The US imposes retaliatory tariffs of 46%; the Prime Minister holds an emergency meeting and requests the establishment of a rapid response team.

The Prime Minister emphasized that this is also an opportunity to promote the building of an independent and self-reliant economy associated with deep, substantive, and effective international integration; and to promote market expansion and diversification.

On the morning of April 3rd, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with ministries and agencies to assess the situation and discuss solutions following the US announcement of retaliatory tariffs on goods from many countries, including Vietnam.

Prime Minister Pham Minh Chinh emphasized that the current situation shows that trade competition is becoming more intense, complex, and unpredictable. Over the past period, Vietnam has made great efforts to implement comprehensive and synchronized solutions in politics , diplomacy, economics, and people-to-people diplomacy to respond to the situation.

According to the Prime Minister , the imposition of tariffs by the United States is inconsistent with the good relations between the two countries, the wishes of the people on both sides, and Vietnam's efforts in recent times.

The Prime Minister requested the immediate establishment of a rapid response team on this issue, headed by Deputy Prime Minister Bui Thanh Son; and assigned Deputy Prime Minister Ho Duc Phoc to chair and direct ministries and agencies to gather feedback from businesses, including large export businesses.

The Prime Minister also requested that ministries and agencies remain calm, resolute, and proactively, flexibly, promptly, and effectively respond to all developments in order to continue overcoming difficulties, obstacles, and external shocks, as they have done in recent years amidst the pandemic, conflicts in many parts of the world, and supply chain disruptions.

Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with ministries and agencies to assess the situation and discuss immediate and long-term solutions after the United States announced retaliatory tariffs on goods from many countries, including Vietnam - Photo: VGP/Nhat Bac

The Prime Minister emphasized that this is also an opportunity to affirm the nation's resilience and strength; an opportunity to restructure the economy towards rapid but sustainable development, greening, digitalization, based on science and technology, and innovation; to promote the building of an independent and self-reliant economy associated with deep, substantive, and effective international integration; to promote market expansion, diversification of markets, products, and supply chains; to promote localization; and to promote the exploitation of domestic markets and resources.

Previously, US President Donald Trump announced reciprocal tariffs on various trading partners. Vietnam was subject to a 46% tariff, the second highest on the list (only behind Cambodia at 49%), effective from April 9th. This tariff rate for Vietnam is even higher than that of China (34%), the EU (20%), India (26%), and Japan (24%).

In particular, the tariffs imposed on Vietnam are higher than those on competing countries in the US market such as Thailand (36%), India (26%), Indonesia (32%), Malaysia (24%), Bangladesh (37%), Philippines (17%), Pakistan (29%), etc.

According to calculations, if Vietnam's exports to the US remain at $119 billion per year, our goods would be subject to approximately $54.74 billion in taxes, equivalent to more than 10% of Vietnam's GDP.

According to statistics from the General Department of Customs, in 2024, Vietnam exported nearly $120 billion to the US, an increase of 23.2% (equivalent to an increase of $22.48 billion) compared to the previous year and accounting for 29.5% of the country's total export turnover.

Exports to the US market in the first two months of 2025 reached $19.56 billion, an increase of 16.5%, equivalent to an increase of $2.77 billion compared to the same period last year.

The US has consistently been Vietnam's largest export market for many years, as it is considered a large consumer market with high demand.

Therefore, as many as 15 product groups exporting to the US reached a turnover of over $1 billion in 2024, including: computers and components; machinery and equipment; textiles; telephones; wood and footwear... In addition, agricultural products also made an important contribution.

Source: https://phunuvietnam.vn/my-ap-thue-doi-ung-46-thu-tuong-hop-khan-yeu-cau-lap-to-phan-ung-nhanh-20250403133939828.htm