Challenges come with opportunities with new US tariff policy

Deputy Minister of Industry and Trade Truong Thanh Hoai answers questions at the press conference. Photo: Quang Phuc

Regarding the impact of the new US tariff policy, in which the US decided to impose a 46% tax on imported goods from Vietnam, Deputy Minister of Industry and Trade Truong Thanh Hoai commented that this policy has a significant and multi-dimensional impact on Vietnam's economic growth; affecting the growth of economic sectors and fields, especially export goods. The US imposing a 46% tax on imported goods from Vietnam will reduce export turnover as the competitiveness of Vietnamese goods with other countries will be weaker, while reducing the purchasing power of the US market.

Deputy Minister of Industry and Trade Truong Thanh Hoai said that the Government has had creative, proactive, timely, flexible, appropriate and effective solutions to the new US tariff policy. The Ministry of Industry and Trade has also sent a diplomatic note requesting the US side to postpone the decision to impose tariffs to spend time discussing and finding reasonable solutions for both sides. The Prime Minister has also established a Working Group on enhancing cooperation and proactively adapting to the US's economic and trade policy adjustments.

“During the phone call between General Secretary To Lam and US President Donald Trump on April 4, 2025, the two leaders discussed measures to continue promoting trade. General Secretary To Lam affirmed that Vietnam is ready to negotiate with the US to reduce import tariffs to 0% for goods imported from the US, and at the same time, proposed that the US apply similar tariffs to goods imported from Vietnam. This is an important step to resolve the issue of the US's new tariff policy,” said the Deputy Minister of Industry and Trade.

In the coming time, the Ministry of Industry and Trade will continue to closely coordinate with US partners on remaining issues in trade and investment relations between the two countries. Deputy Minister of Industry and Trade Truong Thanh Hoai said that in the coming time, it is determined that export activities will face many challenges, ministries and branches will closely coordinate with businesses to continue to effectively implement the tasks and solutions set out to proactively ensure growth in 2025 and the following years.

The Deputy Minister of Industry and Trade also said that, in addition to challenges, this is also an opportunity to restructure the economy in a fast and sustainable direction; enhance autonomy, increase domestic value creation in the direction of green, digital, application of science and technology, innovation. From there, build an independent, autonomous, self-reliant economy, deeply integrated into the economy, substantially and effectively; promote the expansion and diversification of markets, products, and supply chains; promote the localization of products, markets, and domestic resources.

Recommending solutions to enhance businesses' resilience to the tariff policies of the world market, Mr. Truong Thanh Hoai suggested that businesses proactively monitor and update market information and trade policies of the world market to promptly adjust appropriate business strategies; on the basis of free trade agreements between Vietnam and its partners, businesses need to diversify export markets, effectively exploit key markets, traditional markets and open up potential and emerging markets; improve product quality, meet the standards of export markets to increase competitiveness, minimize the risk of being subject to trade defense policies; ensure the origin and supply of raw materials and production materials.

Source: https://hanoimoi.vn/thach-thuc-di-kem-thoi-co-voi-chinh-sach-thue-quan-moi-cua-hoa-ky-698089.html