US tariff misaligned with bilateral cooperation: Foreign ministry

Spokesperson for the Ministry of Foreign Affairs Phạm Thu Hằng. — Photo from the ministry

HÀ NỘI — Việt Nam regrets the United States’ decision to impose a reciprocal tariff of 46 per cent on Vietnamese exports to its market, spokesperson for the Ministry of Foreign Affairs Phạm Thu Hằng said on Friday.

Hằng made the statement in response to reporters’ question regarding Việt Nam's reaction to the US President Donald Trump administration’s announcement of the reciprocal tariff on imports from many of its trading partners, including Việt Nam.

“We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries,” stated the spokesperson.

"It fails to reflect the spirit of the Comprehensive Strategic Partnership for peace, stability, cooperation, and development; and if enforced, would negatively impact bilateral economic and trade relations as well as the interests of businesses and people in both countries."

According to Hằng, Việt Nam has actively engaged in discussions with the US in recent times to address concerns, promote bilateral economic and trade cooperation, and work towards fair, sustainable, and mutually beneficial trade.

“Việt Nam will continue to coordinate and engage in discussions with the US in a constructive and cooperative spirit to find practical solutions that contribute to the stable and sustainable development of bilateral economic relations, ensuring the interests of businesses and people in both countries,” she said.

In the morning right after the US announcement, Prime Minister Phạm Minh Chính has held urgent cabinet meeting to discuss the issue, ordering the immediate formation of a quick-response team, led by Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn, to develop both immediate and long-term strategies in response to the tariff.

Additionally, PM Chính assigned Deputy PM Hồ Đức Phớc, former finance minister, to engage with businesses, particularly major exporters, to gather their insights and concerns.

Deputy PM Phớc is scheduled to visit the US and Cuba from April 6 to 14, aiming to discuss and negotiate on trade matters. ​

According to the General Department of Việt Nam Customs, Việt Nam's exports to the US in 2024 totaled nearly US$120 billion, marking a 23.2 per cent increase from the previous year and accounting for 29.5 per cent of the nation's total export turnover.

PM Chính has also expressed hope that the US would reconsider its tariff decision, underscoring the strong bilateral relationship between the two countries and Việt Nam's status as a developing nation still recovering from the long-term impacts of war.

Việt Nam's stock market reacted negatively to the news yesterday, suffering the worst decline in its history, with VNĐ 500 trillion (US$20 billion) in market capitalisation wiped out. — VNS

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