Ministry of Industry and Trade: US imposes 20% reciprocal tax on Vietnam

The US adjusted reciprocal taxes for 69 countries and territories, in which the rate for Vietnam decreased from 46% to 20%.

On August 1, the Ministry of Industry and Trade announced that the White House (USA) had posted President Donald Trump's Executive Order on adjusting reciprocal tax rates. Accordingly, the US decided to adjust reciprocal tax rates for 69 countries and territories listed in Appendix I.

"According to this Appendix, the reciprocal tax rate for Vietnam is reduced from 46% to 20%," the Ministry of Industry and Trade's announcement said.

Since late April, after the US announced a delay in imposing reciprocal tariffs and agreed to start negotiations with Vietnam, Prime Minister Pham Minh Chinh established a Government Negotiation Delegation headed by the Minister of Industry and Trade and directed the development of a negotiation plan.

The Ministry of Industry and Trade said that during the negotiation process, Vietnam and the US focused on discussing and achieved much progress in issues such as tariffs, rules of origin, customs, agriculture , non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, trade cooperation, etc.

In the coming time, the two sides will continue to discuss and implement the next steps towards completing the reciprocal trade agreement on the principles of openness, constructiveness, equality, respect, mutual benefit and consideration of each other's development level.

"The two sides will also strive to promote stable economic, trade and investment relations, harmonizing interests, commensurate with the Vietnam - US Comprehensive Strategic Partnership," the operator informed.

According to US Customs data, two-way trade last year reached 149.7 billion USD, of which Vietnam exported 136.6 billion USD and imported 13.1 billion USD from this country. Vietnam's trade surplus with the US was 123.5 billion USD, ranking 3rd among countries with the largest trade surplus with the US (after China and Mexico).

In the first 5 months of the year, two-way trade reached 77.4 billion USD, up 36.5% over the same period in 2024. Of which, Vietnam exported 71.7 billion USD (up 37.3%) and imported 5.7 billion USD (up 30.7%). Vietnam's trade surplus with the US was 64.8 billion USD (up 29%), ranking 4th after China, Mexico and Iceland.

Source: https://baohatinh.vn/bo-cong-thuong-my-ap-thue-doi-ung-20-voi-viet-nam-post292924.html