VINACHEM

Deputy Prime Minister Nguyen Hoa Binh says that Vietnam and the US are actively negotiating on tariffs, adding that "we will do everything possible to ensure the 46 percent tariff on Vietnamese goods does not materialize.”

During a Q&A session with Deputy Prime Minister Nguyen Hoa Binh last Friday, National Assembly deputy Ta Van Ha from Quang Nam said voters and businesses are highly concerned about the US imposing a 46 percent tariff on some of Vietnam’s key export products.

The deputy urged the Government to outline short-term solutions to help businesses overcome difficulties and a long-term strategy to protect national interests and promote stable, equitable, and sustainable international trade.

Binh stressed that it is premature to think about the 46 percent tariff, as negotiations are ongoing. “We will do everything to prevent this tariff from being applied.”

Party Secretary General To Lam held a phone call with US President Donald Trump, and Prime Minister Pham Minh Chinh has directed ministries, agencies, and localities to implement solutions to avoid the 46 percent tariff.

Binh noted that the Government's negotiating team is actively negotiating with the US side and "the outlook is positive”. “The two sides understand each other better and strive to achieve the set goals.”

However, the Deputy Prime Minister made it clear that in the face of unpredictable fluctuations, Vietnam needs a long-term strategy.

The Government has restructured the national economy, promoting the advantages of the FTAs signed with many countries so as not to depend on a single market.

“The world is vast, and we are seeking new markets while supporting businesses to export to these markets,” Binh said.

Additionally, Vietnam needs to shift its production model, focusing on deep processing rather than exporting fresh and raw agricultural products to increase economic value.

With a strategy of market diversification and economic restructuring, Binh believes that Vietnam can effectively respond to global fluctuations. In case of risk, the Government is ready to apply solutions to support businesses in terms of taxes and fees.

National Assembly deputy Mai Khanh from Ninh Binh pointed out that in 2025, Vietnam’s economy will face external risks and challenges, such as geopolitical tensions, trade wars, rising protectionism, and particularly the US’s reciprocal tariffs.

Meanwhile, domestic businesses are facing difficulties, with a high number exiting the market, impacting employment, social welfare, and macroeconomic stability. She asked about solutions to stabilize the macroeconomy, achieve the 8 percent GDP growth target for 2025, and lay the foundation for double-digit growth.

Binh said the Government aims to revitalize existing growth drivers like foreign investment and consumption while promoting national key projects. It is also seeking new growth engines, such as green economy, circular economy, semiconductors, chips, and AI, the sectors with significant potential aligned with global trends.

The Party has issued resolutions on developing the private economy, science and technology, national digital transformation, and innovative institutional reforms to unlock development resources.

To ensure stability, the Government will enhance flexible fiscal and monetary policies and mobilize domestic resources. It has proposed to the Party and NA new measures to harness resources, including developing a financial center in Vietnam.

Binh highlighted a significant ongoing initiative attracting public attention: a revolutionary reorganization of administrative boundaries, including the elimination of district-level governance.

On the evening of June 19, Minister of Industry and Trade Nguyen Hong Dien held an online negotiation session with US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer.

Minister Dien emphasized Vietnam’s desire to work with the US to establish harmonized, practical, and non-discriminatory rules of origin suited to global supply chain dynamics, facilitating businesses in both countries.

Dien reiterated Vietnam’s viewpoint is to work with the US to build harmonious, practical rules of origin that are suitable for the characteristics of the global supply chain, non-discriminatory, and to create favorable conditions for businesses of both countries.

Dien continued to request the US to consider areas of Vietnam’s interest, including reciprocal tax policies and market access for some key export groups.

Lutnick and Greer praised Vietnam's efforts and goodwill in handling issues of US concern. They said that these will help the US have a basis to consider reciprocal tax policies that are suitable for Vietnam's specific conditions and circumstances.

They affirmed the US’s desire and determination to negotiate with Vietnam toward an agreement that serves the interests of both nations. Greer stated that the US Trade Representative’s Office would soon finalize and send Vietnam documents for focused discussions.  – Source: VNN