It is expected to create conditions for dialogue and seek reasonable solutions for both sides.
According to the Ministry of Industry and Trade, Vietnam and the US are two complementary economies, not in direct competition but supporting each other. Vietnamese goods exported to the US mainly compete with goods from third countries, not directly with US businesses in the US market. The temporary suspension creates an opportunity for US consumers to access affordable products from Vietnam.
Regarding US President Donald Trump’s decision to impose a ‘reciprocal tariff’ of 46 percent on all goods imported from Vietnam, effective from April 9, Director of the Department of Foreign Market Development under the Ministry of Industry and Trade, Ta Hoang Linh, said that this tariff is unfair, lacking scientific basis and not reflecting Vietnam's goodwill in addressing the trade deficit between the two countries.
The Ministry of Industry and Trade said that Vietnam has actively resolved the US businesses’ difficulties, imposed the most-favored-nation (MFN) tariff rate on imports averaging 9.4 percent for 13 groups of goods, and supported many investment projects from the US in Vietnam. Currently, the average MFN tariff rate of 9.4 percent is significantly lower than the 46 percent tariff the US plans to impose.
According to the White House, the reciprocal tariffs on trade partners of the US aim to address the injustices of global trade, restore manufacturing, strengthen national security, and boost economic growth, with the tariffs remaining in place until trade deficits and perceived unfair practices are resolved.
However, the Ministry of Industry and Trade said that the two sides still have room to negotiate to achieve a mutually beneficial outcome. The ministry is arranging a phone call between Minister of Industry and Trade Nguyen Hong Dien and US leaders at the Office of the US Trade Representative (USTR) as soon as possible.
