Việt Nam asks for 45-day grace period for US tariffs,kqbd tbn2 to buy more American goods: PM

April 07, 2025 - 23:50 Your browser does not support the audio element. The Prime Minister instructed relevant ministries to address "at root" US concerns, manage monetary policies in line with Vietnamese law and international practices to ensure interest rate and exchange rate stability, and strictly oversee product origin to prevent potential issues

Prime Minister Phạm Minh Chính chaired the cabinet meeting on Monday night on responses to US tariff plans. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính on Monday night chaired the third cabinet meeting with various ministries and agencies to address the recent U.S. announcement of 'reciprocal tariffs' from multiple countries, including a 46 per cent tariffs against Vietnamese goods.

During the meeting, the Government leader asked the negotiation team to the US to request that the US postpone the imposition of tariffs on Vietnamese goods for at least 45 days.

This delay would provide both nations with an opportunity to negotiate and transition smoothly, aiming for a balanced and sustainable trade relationship that benefits both sides and their consumers, while adhering to Việt Nam's international commitments.

The Prime Minister stressed the importance of adhering to the high-level agreement between General Secretary Tô Lâm and US President Donald Trump on April 4, during which Lâm offers to cut down all tariffs on American goods exported to Việt Nam down to 0 per cent and asks the US to do the same for Vietnamese goods into the US.

PM Chính also highlighted the need to continue purchasing US products in areas where the US has strengths and Việt Nam has demand, including items related to national defence and security.

Additionally, he called for the expedited delivery of previously agreed-upon aircraft purchase contracts.

Furthermore, the Prime Minister instructed relevant ministries to address "at root" US concerns, manage monetary policies in line with Vietnamese law and international practices to ensure interest rate and exchange rate stability, and strictly oversee product origin to prevent potential issues.

Regarding non-tariff matters, the Government Office is tasked with reviewing other issues of US concerns, and delegating to relevant ministries and agencies for further reviews and appropriate responses.

Regarding the origin of goods, the Ministry of Industry and Trade reviews and strictly controls the origin of goods in accordance with Vietnamese law, ensuring that no unfortunate incidents occur.

Regarding copyright and intellectual property issues, the Ministry of Science and Technology is assigned to review legal regulations and effectively implement measures to protect the legitimate rights and interests of stakeholders, preventing counterfeit, imitation, and mislabeled goods.

Regarding business support, PM Chính has directed the expansion of preferential credit packages for the seafood sector and the study of similar packages for other industries and goods. Additionally, measures will continue to be implemented to extend debt repayment periods and reduce lending interest rates for goods potentially affected by US tariff tax policies. Tax and land rental payments will be deferred for businesses facing difficulties. The process of reviewing and refunding value-added tax (VAT) will be streamlined to minimise administrative burdens. Furthermore, research and proposals will be submitted to the relevant authorities for tax reductions, with an initial focus on VAT.

Diplomatic efforts will also continue through various channels to engage with US agencies, seeking solutions that align with Việt Nam's conditions and circumstances, as well as the Comprehensive Strategic Partnership between the two countries.

Earlier on Monday, White House trade advisor Peter Navarro said in an interview that the offer of the zero tariffs from Việt Nam would be a "small first start," but was also focussing on non-tariff issues, including Chinese products routed through Việt Nam, intellectual property theft, and value-added tax. — VNS

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