The meeting focused on short and long-term solutions after the US announced reciprocal tariffs on goods from many countries, including a 46% tariff on Vietnam’s exports.

In his remarks, the Government leader mentioned that, the night before (April 4), Party General Secretary To Lam held a phone call with the US President, conveying the message that Vietnam is ready to negotiate with the USto bring the tariff on US imports to 0%, and also urges the US to apply the same tariff rate to goods imported from Vietnam. He also encouraged the US to continue to create conditions for Vietnam to purchase US products based on demand and to promote a more favorable environment for US investment in Vietnam.

Chinh said that Deputy Prime Minister Ho Duc Phoc will depart for the US on the night of April 5. Therefore, the meeting needed to prepare a list of goods for negotiation to bring down the tariff rate to 0%.

 “The general spirit is to be ready for negotiations with the US to reduce tariffs on imports from the US to 0%. We also ask the US to apply the same tariff rate. This is the key message. Second, the list of goods to be purchased will be decided by the Government. We must prepare thoroughly so that Deputy Prime Minister Ho Duc Phoc can have clear grounds during negotiations and take responsibility for decisions at the negotiation table with the mindset of "Adapt to change while maintaining core principles."

In his report to the Prime Minister, Minister of Industry and Trade Nguyen Hong Dien stated that the 46% tariff would directly impact exports and economic growth targets. This tariff could result in a loss of between US$30-40 billion for 16 major export groups of Vietnam to the US. The high tariff will also reduce the competitiveness of foreign-invested enterprises (FDI) in Vietnam. Additionally, the management of monetary policy and exchange rates will become more complicated.

“Vietnam may need to reduce tariffs on many US products, especially agricultural products; open up markets for goods and services; and offer incentives for the US to participate in specific projects in Vietnam. For the US, Vietnam could request them to reduce tariffs on our main export products, which include 16 major categories, accounting for about 91-92% of Vietnam’s total export value to the US,” said Minister of Industry and Trade Nguyen Hong Dien.

Given this situation, Deputy Minister of Finance Do Thanh Trung proposed, “The most important thing is to negotiate quickly and release market information in a timely manner. Second, it is recommended to delay the imposition of tariffs for as long as possible. Additionally, we need to discuss with the US about adding products not yet considered in the reciprocal tariff calculation formula, such as intellectual property products, digital products, online services, and entertainment services. We should also explore supporting Vietnamese businesses to expand investments in the US and review the possibility of supplying goods that the Trump administration and the Republican Party are prioritizing, such as materials for manufacturing in the US.”

At the meeting, Minister of Agriculture and Rural Development Do Duc Duy said that essential Vietnamese exports to the US are mainly seafood, pepper, and spices, with spices accounting for 70% of the US market share. These are all essential goods that are difficult to substitute from third countries.

“The Government and the Ministry of Agriculture and Rural Development have been actively removing trade barriers for agricultural products, opening markets for the US, and reducing tariffs on many items. Through exchanges with the US Agricultural Counselor, we have found that this will be a crucial factor in future negotiations to ensure that Vietnam can secure either tariff reduction or prevent tariff increase on agricultural exports to the US” Minister Do Duc Duy added.

Positive signal from To Lam-Trump phone call for tariff reduction

VOV.VN - The April 4 phone call between Party General Secretary To Lam and US President Donald J. Trump on tariff reduction has been hailed by economic experts, businesses, and industry associations as a positive step toward stronger Vietnam–US trade ties.

Vietnam requests US to temporarily suspend new tariff imposition for negotiation

VOV.VN - The government of Vietnam has requested that the United States temporarily suspend the imposition of the newly unveiled reciprocal tariff on Vietnamese commodities exported into the United States for 1 to 3 months to allow for negotiations, to ensure fairness and mutual benefit for both sides.