New information on reciprocal tax negotiations with the US and the impact of the US government shutdown

At the regular press conference of the Ministry of Industry and Trade, Deputy Minister Nguyen Sinh Nhat Tan informed the press about the progress of reciprocal tax negotiations with the US.

At the regular press conference of the Ministry of Industry and Trade , Deputy Minister Nguyen Sinh Nhat Tan informed the press about the progress of reciprocal tax negotiations with the US.

Press conference of the Ministry of Industry and Trade on the afternoon of October 8 - Photo: N.KH

At the regular press conference held on the afternoon of October 8, reporters raised questions related to the progress of reciprocal tax negotiations with the US.

Responding, the Deputy Minister of Industry and Trade said that recently, Vietnam has been making efforts to promote reciprocal tax negotiations with the US.

The results of the next negotiations were very positive.
"The negotiation delegation between Vietnam and the US regularly and continuously holds negotiations. Up to now, the US side has had many positive assessments about the results of the reciprocal trade tax negotiations between the two countries. This is a very positive result" - Mr. Tan informed.

In addition, the Deputy Minister also said that it is expected that in October and November 2025, the Vietnamese negotiation delegation will continue to have a working trip to the US to discuss and implement the next steps towards completing the reciprocal trade agreement.

With the negotiation principles of openness, constructiveness, equality, respect for independence, autonomy, political institutions, mutual benefit and consideration of each other's development level, the two sides will strive to promote stable economic, trade and investment relations, harmonizing interests, commensurate with the Vietnam - US Comprehensive Strategic Partnership.

However, Mr. Tan said that the US government shutdown due to lack of money will affect the progress of trade negotiations. The reason is that negotiations must be conducted on both sides, while the other side is facing difficulties, so our policy is to patiently wait, try to maintain connections to continue to maintain quite positive results.

Previously, in the early morning of August 1 (Vietnam time), the White House posted President Donald Trump's decree on adjusting reciprocal tax rates, according to which the US decided to adjust reciprocal tax rates for 69 countries and territories listed in Appendix I.

According to this annex, the reciprocal tax rate for Vietnam is reduced from 46% to 20%.

Wood exports are expected to be most affected by US reciprocal tariffs - Photo: D.TH.

Prospects for achieving export turnover of 900 billion USD
Also at the regular press conference, providing information on Vietnam's import-export situation with partners in the first 9 months of 2025, Mr. Bui Huy Son - Director of the Department of Financial Planning and Enterprise Management, Ministry of Industry and Trade - said that import-export continues to be a bright spot of the economy. Total import-export turnover in 9 months reached 680.6 billion USD, up 17.3% over the same period last year.

Of which, exports in the third quarter of 2025 reached 128.57 billion USD, up 18.4% over the same period last year and up 9.6% over the second quarter of 2025. In the first 9 months, the total export turnover of goods reached 348.74 billion USD, up 16% over the same period last year, far exceeding the 12% growth target set for the whole year.

Mr. Bui Huy Son said that the import growth rate (18.8%) higher than export (16%) shows a positive signal of domestic production recovery but also creates some pressure on the trade balance. The trade balance continued to maintain a trade surplus of 16.8 billion USD, making an important contribution to the macro balance and foreign exchange reserves of the economy. Of which, the domestic economic sector had a trade deficit of 20.26 billion USD; the foreign-invested sector (including crude oil) had a trade surplus of 37.08 billion USD. In the current situation, if there are no unusual fluctuations, the industry and trade sector is on track to achieve the set goals for 2025 and it is expected that the total import-export turnover of goods for the whole year can reach a new milestone of about 900 billion USD.

According to tuoitre.vn

Source: https://baovinhlong.com.vn/kinh-te/202510/thong-tin-moi-ve-dam-phan-thue-doi-ung-voi-my-va-tac-dong-vic-chinh-phu-my-dong-cua-fd63b9e/