Cabinet convenes meeting following Trump administration’s announcement of newest tariffs
VGP - Prime Minister Pham Minh Chinh convened a meeting on Thursday morning to discuss immediate and long-term measures after the U.S. Administration announced universal tariff range from 10- 49 percent country by country.
Prime Minister Pham Minh Chinh (C), Standing Deputy Prime Minister Nguyen Hoa Binh (L), and Deputy Prime Minister Nguyen Chi Dung at the meeting, Ha Noi, April 3, 2025 - Photo: VGP
Cambodia is subject to the highest tariff rate of 49 percent, followed by a 46 percent tariff on imports from Viet Nam.
The European Union faces a 20 percent tariff, and China would have an additional tariff of 34 percent.
Addressing the meeting, Prime Minister Pham emphasized the current situation shows that trade competition is becoming more fierce, complicated and unpredictable.
Viet Nam hopes that the U.S. would have a policy that is consistent with the good relations between the two countries, the wishes of the people of both sides and Viet Nam's efforts in recent times, in line with the conditions and circumstances of Viet Nam as a developing country, still having to continue to overcome the severe and prolonged war consequences, said Pham.
The Government chief requested immediate establishment of a rapid response team on this issue headed by Deputy Prime Minister Bui Thanh Son.
Pham assigned Deputy Prime Minister Ho Duc Phoc to direct ministries and agencies to collect opinions from businesses, including large export enterprises.
Pham also reiterated the Government's GDP growth target of at least 8 percent for 2025 remains unchanged./.
