At a quarterly press briefing on April 3, the Ministry of Finance expressed concern over the U.S. decision to impose a 46% retaliatory tariff on Vietnamese goods, warning that the steep rate will negatively affect several major export industries, including electronics, textiles, agriculture, and footwear.

Speaking at the event, Tran Ba Tuan, Deputy Director General of the Department of Tax Policy and Fee Management, noted that this new rate is significantly higher than current levels and will likely result in substantial disruptions to Vietnam’s export-driven economy.

Impact on key export sectors

“The tariff rate announced by the U.S. is exceptionally high compared to the prevailing rates. This will severely affect many of Vietnam’s key manufacturing sectors, especially those with large export volumes to the U.S. such as electronics, textiles, agricultural products, and footwear,” said Tuan.

He added that the Ministry of Finance has been proactively reviewing Vietnam’s current import tariff structure to advise the government on appropriate adjustments in light of global developments and to support national growth targets.

On March 31, the government issued Decree No. 73/2025, reducing import duties on a number of goods - many of which are of interest to major trading partners, including the United States. The goal is to help balance bilateral trade and improve access to diverse, competitively priced goods for Vietnamese businesses and consumers.

Vietnam’s average tariffs remain low

Decree 73 reduced import tariffs on 16 product categories, including automobiles, agricultural goods, ethanol, and wood and wood products.

Tuan pointed out that Vietnam’s average tariff on U.S. goods is approximately 15%, far below the widely cited figure of 90% that some U.S. sources claim.

“We need clarity on how the U.S. arrived at the figure of 90% and used it to justify a 46% retaliatory tariff. The latest report from the U.S. Trade Representative itself acknowledged that Vietnam’s average tariff is only 9.4%. Most American goods imported into Vietnam are taxed at 15% or lower,” he said.

Seeking clarity and constructive dialogue

Deputy Minister of Finance Nguyen Duc Chi emphasized that Vietnamese authorities are actively investigating the rationale behind the U.S. tariff hike and are exploring short-term and long-term solutions.

“We’re hopeful that the U.S. will listen to Vietnam’s concerns and adopt a more balanced policy approach,” Chi said.

He added that the Ministry of Finance will continue to work closely with other relevant agencies to propose trade measures that promote mutual benefit and long-term stability.

Deputy Minister Chi also revealed that Vietnamese government representatives will travel to the U.S. this weekend to hold high-level discussions on the issue.

“We hope that the 46% figure is simply a maximum threshold and that a more reasonable, specific rate will be negotiated following these talks,” he concluded.

Nguyen Le