The Prime Minister has requested the establishment of a rapid response team to address the US imposition of retaliatory tariffs.

Prime Minister Pham Minh Chinh held a meeting with ministries and agencies after the US announced retaliatory tariffs of up to 46% on imports from Vietnam.

Prime Minister Pham Minh Chinh speaks at the meeting on the morning of April 3. Photo: VNA

On the morning of April 3rd, at the Government headquarters, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with ministries and agencies to assess the situation and discuss immediate and long-term solutions following the US announcement of retaliatory tariffs on goods from many countries, including Vietnam.

Also attending were Deputy Prime Minister Nguyen Hoa Binh ; Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung; ministers, heads of ministerial-level agencies, and leaders of ministries, sectors, and agencies.

After hearing the opinions of ministries, agencies, and government leaders, Prime Minister Pham Minh Chinh emphasized that the current situation shows that trade competition is becoming more intense, more complex, and more unpredictable.

Over the past period, Vietnam has made great efforts to implement comprehensive and synchronized solutions in politics, diplomacy, economics, and people-to-people exchanges to respond to the situation.

According to the Prime Minister, the imposition of tariffs by the US is inconsistent with the good relations between the two countries, the wishes of the people on both sides, and Vietnam's efforts in recent times.

Looking ahead, the Prime Minister requested that ministries and agencies remain calm, resolute, and proactively, flexibly, promptly, and effectively respond to all developments in order to continue overcoming difficulties, obstacles, and external shocks, as they have done in recent years amidst the pandemic, conflicts in many parts of the world, and supply chain disruptions.

Along with directing a number of comprehensive, harmonious, rational, and effective measures, both short-term and long-term, with the US, the Prime Minister requested the immediate establishment of a rapid response team on this issue, headed by Deputy Prime Minister Bui Thanh Son; and assigned Deputy Prime Minister Ho Duc Phoc to chair and direct ministries and agencies to listen to opinions from businesses, including large export businesses.

The government held a meeting on the morning of April 3rd following the US announcement of retaliatory tariffs on imports from Vietnam. (Photo: VNA)

Previously, US President Donald Trump announced reciprocal tariffs on trade partners. Vietnam was subject to a 46% tariff, effective from April 9th.

According to calculations, if Vietnam's exports to the US remain at $119 billion per year, our goods would be subject to approximately $54.74 billion in taxes, equivalent to more than 10% of Vietnam's GDP.

Vietnam's tax rates are comparable to those of some countries like Cambodia, Laos, Sri Lanka, and China. However, this is considered a "worst-case scenario," as the tax rate on Vietnamese goods would be significantly higher than that of these countries.

These include 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%)...

According to the Customs Department, in 2024, Vietnam exported goods worth nearly $120 billion to the US, an increase of 23.2% (equivalent to an increase of $22.48 billion) compared to the previous year and accounting for 29.5% of the country's total export turnover.

Exports to the US market in the first two months of 2025 reached $19.56 billion, an increase of 16.5%, or $2.77 billion, compared to the same period last year.

The US has consistently been Vietnam's largest export market for many years, as it is considered a large consumer market with high demand.

Therefore, as many as 15 product groups exporting to the US are expected to reach a turnover of over $1 billion in 2024.

This includes industry groups such as computers, electronic products and components; machinery, equipment and tools, and other spare parts; textiles; telephones; wood and wood products; footwear; transportation vehicles and parts; plastics; seafood; handbags, wallets, and suitcases; toys and sporting goods; iron and steel; cameras, video cameras, and components; cashew nuts; electrical wires and cables…
VN (compiled)

Source: https://baohaiduong.vn/thu-tuong-yeu-cau-lap-to-phan-ung-nhanh-ung-pho-viec-my-ap-thue-doi-ung-408649.html