Trade Ministry to submit US tariff response plan to PM on August 8
VOV.VN - The Ministry of Industry and Trade (MoIT) is expected to submit to the Prime Minister on August 8 a comprehensive response plan to address the recent adjustments in US reciprocal tariffs.
Since late April, Vietnam and the US have engaged in multiple rounds of reciprocal trade negotiations at both technical and ministerial levels. Key topics discussed include tariffs, rules of origin, customs procedures, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and broader trade cooperation.
On August 1, the White House issued an Executive Order on adjusting reciprocal tariff rates for a total of 69 countries and territories. Under the new tariff schedule, the duty on Vietnamese goods was reduced from 46% to 20%.
At a regular Government meeting held on August 7, Minister of Industry and Trade Nguyen Hong Dien confirmed that Vietnam would continue technical negotiations with the US in the coming week, aiming to finalise a formal agreement.
To proactively adapt to the US tariff changes, the Ministry has developed a set of proposed tasks for Government consideration. One key recommendation is for the Ministry of Finance and other relevant agencies to assess the impact of the new tariff levels on the Vietnamese economy and propose suitable countermeasures.
In parallel, ministries and local authorities are urged to resolve procedural bottlenecks in investment and development projects, thereby freeing up resources to support economic growth.
The Ministry of Industry and Trade plans to implement a roadmap for executing the anticipated trade agreement with the United States. This includes improving the business and investment environment, supporting enterprises in expanding exports and accessing foreign markets, enhancing domestic production capacity, and promoting consumption.
The Ministry also proposes policies to support the development of supporting industries and maximize technological advancement.
US 25% tariffs on steel, aluminum challenge businesses
VOV.VN - The US President has officially signed an order imposing a 25% tariff on imported steel and aluminum, prompting concerns among Vietnamese manufacturers and requiring them to proactively seek solutions to navigate these challenges.
