On May 7, Vietnam and the US will conduct the first negotiation session on tariffs.

Prime Minister Pham Minh Chinh said that since the beginning of the year, the world situation has had many extremely complicated and unpredictable developments. In particular, the US's sudden announcement of a large-scale reciprocal tax policy at a high level has negatively impacted global economic growth, seriously threatening the supply chain and international trade and investment flows.

The IMF has lowered its forecast for global economic growth in 2025 to 2.8% (down 0.5% from the previous forecast); Fitch Ratings forecasts below 2% (down 0.4%); S&P Global forecasts 2.2% (down 0.3%).

The Prime Minister stated that in response to the US announcement of its new tariff policy, we have been calm, courageous, proactive, and have taken many timely, flexible, and appropriate response measures, and have initially achieved positive results. Vietnam is one of the first countries with which the US has agreed to negotiate.

Implementing the direction of the Politburo and General Secretary To Lam, the Government and the Prime Minister have been closely directing the negotiating team and ministries and agencies to monitor the situation, urgently complete the plan and be ready to negotiate with the US in the spirit of "harmonized benefits - shared risks".

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Prime Minister Pham Minh Chinh reported to the National Assembly this morning (May 5).

Since the beginning of the year, leaders of the Party, State, ministries and relevant agencies have actively exchanged information through political, diplomatic, economic, defense and security channels, promoting the signing of cooperation agreements and procurement contracts, and speeding up the progress of investment projects of American enterprises.

The Government issued Decree No. 73 on reducing import taxes on many groups of goods before the United States announced its new tax policy.

Immediately after the US announced the new reciprocal tax rate (April 2), the General Secretary had a phone call and sent a letter to President Donald Trump; and sent Deputy Prime Minister Ho Duc Phoc as the General Secretary's special envoy to work with the US.

The Government Party Committee immediately reported the situation to the Politburo and the Secretariat and proposed solutions. The Government Standing Committee and the Prime Minister held 10 meetings on negotiation plans, issued many documents, and resolutely directed solutions to respond to and support affected businesses and workers.

The Prime Minister established a working group on enhancing cooperation and proactively adapting to adjustments in US economic and trade policies, headed by Deputy Prime Minister Bui Thanh Son; working with Vietnamese representative agencies abroad, associations, and large enterprises exporting to the US.

After the US announced a delay in imposing reciprocal tariffs and agreed to start negotiations with Vietnam, the Prime Minister established a Government negotiation delegation led by the Minister of Industry and Trade and directed the development of a negotiation plan.

Vietnam has begun negotiations and is among the six countries prioritized by the US for negotiations (including the UK, India, South Korea, Japan, Vietnam, and Indonesia) out of more than 100 economies.

Presenting solutions, the Prime Minister said it is necessary to closely monitor the international and domestic situation, proactively forecast and have flexible and timely policy responses, especially to the new US tariff policy. Effectively implement policies on tax, fee and charge exemption, reduction and extension; at the same time, expand the subjects of application and propose to supplement and extend the implementation period of tax policies to support people and businesses affected by the US tariff policy.

Proactively complete plans and negotiate effectively with the US in the spirit of protecting Vietnam's legitimate and legal rights and interests, aiming to promote balanced and sustainable trade, without affecting international agreements that Vietnam has participated in.

At the same time, urgently issue a Decree on strategic trade control; strengthen inspection and supervision of the origin of goods.

The Prime Minister also noted the need to continue diversifying markets, products, and supply chains; improving the quality and competitiveness of goods and services; and being ready to adapt to developments in the world economic situation; and urgently developing and implementing solutions to support businesses and workers affected by US tariff policies.

(According to Vietnamnet)

Source: https://baoyenbai.com.vn/12/349769/Ngay-75-Viet-Nam-va-My-se-tien-hanh-phien-dam-phan-dau-tien-ve-thue-quan.aspx