Continue trade negotiations, respond to US tax policy

The Ministry of Industry and Trade submitted to the Prime Minister a task force to be assigned to ministries and sectors to effectively adapt to the US tariff policy, including continuing to carry out trade negotiations with the US.

Vietnam has reached a significant tax reduction agreement with the US, which makes it easier for businesses exporting to this market to "breathe" - Photo: QUANG DINH

Early morning of August 1, Vietnam time, the White House posted President Donald Trump's Decree on adjusting reciprocal tax rates.

Accordingly, the US decided to adjust the reciprocal tax rate for 69 countries and territories listed in Appendix I. According to this appendix, the reciprocal tax rate for Vietnam will decrease from 46% to 20%, effective from August 7.

This is considered a positive signal, affirming Vietnam's negotiating position when it is only behind a few countries in reaching a significant tax reduction agreement with the US.

The Ministry of Industry and Trade said that in the coming time, the two sides will continue to discuss and implement the next steps towards completing the reciprocal trade agreement based on the principles of openness, constructiveness, equality, respect for independence, autonomy, political institutions, mutual benefit and consideration of each other's development level.

At the regular Government meeting held in July, Minister of Industry and Trade Nguyen Hong Dien said that the Ministry of Industry and Trade submitted to the Prime Minister a group of tasks assigned to ministries and branches to effectively adapt to this tariff policy.

That is to continue to implement technical negotiations to strengthen the official agreement. This will be implemented next week.

The Ministry of Finance coordinates with relevant ministries and branches to assess the impact of tax rates on Vietnam to propose tasks, solutions, mechanisms and policies to effectively respond to this policy.

In addition, relevant localities and ministries need to urgently complete the removal of obstacles for projects being renovated according to the plan.

The Ministry of Industry and Trade also proposed to develop and implement a plan to implement the trade agreement with the US. This includes improving the investment and business environment in Vietnam; supporting domestic enterprises to expand trade growth and export markets; enhancing the capacity and consumption ability of the economy and Vietnamese enterprises; developing projects and policies to develop supporting technologies; maximizing local resources; and promoting the production of products enjoying a 0% tax rate.

All of these are being implemented and are expected to be submitted to the Government for comments from ministries, branches and agencies.

Relevant ministries, sectors and localities coordinate with the Ministry of Industry and Trade in developing a plan to implement the trade agreement with the US; proactively find out any problems arising during the implementation process and promptly report to competent authorities for resolution.

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BINH KHANH

Source: https://tuoitre.vn/tiep-tuc-dam-phan-thuong-mai-ung-pho-chinh-sach-thue-my-20250809133137674.htm