Vietnamese trade minister requests US to postpone 46% tariff
Vietnamese trade minister requests US to postpone 46% tariff
Vietnam’s Minister of Industry and Trade Nguyen Hong Dien has formally requested that the U.S. delay the imposition of a 46-percent reciprocal tariff on imports from Vietnam, citing the need for time to hold discussions and pursue mutually beneficial solutions.
Workers process seafood for export to the U.S. at a factory in Vietnam. Photo: Thao Thuong / Tuoi Tre |
The request followed the U.S. announcement of sweeping new tariffs on dozens of trading partners, part of a global policy unveiled on Thursday that has sparked economic concerns in Hanoi.
To address the issue, the ministry has arranged a phone call between Minister Dien and U.S. Secretary of Commerce Gina Raimondo. Technical-level discussions between Vietnamese officials and representatives from the Office of the U.S. Trade Representative (USTR) are also expected soon.
According to the ministry, the Vietnamese and U.S. economies are complementary rather than directly competitive. Vietnamese exports often compete with products from other third countries, offering affordable goods to American consumers.
However, the 46-percent tariff on Vietnamese goods – set to take effect on April 9 – is significantly higher than the rates imposed on Vietnam’s competitors in the U.S. market, including Thailand (36 percent), Pakistan (29 percent), and the Philippines (17 percent).
The tariff also exceeds those for Bangladesh (37 percent), China (34 percent), Indonesia (32 percent), India (26 percent), Malaysia, Japan (both 24 percent), and the European Union (20 percent).
Ta Hoang Linh, director of the ministry’s Department of Foreign Market Development, said the U.S. decision is disappointing. “The 46-percent rate lacks a scientific basis, is unfair, and does not reflect Vietnam’s efforts in addressing the trade deficit between the two countries,” he said.
Linh also noted that the rate is nearly five times higher than Vietnam’s current average Most Favored Nation (MFN) tariff of 9.4 percent.
In recent years, Vietnam has taken steps to support U.S. businesses operating in the country. Authorities have reduced MFN tariffs on 13 categories of U.S. goods and helped American companies navigate regulatory hurdles.
The White House announced on Wednesday that U.S. President Donald Trump would implement a 10-percent base tariff on imports from all countries starting April 5, with higher rates imposed on nations with the largest trade deficits with the U.S..
The tariffs, including the 46-percent rate for Vietnam, will remain in place until U.S. officials determine that trade imbalances and unfair practices have been adequately addressed.
Despite the new policy, Vietnam’s Ministry of Industry and Trade believes there remains room for dialogue.
Officials are hopeful that a resolution can be reached to avoid disrupting Vietnam’s export growth goals, which include achieving a total export value of approximately US$450 billion in 2025, marking a 12-percent year-on-year increase.
The ministry said it has already developed specific action plans and is advising businesses on how to respond.
Exporters are being encouraged to diversify markets, fully utilize the country’s 17 free trade agreements, and maintain compliance with technical, labor, and environmental standards. Ensuring traceability of raw materials and staying current on market trends will be critical for navigating new trade pressures.
Prime Minister Pham Minh Chinh convened a meeting on Thursday morning with senior officials to evaluate the U.S. tariffs. He directed the formation of a rapid response team, led by Deputy PM and Minister of Foreign Affairs Bui Thanh Son, and assigned Deputy PM Ho Duc Phoc to gather input from affected businesses and exporters.
Chinh emphasized the need for calm, resilience, and proactive, flexible policymaking, pointing to Vietnam’s recent record of weathering global shocks, including the pandemic, conflicts, and supply chain disruptions.
He reaffirmed the government’s target of achieving GDP growth of eight percent or higher in 2025.
The U.S. has been Vietnam’s largest export market for years. In 2024, Vietnam’s exports to the U.S. totaled nearly $120 billion, a 23.2-percent increase from the year before and accounting for 29.5 percent of the country’s total export earnings, according to the General Department of Vietnam Customs.
In the first two months of 2025, Vietnamese exports to the U.S. reached $19.56 billion, a 16.5-percent year-on-year increase.
- 19:04 04/04/2025
