Ministry of Finance: Most US exports to Vietnam subject to only around 15% tariff
VOV.VN - The average tariff rate for US exports to Vietnam is currently around 15%, far lower than the 90% figure claimed by the US, a representative of the Ministry of Finance stated in response to the US decision to impose a 46% reciprocal tariff on Vietnamese goods.
At the Ministry of Finance’s Q1 regular press conference on April 3, responding to reporters' questions about measures to deal with the 46% reciprocal tariff on Vietnamese imports, Truong Ba Tuan, deputy head of the Tax Policy Department, noted that this new tariff is substantially higher than the current rate and will have a negative impact on Vietnam’s production, particularly in key export sectors such as electronic components, agriculture, garments and textiles, and footwear.
To proactively and flexibly adapt to global macroeconomic developments, the Ministry of Finance has conducted a comprehensive review of import tariffs. Based on this, it advised the government to issue Decree No. 73, which reduces import tariffs on 16 product groups, effective from March 31.
Commenting on the newly announced US tariff adjustment, the Ministry of Finance emphasized that when drafting Decree 73, it had already reviewed all existing import tariffs, along with other related taxes such as value-added tax, special consumption tax, and environmental protection tax. According to the latest report from the Office of the US Trade Representative (USTR), Vietnam’s average tariff rate stands at just 9.4%. Most US exports to Vietnam are subject to an average tariff of around 15%, with only a few exceptions.
"Vietnam’s tariff framework remains far below the 90% and even the 46% rate mentioned. It is essential to clarify the factors, beyond tariffs, that led the US to impose this 46% reciprocal tariff in order to develop an appropriate response," Tuan added.
Tackling the issue further, Deputy Minister of Finance Nguyen Duc Chi stated that Vietnam has been proactively reviewing and adjusting imports to increase trade turnover and work toward balancing trade with key partners, including the US.
"All sides aim for balanced and growing trade, meaning larger trade volumes. We are committed to working with US partners to achieve trade balance in a way that promotes growth, increases trade value, and avoids tariff hikes, thereby ensuring benefits for both Vietnamese and US consumers," Deputy Minister Chi affirmed.
According to Chi, on April 3, the Prime Minister and cabinet members held discussions with ministries and agencies, including the Ministry of Finance, to devise solutions. Later this week, the government is expected to send a delegation to the US to negotiate the countervailing tariff issue.
"We believe the announced US tariff represents a maximum possible rate. The final rate is still subject to review, and we hope the US will consider ongoing discussions and make appropriate adjustments. Further details will be available in due course," Chi said.
US imposes 46% reciprocal tariff on Vietnam: How to weather the shock?
VOV.VN - US President Donald Trump has officially announced reciprocal tariffs on multiple economies, with Vietnam facing the highest rate of up to 46%.
