Reporting at the Conference, Mr. Nguyen Anh Son - Director of the Import-Export Department assessed - the international trade situation is changing rapidly and unpredictably, especially in the context of the US announcing the application of new tariff policies to goods from many countries around the world, including Vietnam.
The US is currently Vietnam's largest export market (accounting for 29.5% of total export turnover of goods) and Vietnam is the 8th largest trading partner of the US.
The additional tax rate will have a strong disadvantage, affecting most of Vietnam's main export groups to the US, such as: textiles, footwear accounting for 21.9%; wood and wood products accounting for 7.58%; agriculture - aquaculture - seafood accounting for 3.45%...
When this policy is applied, Vietnamese export goods will have a harder time competing with domestic goods and goods from other countries will be subject to lower taxes when imported into the US.
This puts great pressure on the Vietnamese export business community about the possibility of reduced profits, narrowing orders and export market share, as well as disruptions in the supply chain and increased inventories, when US partners can find alternative sources of goods from countries that are not subject to high taxes.
In that situation, the leaders of our Party and State have promptly directed ministries, central branches and localities to urgently and synchronously deploy many tasks and solutions before, during and after the US announced the counterpart tax rate.
Most recently, on April 12, 2025, Prime Minister Pham Minh Chinh signed Decision No. 753/QD-TTg on the establishment of a Government negotiation Team on trade issues with the US; with the Head of the delegation being the Minister of Industry and Trade, Deputy Head of the delegation and members of the negotiation Team being leaders of relevant ministries.
The Ministry of Industry and Trade and relevant ministries and branches are urgently preparing the negotiation plan; At the same time, on April 14, 2025, the Minister of Industry and Trade, the head of the negotiating delegation also officially sent to the Chief of Commercial Representative (USTR), the US Finance Minister to notify Vietnam's negotiating Unit, asking the US to confirm information about the US negotiating group and the negotiating schedule.
Concluding the Conference, Minister Nguyen Hong Dien acknowledged the opinions, reflections on difficulties, obstacles and recommendations, proposed solutions as well as negotiation plans of industry associations and enterprises.
At the same time, Minister Nguyen Hong Dien said that in recent days, the leaders of the Party, State and Government, and the Prime Minister have been determined and making efforts to implement many diplomatic activities.
At the same time, the Ministry of Industry and Trade and relevant ministries and branches have been directed to synchronously deploy many solutions to remove the problem, find reasonable solutions for both sides, towards the goal of achieving a suitable, stable, balanced and mutually beneficial counter- trade agreement.
However, the Minister said that the difficulties from the US imposing countervailing taxes are also an opportunity for us to proactively restructure the economy, restructure businesses to create more positive changes in the long term. To achieve this goal, there needs to be close coordination between stakeholders from businesses, industry associations to state management agencies at all levels.
The Minister requested industry associations and exporting enterprises to continue to send recommendations and proposals in writing to the Ministry of Industry and Trade before April 20, 2025.
From there, the Ministry reviews and focuses on resolving, removing them according to its authority or transferring them to ministries, functional branches and reporting to the Government and the Prime Minister for consideration and direction to resolve issues that are not within its authority or beyond its authority.
In order to achieve the highest goal of helping Associations and businesses respond flexibly and effectively to the new situation, continue to steadfastly overcome difficulties to develop more and more, and make more positive contributions to the development of the country.
