Việt Nam's exports to the US primarily compete with third-country goods, not US products, according to a trade official. — VNA/VNS Photo

HÀ NỘI — In the wake of the US' fresh announcement of a 46 per cent tariff on Vietnamese exports, director of the Ministry of Industry and Trade (MoIT)’s Department of Foreign Market Development Tạ Hoàng Linh remains optimistic about the potential for negotiations to achieve a mutually beneficial outcome.

Speaking to the press in Hà Nội on Thursday, Linh expressed the MoIT's regret over the US tariff decision, effective from April 9.

Highlighting the complementarity of the two economies, including their export and foreign trade structures, he emphasised that Việt Nam's exports to the US primarily compete with third-country goods, not US products, while providing US consumers with affordable, quality options.

The most-favoured-nation (MFN) tariff rates Việt Nam is imposing on imports average 9.4 per cent, so the reciprocal tariff of up to 46 per cent that the US plans to levy on Vietnamese goods lacks scientific basis and unfair, not reflecting Việt Nam's goodwill and efforts in addressing trade imbalance between the two countries over the recent past, he added.

The Vietnamese Government, ministries, and sectors have recently taken proactive steps to address many problems facing US companies operating in Việt Nam, including a decree reducing the MFN tax rates, which benefits 13 categories of US goods.

"Besides, a large number of US investment projects have had their difficulties tackled," he said.

According to the White House, the reciprocal tariffs on trade partners of the US aim to address the injustices of global trade, reshore manufacturing, strengthen national security, and boost economic growth, with the tariffs remaining in place until trade deficits and perceived unfair practices are resolved.

"Therefore, in our opinion, the two sides still have room to negotiate to achieve a mutually beneficial outcome," Linh said.

Director of the Ministry of Industry and Trade (MoIT)’s Department of Foreign Market Development Tạ Hoàng Linh. — VNA/VNS File photo

As soon as the US announced the tariffs, Minister of Industry and Trade Nguyễn Hồng Diên sent a diplomatic note requesting US authorities delay the imposition to allow for constructive dialogue to seek a reasonable solution for both sides, Linh said, adding that the MoIT is arranging a ministerial phone call and technical talks with the Office of the US Trade Representative (USTR) as soon as possible.

According to the official, the MoIT set an export growth target of 12 per cent for this year, equivalent to about US$450 billion, driven by a recovering global economy and Việt Nam's robust network of 17 free trade agreements (FTAs) with over 60 countries and territories.

While the US tariffs may cause certain adverse impacts on the export growth target if the two sides fail to seek a positive solution, he assured that the ministry had foreseen such risks and prepared a detailed action plan.

The MoIT has submitted proposals to the Government and issued guidance to enterprises to mitigate potential impacts, he said.

To meet the export targets, Linh called on businesses to leverage Việt Nam's FTAs and 70 bilateral cooperation mechanisms while diversifying into new markets. With the US accounting for 13 per cent of global imports and 30 per cent of Việt Nam's export turnover, he pointed to the vast potential in the remaining 87 per cent of global markets.

"The Ministry of Industry and Trade is intensifying efforts to open these pathways," he said.

The ministry is stepping up FTA negotiations with new markets such as the Middle East, Latin America, Central Asia and other emerging markets. It is also enhancing trade promotion, upgrading logistics infrastructure, and expanding Việt Nam's network of overseas trade offices, according to Linh.

Looking ahead, the official stressed that Việt Nam will restructure its economy and diversify markets, products, and supply chains to ensure fast and sustainable development.

The implementation of concerted measures will help Vietnamese businesses improve their resilience to global trade volatility and maintain long-term export sustainability, he said. — VNS