Conference "Supporting businesses to overcome difficulties in the context of the US applying reciprocal taxes on exports from Vietnam"

Attending the Conference were representatives of the Ministry of Foreign Affairs, the Ministry of Science and Technology, the Ministry of Agriculture and Environment, the State Bank of Vietnam, leaders of relevant functional units of the Ministry of Industry and Trade, representatives of the WTO and Integration Center of the Vietnam Federation of Industry and Commerce (VCCI), delegates from industry associations and major export enterprises in the industry, including: Vietnam Textile and Apparel Association, Vietnam Leather, Footwear and Handbag Association, Vietnam Steel Association, Association of Seafood Processors and Exporters, Vietnam Timber and Forest Products Association, Vietnam Automobile Manufacturers Association, Vietnam Electronic Enterprises Association, Vietnam Logistics Services Enterprises Association, Thanh Cong Group, Vingroup Corporation, VinFast Production and Trading Joint Stock Company, Truong Hai Group Joint Stock Company, Chemical Group, FPT Corporation, Apple Vietnam Company Limited, Intel Products Vietnam Company Limited.

The Ministry of Industry and Trade held a conference to support businesses in overcoming difficulties in the context of the US applying reciprocal taxes on goods exported from Vietnam.

Reporting at the Conference, Mr. Nguyen Anh Son - Director of the Import-Export Department assessed: 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 United States is currently Vietnam's largest export market (accounting for 29.5% of total merchandise exports) and Vietnam is the 8th largest trading partner of the United States.

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, accounting for 21.9%; Wood and wood products, accounting for 7.58%; Agriculture, aquaculture, and seafood, accounting for 3.45%... When this policy is applied, Vietnam's export goods will find it more difficult to compete 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 the possibility of reduced profits, narrowing of orders and export market share, as well as disruptions to the supply chain and increased inventories, when US partners can find alternative sources of goods from countries that are not subject to high taxes.

Minister Nguyen Hong Dien chaired the conference.

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

Faced with that situation, the leaders of our Party and State promptly directed the Central and local ministries, branches and localities to urgently and synchronously deploy many tasks and solutions before, during and after the US announced the reciprocal tax rate. Most recently, 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; with the Head of the Delegation being the Minister of Industry and Trade, the Deputy Head and members of the Negotiation Delegation being the Leaders of the Ministries of Industry and Trade, Finance, Agriculture and Environment, Science and Technology, Foreign Affairs, State Bank of Vietnam, Home Affairs and the Vietnamese Ambassador to the United States. The Negotiation Delegation has the task of: Chairing and coordinating with relevant ministries and branches to develop scenarios and negotiation plans with the United States on reciprocal trade agreements, in the spirit of ensuring national and ethnic interests and harmonious benefits, shared risks; negotiate 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 Secretary of the Treasury of the United States to notify the negotiating focal point of Vietnam, requesting the United States to confirm information about the US negotiating team and the negotiation schedule.

At the Conference, delegates from industry associations, enterprises and relevant ministries and branches focused on discussing and assessing the general import-export situation of Vietnam and the export situation of some goods to the United States; analyzing the policies of some major markets in the world and updating the situation in the United States; forecasting difficulties and challenges for import-export activities in the coming time; proposing negotiation plans on trade issues with the United States and recommending solutions to remove and support businesses to proactively adapt to the new situation to continue to maintain and promote production, export, and promote sustainable growth.

Representatives of units under the Ministry, representatives of ministries, branches, associations and enterprises attended the conference.

Concluding the Conference, Minister Nguyen Hong Dien acknowledged the opinions and reflections on difficulties, obstacles and recommendations, proposed solutions as well as negotiation plans of industry associations and enterprises; at the same time, he said that in recent days, the leaders of the Party, State and Government, the Prime Minister have been determined and made efforts to implement many diplomatic activities, and at the same time directed the Ministry of Industry and Trade and relevant ministries and branches to synchronously implement many solutions to solve problems, find reasonable solutions for both sides, aiming to achieve a suitable, stable, balanced and mutually beneficial reciprocal trade agreement. However, the Minister said that the difficulties from the US imposing 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 key groups of 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.

The Minister requested that industry associations and export enterprises continue to send written recommendations and proposals to the Ministry of Industry and Trade before April 20, 2025 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.

---

Source: Import and Export Department

Source: https://moit.gov.vn/tin-tuc/hoat-dong/hoat-dong-cua-lanh-dao-bo/hoi-nghi-ho-tro-cac-doanh-nghiep-thao-go-kho-khan-trong-boi-canh-hoa-ky-ap-dung-thue-doi-ung-len-hang-xuat-khau-tu-viet-.html