Deputy Prime Minister Ho Duc Phoc visits the US amid tensions over reciprocal tariffs

Deputy Prime Minister Ho Duc Phoc's trip to the US is expected to renegotiate the reciprocal tax that the US presidential administration has imposed on Vietnam to 46%.

Deputy Prime Minister Ho Duc Phoc - Photo: VGP

According to information from the Government Electronic Information Portal, from April 6 to 14, Deputy Prime Minister Ho Duc Phoc will attend the High-Level Policy Dialogue program at Columbia University (New York), pay a working visit to the US and pay an official visit to the Republic of Cuba.

Deputy Prime Minister Ho Duc Phoc's working trip to the US took place in the context that the administration of US President Donald Trump has just officially announced the imposition of reciprocal tariffs on all countries. In particular, Vietnam is one of the countries with the highest tax rate of 46%. According to the assessment of the business community and experts, this tax rate is considered the "worst" scenario for goods exported from Vietnam. Because compared to many other competitors that Vietnam is competing with in the US, the tax rate for Vietnam will make its goods less competitive in this market.

Among them are countries that are competitors of Vietnam in the US market such as Thailand 36%, India 26%, Indonesia 32%, Malaysia 24%, Bangladesh 37%, Philippines 17%, Pakistan 29%...

This will lead to many export items that currently have large turnover to the US such as computers, electronics, phones, spare parts and components, textiles, footwear, wooden furniture, seafood, cashew nuts... will be greatly affected when the opportunity and door for Vietnamese goods to be exported to the US will narrow.

Therefore, the business community hopes that the Government's proactive response, along with Deputy Prime Minister Ho Duc Phoc's trip, will help the two sides negotiate to reach a more balanced agreement, reducing damage to businesses in the current difficult context.

A source of Tuoi Tre Online at the Vietnamese representative agency in the US also said that relevant parties are preparing the content for the working trip of Deputy Prime Minister Ho Duc Phoc.

Deputy Prime Minister Ho Duc Phoc is currently assigned by the Prime Minister to monitor and direct: Ministry of Finance , State Bank of Vietnam, Vietnam Bank for Social Policies, Vietnam Development Bank, and deposit insurance.

On behalf of the Prime Minister, Mr. Phuc directly monitors and directs areas of work such as investment planning; forecasting and macroeconomic management policies; finance, prices; currency, banking; capital market, stock market; financial investment sources; state reserves.

Along with that is the issue of state budget expenditure, use of state budget reserves, financial reserve fund, foreign exchange reserve fund and other state funds; issuance of government bonds; salaries, public assets...

Tuoitre.vn

Source: https://tuoitre.vn/pho-thu-tuong-ho-duc-phoc-di-my-trong-boi-canh-cang-thang-danh-thue-doi-ung-20250403110738727.htm