The government has just issued Resolution No. 230 at the regular monthly Government meeting in July and the teleconference between the Government and localities.
The government requests three ministries to propose solutions to cope with US taxes. (Illustrative image)
According to the resolution, the Government assigns the Ministry of Finance to take the lead and coordinate with the Ministry of Industry and Trade, the State Bank, and related agencies to construct and submit to the Government for issuance of a resolution on comprehensive solutions to promptly and effectively cope with US tax policies (to be completed before August 13).
The Government requests the Ministry of Industry and Trade to take charge and coordinate with relevant agencies and localities to continue proactively and actively coordinate with related agencies to deploy trade negotiation plans with the US.
The Ministry of Industry and Trade is also tasked with promptly finalizing and submitting to the Government before August 17 for consideration and issuance of a decree on strategic trade control.
The Ministry of Industry and Trade is further responsible for closely coordinating with the Ministries of Finance, Health, Public Security, and Defense, as well as relevant agencies and localities, to develop plans and regularly, continuously, and effectively implement the work of combating, and pushing back against smuggling, trade fraud, counterfeit goods, trademark infringement, and intellectual property rights violations, especially for dairy products, drugs, and food, etc.
Earlier, in the early morning of August 1 (Vietnam time), the White House published a Presidential Proclamation on the adjustment of retaliatory duties, whereby the US decided to adjust the retaliatory duty rates for 69 countries and territories listed in Appendix I. According to this Appendix, the retaliatory duty rate for Vietnam is reduced from 46% to 20%.
According to the Ministry of Industry and Trade, in the coming time, the two sides will continue to discuss and implement the next tasks towards completing the agreement on retaliatory trade on the principle of openness, constructiveness, equality, respect for each other’s independence, sovereignty, political institutions, and mutual benefit, and taking into account each other’s development level. The two sides will also strive to promote stable economic, trade, and investment relations, harmonize interests, and be commensurate with the Vietnam – US Comprehensive Strategic Partnership.
According to statistics from the US Customs, in 2024, two-way trade turnover between Vietnam and the US reached USD 149.7 billion, of which Vietnam’s exports were USD 136.6 billion and imports were USD 13.1 billion. Vietnam’s trade surplus with the US was USD 123.5 billion, ranking 3rd among countries with the largest trade surpluses with the US (after China and Mexico).
In the first five months of 2025, two-way trade turnover between Vietnam and the US reached USD 77.4 billion, up 36.5% over the same period in 2024, of which Vietnam’s exports were USD 71.7 billion (up 37.3% over the same period in 2024) and imports were USD 5.7 billion (up 30.7% over the same period in 2024).
Vietnam’s trade surplus with the US was USD 64.8 billion (up 29% over the same period in 2024), ranking 4th among countries with the largest trade surpluses with the US (after China, Mexico, and Iceland)
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“This information was shared by the Minister of Industry and Trade during the regular Government meeting for July, which took place on the morning of August 7th.”
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