Prime Minister: Prepare a list of items requiring negotiations to reduce tariffs to 0%.

According to the Government's online newspaper, on the afternoon of April 5th, Prime Minister Pham Minh Chinh chaired the second meeting of the Government Standing Committee with ministries and agencies to continue assessing the situation and discussing immediate and long-term solutions after the US announced retaliatory tariffs on goods from many countries, including Vietnam.

Prime Minister Pham Minh Chinh. (Photo: VGP)

The Prime Minister stated that on the evening of April 4th, General Secretary To Lam had a telephone conversation with the US President. During the call, the General Secretary conveyed the message that Vietnam is ready to discuss with the US side to reduce import tariffs to 0% on goods imported from the US, and also requested that the US apply similar tariffs to goods imported from Vietnam; continue importing more goods from the US that Vietnam needs and encourages; and create favorable conditions for US companies to further increase investment in Vietnam.

The Prime Minister stated that Deputy Prime Minister Ho Duc Phoc will depart for a working trip to the United States tonight (April 5th). Therefore, this meeting needs to prepare a list of goods that require negotiation to reduce tariffs to 0%.

" The general sentiment is that we are ready to negotiate with you to bring the tariff rate down to 0% on goods imported from the US. We also propose that the US apply a similar tariff rate. This is the most important message. Secondly, the list of purchases is also decided by the Government. We need to be prepared so that Comrade Ho Duc Phoc will have a clear basis when meeting and negotiating. Comrade Ho Duc Phoc is responsible for making decisions at the negotiating table with the spirit of 'adapting to changing circumstances while maintaining core principles '," the Prime Minister emphasized.

According to the delegates attending the meeting, Vietnam demonstrated a calm spirit, unwavering resilience, efforts to overcome difficulties, and a proactive, timely, flexible, appropriate, and effective response.

In particular, on the evening of April 4th, General Secretary To Lam had a very successful telephone conversation with US President Donald Trump. The government also proactively reported and proposed many issues, which were approved by the Politburo.

To date, Vietnam has basically resolved the issues of concern to the US side, especially by proactively reducing tariffs in accordance with Government Decree 73 amending and supplementing preferential import tariff rates.

Concluding the meeting, the Prime Minister stated that Vietnam and the United States have become Comprehensive Strategic Partners, and economic and trade relations are promoted on the basis of two complementary economies that support each other, rather than competing with or eliminating each other.

The US remains Vietnam's largest export market, while Vietnam is among the US's largest trading partners, and also the largest trading partner in the ASEAN region. Vietnam's trade surplus with the US is large but beneficial to both sides.

Nevertheless, the Prime Minister stated that the retaliatory tariffs announced by the US would affect Vietnam's exports, Vietnam's indirect markets, and directly impact American consumers.

In light of this reality, the Prime Minister emphasized that the approach to addressing the issue must be holistic and comprehensive, encompassing both short-term and long-term goals, both direct and indirect solutions, broad and targeted approaches, and both non-tariff and tariff measures…

The Prime Minister also noted that it is necessary to consider the overall picture of Vietnam's foreign economic relations; to use a comprehensive approach encompassing political, diplomatic, economic, investment, and trade measures; to attract domestic and foreign businesses, including US businesses and FDI enterprises in Vietnam; and to develop appropriate negotiation strategies.

The head of government assigned the Ministry of Industry and Trade, under the direction of Deputy Prime Minister Bui Thanh Son and Minister Nguyen Hong Dien, to continue thoroughly researching US policy.

The overall goal and strategy is to maintain national stability, preserve a peaceful, stable, cooperative, and developing environment; stability for development, and development for stability; and for the people to be well-fed, happy, free to do business, and guaranteed their legitimate rights and interests.

" The target of GDP growth of 8% or higher in 2025 and double digits in the following years remains unchanged in order to achieve the two centenary goals that have been set ," the Prime Minister emphasized.

Directing a number of specific solutions, the Prime Minister requested initiatives to develop a balanced and sustainable trade relationship between Vietnam and the United States, for the benefit of both countries and their people; and to continue addressing the concerns of the US side in the spirit of mutual benefit, harmonized interests, and shared risks.

The Ministry of Finance has been tasked with immediately reviewing tax regulations and expanding the policies in Decree 73 to align with the high-level agreement reached between General Secretary To Lam and President Donald Trump during their phone call on April 4th.

The Ministry of Industry and Trade is leading the review process to increase imports from the US of Vietnamese goods that are in demand and have a competitive advantage, while also promoting negotiations to upgrade the Vietnam-US bilateral trade agreement.

The Ministry of Foreign Affairs was requested to actively arrange for the Vietnamese negotiating team to meet with key contacts on the US side; the Ministry of Foreign Affairs and the Ministry of Industry and Trade continued to engage with the US side to temporarily suspend the imposition of tariffs while awaiting negotiations.

The Prime Minister noted that, in negotiations with the US, care should be taken to avoid negatively impacting relations with other partners.

The Prime Minister directed the continued implementation of tax, fee, and levy solutions to support businesses, encourage domestic production, business, and consumption; affirmed the stance of always accompanying, supporting, and standing alongside the people, businesses, and investors during difficult times; and emphasized the need for synchronized, close, and effective coordination between monetary and fiscal policies.

The Ministry of Finance is focusing on digitalization in tax collection, actively collecting taxes using invoices generated by cash registers; and effectively controlling the origin of goods, trademarks, copyrights, and intellectual property.

In the long term, the Prime Minister emphasized the need to accelerate economic restructuring towards rapid, sustainable, green, digitized, creative, knowledge-based, and circular economic development; and to restructure markets, products, and supply chains towards greater diversification, avoiding dependence on a single market, and exploring new potential markets such as the Middle East and Central Asia.

According to the Prime Minister, the US's implementation of new tariffs also creates pressure for innovation, and presents an opportunity for businesses and the country to rise, break through, and advance.

Emphasizing the crucial need for solutions to support people and businesses during difficult times, the head of government requested the Ministry of Finance to prepare a plan to support businesses in case of hardship.

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