At the exclusive meeting to seek solutions to the US's new tariff policy, chaired by PM Pham Minh Chinh in Hanoi on May 6. (Photo: VGP)

This marks the 7th time the Government leader has chaired an exclusive meeting to seek solutions to the US's new tariff policy, following key directives from the Party Central Committee, the Politburo, and Party General Secretary To Lam.

Viet Nam has so far demonstrated a constructive and proactive approach, sending representatives to the US and engaging in numerous discussions to promote balanced and sustainable trade relations. The US has proposed a concrete negotiation schedule, indicating its goodwill in line with commitments made during recent high-level contacts and follow-up working sessions and meetings between the two sides.

In his conclusion, PM Chinh directed ministries and relevant agencies to focus on countermeasures in response to the US's reciprocal tariff policy and prepare thoroughly for effective negotiations adhering to the principle of harmonising interests and sharing risks, and basing on the spirit of ensuring Viet Nam’s legitimate and legal rights and interests, especially core interests.

Noting the importance of meeting reasonable expectations from the US side, the government leader underscored that all negotiation outcomes must be consistent with Viet Nam’s existing international commitments, adding that the flexibility in scheduling negotiations suitable for both sides is also needed.

In parallel with negotiations, he tasked ministries and sectors involved with addressing the US's concerns, increasing imports of US goods for which the US has advantages and Viet Nam has demand, and simplifying administrative procedures, including VAT and investment-related matters affecting US businesses in Viet Nam.

PM Chinh also urged the prompt finalisation of a decree on strategic trade control to facilitate the import of hi-tech products from the US, and recommended discussions on tariff arrangements that would help more US products enter the Vietnamese market and boost Vietnamese labour-intensive and strong industries’ exports to the US.

He stressed the necessity to proactively adapt to global trade challenges by diversifying markets, products, and supply chains; leveraging Viet Nam’s 17 existing free trade agreements; and actively pursuing new trade agreements, especially with countries that have recently upgraded diplomatic ties and emerging markets in the Middle East, Africa, and Latin America.

It is important to strengthen the domestic market and enforce stricter monitoring of product origin and trade practices, among other measures, the PM noted.