Prime Minister Phạm Minh Chính during a meeting with high-ranking government officials in Hà Nội on April 3. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính on Thursday morning chaired a meeting of the Government’s Standing Committee with ministries and agencies to assess the situation and discuss both immediate and long-term solutions following the US' recent announcement of countervailing duties on goods from multiple countries, including Việt Nam.

After hearing reports from ministries and government leaders, the PM emphasised that global trade competition is becoming increasingly intense, complex and unpredictable. In response, Việt Nam has been making concerted efforts across political, diplomatic, economic and people-to-people channels to navigate these challenges.

He hopes that the US will adjust its tariff measures in light of the strong bilateral relationship between the two countries, the aspirations of their people, and Việt Nam's efforts in fostering economic cooperation.

Looking ahead, the PM instructed ministries and agencies to remain calm, strategic and proactive in formulating timely and effective responses to mitigate external shocks. He highlighted Việt Nam's track record of overcoming global disruptions, such as the pandemic, geopolitical conflicts and supply chain disruptions, through resilience and adaptability.

To ensure a comprehensive and balanced approach, the PM directed the immediate establishment of a rapid-response task force led by Deputy Prime Minister & Foreign Minister Bùi Thanh Sơn. He also assigned Deputy Prime Minister Hồ Đức Phớc to oversee ministries in gathering feedback from businesses, particularly major exporters, to address their concerns.

He stressed that this challenge also presents an opportunity for the country to demonstrate its resilience and national strength. It is a chance to restructure the economy towards rapid but sustainable development, focusing on green transformation, digitalisation, technological advancements and innovation.

He reaffirmed the government’s commitment to building an independent and self-reliant economy while promoting deep, substantive and effective international integration. This includes expanding and diversifying markets, products and supply chains, increasing localisation rates and maximising domestic market potential and resources. Despite external pressures, the PM reaffirmed that Việt Nam remains steadfast in its goal of achieving GDP growth of 8 per cent in 2025.

As of April 2, 2025, the United States announced the implementation of a 46 per cent tariff on imports from Việt Nam. This measure is part of a broader trade policy imposing varying tariff rates on numerous countries, with the baseline tariff set at 10 per cent for all foreign-made goods.​

The 46 per cent tariff on Vietnamese imports is comprehensive, affecting a wide range of products across various industries.

Việt Nam remained the US' eighth-largest trading partner in goods, with total bilateral trade reaching US$149.7 billion in 2024, accounting for 2.8 per cent of the US's total goods trade.

Việt Nam is also the sixth-largest exporter to the US, with exports valued at $136.6 billion, making up 4.2 per cent of total US imports. As a result, Việt Nam ranks third in terms of trade surplus with the US, amounting to $123.5 billion. — VNS