Speaking with Lao Dong on the evening of April 3, Mr. Do Ngoc Hung - Head of the Vietnam Trade Agency in the US - Mr. Do Ngoc Hung - said that in addition to the 10% tax rate for all trading partners, applied from April 5, 2025, the US will also apply individual counterpart tariffs to countries with a large trade deficit with the US (including Vietnam) and will apply from April 9, 2025. The tax rate applied to Vietnamese goods is 46%.
Some goods will not be subject to countervailing tax rates, including: items subject to tax under Section 50 USC 1702(b); steel/alloy and automobile/car parts subject to tax under Section 232; copper, pharmaceutical, semiconductor and wood items; all items may be subject to tax under Section 232 in the future; gold bullion and energy and some minerals not available in the US.
Mr. Do Ngoc Hung assessed that the decree demonstrates the consistent viewpoint of the current administration on focusing on applying US tariff measures with the aim of resolving the problem of long-term trade deficit, no longer just an economic problem but has become a national emergency that threatens the security and lives of the American people.
These tariffs will remain in place until President Trump decides that the threat of trade deficits and unreserved treatment will be fundamentally addressed or mitigated.
Dialogue at all levels between the two countries shows Vietnam's goodwill in building a fair trade policy. Vietnam is a responsible trade partner with the US and other countries. Vietnam's recent moves have been very positive in strengthening trust and deepening the comprehensive strategic partnership between Vietnam and the US, especially in the economic field" - Mr. Do Ngoc Hung emphasized.
Mr. Do Ngoc Hung suggested that in this context, it is necessary to effectively implement bilateral cooperation and agreement mechanisms with the US such as TIFA and BTA.
"Specifically, increasing imports of some key US products is in line with our needs. Attract US businesses to invest in areas and strategic products that have advantages on the US side and Vietnam has demand as well as the US market has demand. Increase the content and ratio of American ingredients in products.
Control your business strategy when exporting to the US to avoid sudden increases. Effectively exploiting and diversifying Vietnam's export markets, taking advantage of FTAs Vietnam has signed with other countries, creating momentum and momentum for export growth" - Mr. Do Ngoc Hung recommended.
