On the morning of April 3, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with ministries and branches to assess the situation and discuss solutions after the United States announced reciprocal tariffs on goods from many countries, including Vietnam.

Prime Minister Pham Minh Chinh emphasized that the current situation shows that trade competition is becoming more fierce, more complicated, and more unpredictable. In recent times, Vietnam has made great efforts to deploy synchronous and comprehensive solutions in politics, diplomacy, economy, and people-to-people diplomacy to cope with the situation.

According to the Prime Minister, the US imposition of tariffs is not in line with the good relations between the two countries, the wishes of the people on both sides, and Vietnam's efforts in recent times.

The Prime Minister requested the immediate establishment of a rapid response team on this issue headed by Deputy Prime Minister Bui Thanh Son; assigned Deputy Prime Minister Ho Duc Phoc to chair and direct ministries and branches to listen to opinions from businesses, including large export enterprises.

The Prime Minister also requested ministries and branches to be calm, courageous, and have proactive, flexible, timely, and effective responses to all developments to continue to overcome difficulties, obstacles, and external shocks as they have done in recent years in the context of the pandemic, conflicts in many places around the world, and supply chain disruptions.

The Prime Minister emphasized that this is also an opportunity to affirm the nation's mettle and strength; an opportunity to restructure the economy towards rapid but sustainable development, greening, digitalization, based on science and technology, innovation; promote the building of an independent, self-reliant economy associated with deep, substantive, and effective international integration; promote market expansion, diversification of markets, products, and supply chains; promote localization; promote exploitation of domestic markets and resources.

Previously, US President Donald Trump announced reciprocal tariffs with partners. Vietnam was imposed a 46% tariff, the second highest on the list (after Cambodia at 49%), and took effect from April 9. The tariff on Vietnam is even higher than China's 34%, the EU's 20%, India's 26%, and Japan's 24%.

In particular, the tax rate imposed on Vietnam is higher than that of competitors in the US market such as Thailand (36%), India (26%), Indonesia (32%), Malaysia (24%), Bangladesh (37%), Philippines (17%), Pakistan (29%)...

According to calculations, if the export turnover from Vietnam to the US remains unchanged, 119 billion USD per year, our goods will have to pay about 54.74 billion USD in taxes, equivalent to more than 10% of Vietnam's GDP.

Source: https://phunuvietnam.vn/my-ap-thue-doi-ung-46-thu-tuong-hop-khan-yeu-cau-lap-to-phan-ung-nhanh-20250403133939828.htm