Ministry of Industry and Trade removes difficulties for businesses subject to countervailing taxes

Processing seafood for export. (Photo: Duc Duy/Vietnam+)

Minister Nguyen Hong Dien requested that Associations and export enterprises continue to send written recommendations and proposals to the Ministry of Industry and Trade before April 20 so that the Ministry can review and focus on resolving and removing issues within its authority or transfer them to relevant ministries and branches and report to the Government and the Prime Minister for consideration and direction to resolve issues that are not within its functions or beyond its authority in order to achieve the highest goal of helping Associations and enterprises respond flexibly and effectively to the new situation, continue to firmly overcome difficulties to increasingly develop and contribute more positively to the development of the country.

The above information was given by the Minister at the Conference "Supporting businesses to overcome difficulties in the context of the US applying reciprocal taxes on exports from Vietnam," organized by the Ministry of Industry and Trade on April 17, in Hanoi.

According to Mr. Nguyen Anh Son, Director of the Import-Export Department (Ministry of Industry and Trade), the international trade situation is evolving rapidly and unpredictably, especially in the context of the United States announcing the application of new tariff policies on goods from many countries around the world, including Vietnam.

The additional tax will have a strong adverse impact, greatly affecting most of Vietnam's key export groups to the United States, such as: textiles, footwear; Wood and wood products; Agricultural-aquatic-seafood products... When this policy is applied, Vietnam's export goods will have more difficulty competing with domestic goods and goods from other countries that are subject to lower tax rates when imported into the United States.

“This puts great pressure on the Vietnamese export business community in terms of potential profit reduction, shrinking orders and export market share, as well as supply chain disruptions and increased inventories, as US partners can find alternative sources of goods from countries that are not subject to high tariffs,” said a representative of the Import-Export Department.

Representatives of the units discussed and evaluated the general import-export situation of Vietnam and the export situation of some items to the United States. (Photo: PV/Vietnam+)

According to new guidance released by the US Customs and Border Protection (CBP) late on April 11, 2025, US President Donald Trump exempted reciprocal tariffs on smartphones, computers and other technology devices, and components.

However, the electronics group (computers, electronic products and components; phones of all kinds and components; cameras, camcorders and components) accounting for 28.65% of total exports to the United States is still at risk of being greatly affected as the White House said the above exemption was given because President Donald Trump wanted to ensure that businesses had time to move production back to the United States.

In that context, on April 12, 2025, Prime Minister Pham Minh Chinh signed Decision No. 753/QD-TTg on the establishment of the Government Negotiation Delegation on trade issues with the United States, headed by the Minister of Industry and Trade. The negotiation delegation is tasked with presiding over and coordinating with relevant ministries and branches to develop scenarios and plans for negotiations with the United States on reciprocal trade agreements, in the spirit of ensuring national and ethnic interests and harmonious interests, shared risks; conducting negotiations with the United States to reach a reciprocal trade agreement that is appropriate, balanced, stable, sustainable, effective, mutually respectful and mutually beneficial.

Currently, the Ministry of Industry and Trade and relevant ministries and branches are urgently preparing a negotiation plan. At the same time, on April 14, 2025, the Minister of Industry and Trade, Head of the Negotiation Delegation, also sent an official Note to the Chief Trade Representative (USTR) and the US Secretary of the Treasury to notify Vietnam's negotiating focal point, requesting the US to confirm information about the US negotiating team and the negotiation schedule.

At the Conference, Minister Nguyen Hong Dien said that in recent days, the leaders of the Party, State and Government, and the Prime Minister have been determined and making efforts to carry out many diplomatic activities, while directing the Ministry of Industry and Trade and relevant ministries and branches to synchronously deploy many solutions to resolve problems, seek reasonable solutions for both sides, aiming to achieve a reciprocal trade agreement that is appropriate, stable, balanced, and mutually beneficial.

Minister Nguyen Hong Dien suggests solutions to promote sustainable exports. (Photo: PV/Vietnam+)

However, the Minister said that the difficulties from the US's imposition of reciprocal tariffs are also an opportunity for us to proactively restructure the economy and businesses to create more positive changes in the long term. To achieve this goal, there needs to be close coordination between stakeholders from businesses, industry associations to state management agencies at all levels.

The Minister suggested 9 groups of tasks and solutions for industry associations, 8 groups of tasks for manufacturing and exporting enterprises and requested relevant ministries and branches to pay attention to implementing 5 groups of key solutions to promptly support enterprises in removing difficulties, responding flexibly and effectively to changes in import policies from major countries (especially the United States), and maintaining sustainable growth.

Source: https://baobinhphuoc.com.vn/news/4/171726/bo-cong-thuong-thao-go-kho-khan-cho-cac-doanh-nghiep-bi-ap-thue-doi-ung