Viet Nam commits to working with U.S. to achieve trade balance
VGP - Viet Nam commits to working with U.S. partners to achieve a trade balance that benefits both Vietnamese and U.S. consumers, said Deputy Minister of Finance Nguyen Duc Chi.
The deputy minister made the statement in response to the U.S. recent decision to impose a 46 percent reciprocal tariff on imports from Viet Nam.
Viet Nam has been proactively reviewing and adjusting its imports to increase trade turnover and work toward balancing trade with key partners, including the U.S., said Nguyen, adding that Viet Nam hopes the U.S. would consider ongoing discussions and make appropriate adjustments.
U.S. exports to Viet Nam subject to around 15% tariff
Truong Ba Tuan, Deputy Head of the Tax Policy Department reported that the new tariff is substantially higher than the current rate and will negatively impacts Viet Nam's production—particularly in key export sectors such as electronic components, agriculture, garments and textiles, and footwear.
The Ministry of Finance has recently conducted a comprehensive review of import tariffs.
According to the latest report from the Office of the U.S. Trade Representative (USTR), Viet Nam's average tariff rate stands at just 9.4 percent. Most U.S. exports to Viet Nam are subject to an average tariff of around 15 percent, with only a few exceptions.
These levels are still significantly below the newly imposed 46 percent tariff.
"It is essential to clarify the factors beyond tariffs that led the U.S. to impose this 46 percent reciprocal tariff in order to develop an appropriate response," Truong said.
Earlier, the Government of Viet Nam promulgated Decree No. 73, which reduces import tariffs on 16 product groups, effective from March 31, to help improve market access and demonstrate a commitment to fair trade practices./.
