“Vietnamese goods exported to the US mainly compete with third countries, not directly with US businesses in the US market. On the contrary, it also creates conditions for US consumers to use cheap Vietnamese goods,” said Mr. Nguyen Sinh Nhat Tan.
At the Government press conference on the afternoon of March 5, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said that as soon as US President Donald Trump was elected, the Prime Minister immediately directed ministries and branches to proactively study the policies and action plans that Mr. Trump expected when he took office. The Vietnamese Government proactively anticipated the incident and proposed solutions.
Up to now, the US President has had a number of policies, especially related to the issue of tax imposition, imposing taxes on all goods in the world , but there are also goods with different tax rates, imposed on different countries.
“Vietnam is not an exception and is affected by this. However, many countries are more strongly affected, Vietnam is not the country that is strongly affected. The Ministry of Industry and Trade has coordinated with ministries and branches to promptly synthesize and report to the Government. It is expected that in March 2025, the Government will hold a meeting to discuss key topics and solutions to respond,” Deputy Minister Nguyen Sinh Nhat Tan shared.
The Ministry of Industry and Trade has also immediately assigned trade agencies in the countries to study this matter and send timely information. Through the US Embassy in Vietnam and the Vietnamese Embassy in the United States, the Ministry of Industry and Trade has conveyed a message to the United States about its desire to maintain and build a harmonious, sustainable, mutually beneficial economic and trade relationship; at the same time, affirming that Vietnam does not have any policies that could harm US workers or national security.
It is expected that on March 13, the Minister of Industry and Trade will meet with the US Trade Representative to discuss and continue the good relationship between Vietnam and the US. “The view of the Ministry of Industry and Trade is that Vietnam and the US are two complementary economies. The cause of the trade imbalance between the two countries comes from the complementary nature of the two economies, due to the export and foreign trade structure of the two countries,” said the Deputy Minister of Industry and Trade.
According to the Ministry of Industry and Trade, the two countries have a policy dialogue mechanism established under the Vietnam-US Trade and Investment Framework Agreement. In addition, the Vietnamese Government has also proactively assigned ministries and branches to review difficulties and develop solutions to issues of concern to the US; on the basis of fair and reciprocal trade, in accordance with the law, and in harmony and satisfactory response to the interests of all parties.
Vietnam will also create favorable conditions for US investors to participate in the formation and development of key industries in Vietnam, especially key energy projects (new energy, hydrogen, nuclear power, etc.), creating a premise to increase the import of liquefied gas, fuel, machinery and equipment, and technology from the United States, contributing to improving the trade balance between the two countries.
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