficulties, therefore, close coordination between ministries, sectors and enterprises is needed to effectively implement proposed solutions to achieve the export growth target in 2025.

To realize the above goal, the Ministry of Industry and Trade believes that export enterprises need to take advantage of existing strengths, which are 17 free trade agreements with over 60 countries and territories and 70 bilateral cooperation mechanisms.

Notably, according to Mr. Linh, the US market accounts for 13% of global imports and Vietnam still has many opportunities to exploit the remaining 87% of the world market. The Ministry of Industry and Trade will continue to make efforts to open up export routes to new markets with much room for growth, such as continuing to promote FTA negotiations with new markets in the Middle East, Latin America, Central Asia and other emerging markets.

In addition, trade promotion and logistics infrastructure improvement should be strengthened to reduce transportation costs and enhance the competitiveness of Vietnamese goods.

In addition, the Ministry of Industry and Trade also aims to expand the system of Vietnamese Trade Offices abroad to better support businesses in trade connection and export promotion.

In the long term, Vietnam will also have to restructure its economy, diversify markets, diversify products, and diversify supply chains to ensure rapid and sustainable development. Because a sustainable export industry cannot rely solely on processing, but must also rely on science, technology, and innovation to make the economy more resilient and minimize negative impacts from external shocks.

Nhat Thu

Source: https://baophapluat.vn/bo-cong-thuong-con-khong-gian-de-trao-doi-dam-phan-voi-my-post544385.html