On the afternoon of August 1, the Ministry of Industry and Trade informed about the situation of reciprocal tax negotiations with Vietnam - US, affirming that it will continue to discuss and implement the next steps towards completing the agreement on the principles of openness, constructiveness, equality, respect for independence and autonomy.
The Ministry of Industry and Trade said that since the end of April, Vietnam and the US have held many meetings at both technical and ministerial levels.
The Vietnamese Government's negotiation delegation is led by Minister of Industry and Trade Nguyen Hong Dien, and includes leaders and officials from the Ministries of Industry and Trade, Foreign Affairs , Public Security, Finance, Justice, Agriculture and Environment, Science and Technology, Home Affairs, Construction, Health; the State Bank and the Vietnamese Embassy in the US.
Many direct and online negotiation sessions took place between Minister of Industry and Trade Nguyen Hong Dien, Chief of the Office of the United States Trade Representative (USTR) Jamieson Greer and US Secretary of Commerce Howard Lutnick.
The Ministry of Industry and Trade said that during the negotiation process, Vietnam and the US focused on discussing and achieved many advances in issues such as tariffs, rules of origin, customs, agriculture , non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, trade cooperation, etc.
Early morning of August 1 (Vietnam time), the White House posted President Donald Trump's decree on adjusting reciprocal tax rates, according to which the US decided to adjust the reciprocal tax rates for 69 countries and territories listed in Appendix I. According to this Appendix, the rate for Vietnam will be reduced from 46% to 20%.
The Ministry of Industry and Trade said that in the coming time, the two sides will continue to discuss and implement the next steps towards completing the reciprocal trade agreement based on the principles of openness, constructiveness, equality, respect for independence, autonomy, political institutions, mutual benefit and consideration of each other's development level.
"The two sides will also strive to promote stable economic, trade and investment relations, harmonizing interests, commensurate with the Vietnam - US Comprehensive Strategic Partnership," the Ministry of Industry and Trade affirmed.
According to the Ministry of Industry and Trade, in 2024, two-way trade between Vietnam and the US will reach 149.7 billion USD, of which Vietnam will export 136.6 billion USD and import 13.1 billion USD. Vietnam's trade surplus with the US is 123.5 billion USD, ranking 3rd among countries with the largest trade surplus with the US (after China and Mexico).
In the first five months of this year, trade between Vietnam and the US reached 77.4 billion USD, up 36.5% over the same period last year, of which Vietnam exported 71.7 billion USD (up 37.3%) and imported 5.7 billion USD (up 30.7%). Vietnam's trade surplus with the US was 64.8 billion USD (up 29%), ranking 4th among countries with the largest trade surplus with the US (after China, Mexico and Iceland).
Source: https://baolaocai.vn/my-ap-thue-doi-ung-20-voi-viet-nam-post650282.html
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