Prospects for negotiations with the US, doing everything to prevent the 46% tax from happening

During the question-and-answer session with Deputy Prime Minister Nguyen Hoa Binh this morning, delegate Ta Van Ha (Quang Nam) said that voters and businesses are very concerned when the US imposes a 46% tax on some of Vietnam's key export products.

Delegates suggested that the Government propose short-term solutions to support businesses in overcoming difficulties and long-term strategies to protect national interests and promote stable, equal, and sustainable international trade.

Delegate Ta Van Ha. Photo: National Assembly

Deputy Prime Minister Nguyen Hoa Binh affirmed that the 46% tax rate should not be raised yet, because the two sides are in the process of negotiation. He emphasized: "We will do everything to prevent this tax rate from being applied."

General Secretary To Lam had a phone call with US President Donald Trump, and Prime Minister Pham Minh Chinh also continuously directed and worked with ministries, branches, and localities to implement solutions, with an effort to prevent the imposition of a 46% tax on Vietnam.

The Deputy Prime Minister said that the Government's negotiating team is actively negotiating with the US side and "the outlook is positive, the two sides understand each other better and are trying to achieve the set goals". However, the Deputy Prime Minister made it clear that in the face of unpredictable changes, Vietnam needs a long-term strategy.

The Government has proactively restructured the economy, promoting the advantages of free trade agreements signed with many countries - this is a large development space, so as not to depend on one market.

"The world is very large, we are looking for new markets and supporting businesses to export to these markets," the Deputy Prime Minister commented.

At the same time, Vietnam needs to transform its production model, focusing on deep processing instead of just exporting fresh agricultural products, to increase economic value.

Deputy Prime Minister Nguyen Hoa Binh answers questions. Photo: National Assembly

With a strategy of market diversification and economic restructuring, the Deputy Prime Minister believes that Vietnam can effectively respond to fluctuations. In case of risks, the Government is ready to apply solutions to support businesses in terms of taxes and fees.

Delegate Mai Khanh (Ninh Binh) said that in 2025, Vietnam's economic situation will still face risks and challenges from outside such as geopolitics, trade wars, increasing trade protectionism, especially the application of reciprocal taxes by the US.

Meanwhile, domestic enterprises are still facing many difficulties, the number of enterprises withdrawing from the market is high, affecting employment, social security and the macro economy. Delegates asked the Deputy Prime Minister to propose solutions to stabilize the macro economy, achieve the growth target of 8% by 2025, and create a foundation for double-digit growth.

Delegate Mai Khanh. Photo: National Assembly

To achieve the growth target, Deputy Prime Minister Nguyen Hoa Binh said that the conditions are very difficult. The Government said it is necessary to renew existing growth drivers such as foreign investment, consumption, and promote key national projects. At the same time, the Government is looking for and developing new growth drivers such as green economy, circular economy, semiconductors, chips, AI, etc. The Deputy Prime Minister said that this is a large development space and a trend that the world is also aiming for.

The Party has issued resolutions on private economic development, science and technology, national digital transformation and innovation in institutional building, considering this as unlocking resources for development.

To ensure stability, the Government will strengthen fiscal management, flexibly develop national finance, and unleash resources from the people. The Government proposes that the Party and the National Assembly have solutions to mobilize new resources such as developing a financial center in Vietnam.

Illustration: Nam Khanh

The Deputy Prime Minister said that one of the important solutions being implemented and attracting public attention is the revolution in organizing and arranging administrative boundaries, eliminating the district level.

Minister of Industry and Trade Nguyen Hong Dien had an online negotiation session with US Secretary of Commerce Howard Lutnick and US Trade Representative Jamieson Greer on the evening of June 19.

Minister Nguyen Hong Dien emphasized that Vietnam's viewpoint is to wish to work with the US to build harmonious, practical rules of origin that are suitable to the characteristics of the global supply chain, without discrimination and creating favorable conditions for businesses of both countries.

Mr. Dien continued to suggest that the US consider areas of interest to Vietnam, including reciprocal tax policies and market access for some key export groups.

Minister Lutnick and Ambassador Greer appreciated Vietnam's efforts and goodwill in addressing issues of concern to the US. They said that these will help the US have a basis to consider a reciprocal tax policy appropriate to Vietnam's specific conditions and circumstances.

Secretary Lutnick and Ambassador Greer both affirmed the US's desire and determination to negotiate with Vietnam to reach an agreement that suits the interests of both countries. Ambassador Greer said that the US Trade Representative Office will soon complete and send back to Vietnam the necessary documents for the two sides to discuss.

Vietnamnet.vn

Source: https://vietnamnet.vn/trien-vong-dam-phan-voi-my-tich-cuc-lam-moi-viec-de-muc-thue-46-khong-xay-ra-2413359.html