Vietnam has been proactively reviewing and adjusting its imports to increase trade turnover and work toward balancing trade with key partners, including the United States, said Nguyen.
The finance ministry has recently comprehensively reviewed import tariffs.
The new US tariff is substantially higher than the current rate and will affect Vietnam's production, particularly in key export sectors, including garments, textiles and footwear, Truong Ba Tuan, deputy head of the tax policy department said.
The country hopes the United States would discuss and make appropriate adjustments, Nguyen was cited as saying by domestic media outlet.
According to the office of the US trade representative, Vietnam's average tariff rate stands at just 9.4 per cent. Most US exports to Vietnam are subject to an average tariff of around 15 per cent, with only a few exceptions.
Vietnam had earlier promulgated a decree to reduce import tariffs on 16 product groups, effective from March 31.
ALCHEMPro News Desk (DS)
Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!
marketing@alchempro.com
