At the regular Government press conference in February 2025, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan answered questions from the press regarding the Trump administration's taxation of many major partners such as China, Mexico, Canada and expanding to many countries and partners of the US.
Meanwhile, Vietnam is an important partner of the US, with a large trade surplus, although not subject to the US's direct tax policy, it will also be strongly affected in the coming time.
Deputy Minister Nguyen Sinh Nhat Tan said that as soon as US President Donald Trump was elected, the Prime Minister directed ministries and branches to proactively study President Trump's policies and action plans expected when he takes office.
Currently, the Ministry of Industry and Trade has coordinated with ministries and branches to have many reports and forecasts on this issue. From the beginning of 2025, the Government will also have content when assessing the world situation and mentioning developments and fluctuations in the world market; along with some policies affected by the US side.
The Government has proactively anticipated the incident and proposed solutions, Deputy Minister Nguyen Sinh Nhat Tan emphasized.
According to the Deputy Minister of Industry and Trade, the US has a number of policies to impose taxes on all goods in the world, but at the same time, there are also items with different tax rates, applied to different countries. Vietnam is not affected by this.
Mr. Nguyen Sinh Nhat Tan said that although not directly affected, the Ministry of Industry and Trade proactively has a summary report to the Government.
It is expected that this March, the Government will hold a key thematic meeting to discuss key solutions. On the side of the Ministry of Industry and Trade, it has immediately assigned to the trading agencies of countries around the world, not just in the US.
Because this impact is an impact on the whole world and will be able to change and shift the flow of trade, so all countries need to study this and send timely information, Mr. Tan emphasized.
Deputy Minister Nguyen Sinh Nhat Tan informed that next week (March 13), the Minister of Industry and Trade is expected to meet with the US Chief Trade Representative to discuss and continue the very good relationship between Vietnam and the US.
The leaders of the Ministry of Industry and Trade said that through the US Embassy in Vietnam and the Vietnamese Embassy in the US, the Ministry of Industry and Trade has proactively conveyed the message to the US side about the desire to maintain and build a harmonious, sustainable, mutually beneficial economic and trade relationship with the US.
At the same time, he affirmed that Vietnam does not have any policies that can harm US workers or national security.
The Ministry of Industry and Trade's view is that Vietnam and the US are two complementary economies. The cause of trade imbalance between the two countries comes from the complementarity between the two economies, due to the export and foreign trade structure of the two countries.
Vietnamese goods exported to the US are mainly competing with third countries, not directly competing with US businesses in the US market. On the contrary, it also creates conditions for American consumers to use cheap Vietnamese goods.
