Vietnam’s tariffs much lower than those calculated by US: official

Vietnam's tariffs on imports from the U.S. are much lower than the 90% or 46% calculated by this country, said Truong Ba Tuan, deputy director of the Ministry of Finance's tax policy department.

At the ministry’s regular press briefing for Q1/2025 in Hanoi on Thursday, Tuan noted that it is necessary to clarify what factors, aside from the tariff, have led to the U.S.'s decision to levy 46% so that Vietnam can outline appropriate solutions.

He noted that the finance ministry had previously advised the government to issue Decree 73/2025/ND-CP, which reduces import tariffs for 16 categories of goods. This is a significant effort by Vietnam to balance trade with its comprehensive strategic partners, including the U.S.

"When giving advice on amendments to Decree 73, we thoroughly reviewed all import tariffs, such as environmental protection and special consumption taxes. These were the bases for proposing tariffs that are balanced for both Vietnam and our trade partners.

"However, based on the figures released by the U.S. on Wednesday, it seems that the issue is not purely about the tariffs. Therefore, we need to carefully and quickly examine their rationale to develop suitable solutions," he stressed.

Tuan also noted that the average difference between the MFN (Most-Favored-Nation) import tariff rates for Vietnam and the U.S. is not very high, so non-tariff measures will play a decisive role in addressing this issue.

Regarding groups of goods to be most affected by the 46% reciprocal tariff announced by the U.S., Tuan held that industries with a large share of exports to the U.S. market, such as electronics components, textile, footwear, wood products, and seafood, will face significant pressure.

During the press briefing, Deputy Minister of Finance Nguyen Duc Chi confirmed that Vietnam has been proactive in reviewing and adjusting import tariff rates, particularly for imports from the U.S, with a view to increasing import turnover for a better trade balance.

However, Chi emphasized that this issue depends on many other factors, not just tariffs. The finance ministry and relevant agencies are actively working to find the causes. The deputy minister also stressed that the ultimate goal is to achieve a trade balance, as no one wants a disparity.

"Achieving balance means development, meaning that turnover increases without the need to solve it through tax measures. That is the solution," Chi said.

Therefore, Chi said he believes that Vietnam must be persistent in finding solutions and continue engaging and sharing information with trade partners to work toward a balanced trade.

"Trade balance means increasing turnover without lifting tax rates so that people in both countries can benefit from the growth in trade. That's important," he added.

At 4:00 pm on Wednesday (Washington D.C. time), U.S. President Donald Trump officially announced new tariffs to be applied to all major trade partners. About half of the economies will be subject to a common tariff of 10%, effective April 5. Major trading partners of the U.S. will be levied higher rates of up to 50% from April 9.

The 46% rate for Vietnam is among the highest, only after Laos (48%) and Madagascar (47%).