On April 2, President Donald Trump announced a new tax policy, applying a basic tax rate of 10% on imported goods and higher reciprocal taxes for more than 60 countries, including Vietnam.

Vietnam has a reciprocal tax rate of 46%, the second highest on the list (only after Cambodia's 49%). The tax rate for Vietnam is even higher than China's 34%, EU's 20%, India's 26%, and Japan's 24%.

In the Southeast Asian region, in addition to Vietnam, which is subject to a 46% reciprocal tax on 90% of total imported goods from Vietnam (46%, 90%), Thailand is subject to a 36% tax on 72% of total goods, followed by Indonesia (32%, 64%), Malaysia (24%, 47%), the Philippines (17%, 34%), and Singapore (10%, 10%).

According to experts, this new tax rate will be very disadvantageous for Vietnamese goods when exported to the US market.

According to data from the General Department of Customs, in 2024, Vietnam exported goods worth 119.5 billion USD to the US and imported 15.1 billion USD from this market.

According to statistics from the Ministry of Industry and Trade, bilateral trade turnover in 2024 reached nearly 150 billion USD, an increase of 20.5% over the same period last year. The United States has become the second largest trading partner and one of the most important export markets of Vietnam and is gradually becoming a source of machinery, equipment, science and technology, and energy products for Vietnam.

There are 15 items with export value of over 1 billion USD. Of which, 3 groups of products dominate: computers and components with 23.2 billion USD (19.4%), machinery and equipment with 22 billion USD (18.5%) and textiles with 16.2 billion (13.5%). The next 3 items also have relatively large value compared to the rest including phones with 9.8 billion USD, wood with 9 billion USD and footwear with 8.3 billion USD.

In addition, agricultural products also made important contributions. Cashew nuts reached a value of 1.15 billion USD, coffee recorded 322.83 million USD, while seafood and vegetables reached 1.83 billion USD and 360.41 million USD, respectively.

According to the General Department of Customs, the export turnover of Vietnamese goods to the US market in the first two months of 2025 reached more than 19.5 billion USD, an increase of 16.3% over the same period last year. Accordingly, the group of computers, electronic products and components still led the export turnover, reaching more than 4.3 billion USD, an increase of 33.7% over the same period last year, accounting for 22.1% of the export proportion. Next was the group of machinery, equipment, tools and spare parts, reaching 3.3 billion USD, an increase of 22.4% over the same period last year, accounting for 16.8%.

Items with increased export turnover in the first two months of 2025 compared to the previous year: Toys, sports equipment and parts increased by 154.8%; electric wires and cables increased by 65%; glass and glass products increased by 124.5%; textile and footwear raw materials increased by 50%; coffee increased by 53.1%; vegetables and fruits increased by 65%.

It is known that currently, the average import tax rate that the US is applying to Vietnamese goods is as follows: Machinery, equipment, television equipment... 2%; wooden furniture, beds, mattresses... 18%; footwear 22%; clothing and accessories, knitted or crocheted 20%; toys 13%; plastic and plastic products 5%; rubber and rubber products 7%; leather goods, belts, handbags 24%; means of transport from locomotives, railway cars, trams, accessories... 31%.

Vietnamese goods are not subject to reciprocal taxes.

The announcement from the Trump Administration also stated that certain goods will not be subject to reciprocal tariffs, including: items subject to tariffs under other executive orders (50 USC 1702(b); steel/aluminum and auto/auto parts items already subject to tariffs under other regulations; copper, pharmaceuticals, semiconductors and lumber; all items that may be subject to tariffs in the future; gold bullion; energy and certain other minerals not available in the US.

Source: https://phunuvietnam.vn/my-ap-thue-doi-ung-46-voi-viet-nam-nhom-hang-hoa-nao-bi-anh-huong-20250403104706144.htm