Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan emphasized that Vietnam - US trade always aims for balance and mutual benefit.
Ministry of Industry and Trade closely follows US moves on tax policy
On the afternoon of March 5 in Hanoi, the Government Office held a regular February Government press conference chaired by Minister, Head of the Government Office Tran Van Son, Spokesperson of the Government. Also attending the press conference were representatives of leaders of relevant ministries, branches and many press agencies. Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan attended the press conference.
 |
| Deputy Minister Nguyen Sinh Nhat Tan at the regular Government press conference in February 2025 |
At the press conference, the press raised the issue of the impact of US President Donald Trump's recent trade policy, which has caused anxiety and concern for many export sectors of Vietnam. How have ministries and sectors proactively responded, especially the imposition of taxes on wood, forestry products, steel, automobiles and the possibility of reciprocal taxes?
Regarding this content, Deputy Minister Nguyen Sinh Nhat Tan said that recently, the Ministry of Industry and Trade has closely monitored the US's policy moves towards other countries. Many businesses are concerned that the US is likely to impose tariffs on Vietnam due to the large trade deficit and unfair tax policies on goods imported from the US.
Through the US Embassy in Vietnam, the Vietnam Trade Office in the US and direct contact with the Department of Commerce and the US Trade Representative (USTR), the Ministry of Industry and Trade has proactively conveyed the message to the US about its desire to maintain and build a harmonious, sustainable, mutually beneficial economic and trade relationship with the US; at the same time, affirming that Vietnam does not have any policies that could harm US workers or national security.
"It is expected that next week, Minister of Industry and Trade Nguyen Hong Dien will directly discuss with the US Trade Representative about economic and trade issues of mutual concern," Deputy Minister Nguyen Sinh Nhat Tan informed.
Towards fair and mutually beneficial trade
At the press conference, Deputy Minister Nguyen Sinh Nhat Tan also informed about the viewpoint of the Ministry of Industry and Trade, specifically:
First, Vietnam and the United States are two complementary economies. The main cause of the trade imbalance between the two countries comes from the complementary nature of the two economies, which is due to the export and foreign trade structures of the two countries, not due to any other reason.
Vietnamese goods exported to the United States mainly compete with third countries, not directly with US businesses in the US market. On the contrary, it also creates conditions for US consumers to use cheap Vietnamese goods.
 |
| Overview of the Government press conference in February 2025 held on the afternoon of March 5 - Photo: VGP/Nhat Bac |
Second, Vietnam is an open economy. In the integration process, Vietnam pursues a free trade policy. The tariff difference on US goods is not much and may continue to decrease in the future, because Vietnam advocates reducing MFN tariffs on many goods.
Therefore, some US products with high competitive advantages such as automobiles, agricultural products, liquefied gas, ethanol... will benefit from this policy, and at the same time will create positive import flows from the US, contributing to improving the trade balance between the two countries.
Third, there is a policy dialogue mechanism established between the two countries under the Vietnam-US Trade and Investment Framework Agreement. Therefore, existing issues in bilateral trade and economy, if any, will be proactively discussed through the Vietnam-US Trade and Investment Council (TIFA).
This is a mechanism that is being maintained regularly, continuously, effectively and efficiently to strengthen strategic trust between the two countries, create a common vision, contribute to long-term orientation and stabilize the development roadmap of bilateral economic and trade relations.
In addition, the Vietnamese Government has also proactively assigned ministries and branches to review difficulties and develop solutions to issues of concern to the United States; on the basis of fair trade, reciprocity, in accordance with the law, and in harmony and satisfactory response to the interests of all parties.
Fourth, Vietnam will also create favorable conditions for US investors to participate in the formation and development of key industries in Vietnam, especially key energy projects (new energy, hydrogen, nuclear power, etc.), creating the premise to increase the import of liquefied gas, fuel, machinery and equipment, and technology from the United States, thereby contributing to improving the trade balance between the two countries.
For businesses, the Ministry of Industry and Trade has also proactively coordinated with industries to prepare to respond to different scenarios.
"To continue to develop in the context of a volatile and difficult world economy, in addition to efforts from the Government, ministries and sectors, we must also rely on the sensitivity, proactively following the market and the ability to adapt, explore and develop the competitiveness of the enterprises themselves" - Deputy Minister Nguyen Sinh Nhat Tan said and emphasized that enterprises need to continue to proactively build roadmaps and solutions to diversify export markets, improve product quality, ensure technical standards, labor, environment...
In addition, it is necessary to focus on controlling the origin of raw materials for production, as well as carefully evaluating investment cooperation with businesses from countries that are having trade tensions with the United States.
Source: https://congthuong.vn/thu-truong-nguyen-sinh-nhat-tan-viet-nam-hoa-ky-huong-toi-thuong-mai-cong-bang-376900.html
Comment (0)