In official dispatch 133 concerning tasks related to achieving growth targets, prime minister Pham Minh Chinh directed ministries, local authorities, and state-owned enterprises to implement measures to address US tariff policies.

Specifically, the ministry of industry and trade will continue trade negotiations with the US to achieve the most favorable commitments for Vietnam. These negotiations aim towards a comprehensive trade agreement that strengthens the economic and trade relationship between the two countries in a balanced and sustainable manner. The ministry must also promptly implement existing trade agreements and commitments with the US.

Furthermore, the ministry is tasked with disseminating information and providing guidance on US reciprocal tax policies, including tariff rates on Vietnamese exports and related matters, to the public and businesses, especially those directly affected.

This directive from the government comes after US reciprocal tariffs on trading partners took effect on 1/8, ranging from 10% to 41%. The tariff rate for Vietnam is 20%, down from 46% announced in April.

The ministry of finance is leading the effort, in collaboration with the ministry of industry and trade, the state bank of Vietnam, and other relevant agencies, to develop and submit a resolution to the government outlining comprehensive solutions to address US tariff policies. This task must be completed before 13/8.

Following the resolution's issuance, the prime minister requested ministries and local authorities to effectively implement support measures and enhance the competitiveness of industries and businesses impacted by this new policy. They must also support the implementation of traceability systems and participation in regional and global supply and value chains.

According to US customs data, bilateral trade last year reached 149.7 billion USD, with Vietnam exporting 136.6 billion USD and importing 13.1 billion USD from the US. Vietnam's trade surplus with the US was 123.5 billion USD, ranking behind China and Mexico.

In the first 5 months of this year, Vietnam-US trade reached 77.4 billion USD, a 36.5% increase compared to the same period in 2024. Of this, Vietnam exported 71.7 billion USD and imported 5.7 billion USD, representing increases of 37.3% and 30.7% respectively.

Phuong Dung