Editorial note: In the early morning of April 3 (Vietnam time), U.S. President Donald Trump announced reciprocal tariffs on all countries worldwide. Several nations face higher rates. Specifically, China will see a 34% tariff (added to a previously announced 20%, totaling 54%, effective from April 9), the European Union 20%, Vietnam 46%, and Taiwan (China) 32%.

This policy is expected to significantly impact global trade, including Vietnam. VietNamNet gathered opinions from associations and experts regarding this development.

The proposed 46% tariff is a general estimate

Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), emphasized that the U.S. tariff imposition on Vietnamese imports should be viewed with discernment, cautioning against panic or excessive concern.

According to Giang, the basic tariff rate on Vietnamese textile products exported to the U.S. already exists and is not zero across the board. Some items carry an average tax of 12%, with others at 7%, 12%, and even 27% for jackets.

Vietnam has yet to establish a Free Trade Agreement (FTA) with the U.S., meaning existing tariffs have long been in place.

Giang pointed out that the 46% figure cited by the U.S. is an overall estimate and not a blanket rate. Instead, it will be applied specifically to individual product categories.

The VITAS Chairman noted that the government is already engaging in negotiations to secure a suitable tariff framework that safeguards business interests. While the U.S. has announced an April 5 implementation date, long-term tax policy must result from negotiations between the two governments.

"Businesses and industry associations should await the outcome of these talks," Giang stressed.

He also emphasized that the U.S. has imposed tariffs not only on Vietnam but on many other exporting countries. For instance, China has previously faced tariffs exceeding 20%, even reaching over 30%.

Therefore, VITAS advises businesses to remain composed and continue negotiations with brands and buyers to adapt to the new tax conditions. American consumers still have a strong demand for textiles, and Vietnam maintains partnerships with many major global players, including the U.S.

Regarding real-world impact, Vietnamese businesses had already negotiated prices with buyers, so when tariffs change, the brands themselves must also reevaluate their business strategies. Giang believes American consumers will bear the brunt of these changes due to rising retail prices.

In the medium to long term, businesses should closely monitor the upcoming April negotiations between the two governments to develop appropriate responses.

"Textile companies must stay mentally strong and focus on their contractual agreements with partners since costs, wages, and profits are all carefully calculated into the orders. The greatest pressure lies not with manufacturers but with buyers and consumers as tariffs rise.

Soon, detailed tariff schedules for products like automobiles, textiles, and footwear will be released. Businesses should follow these closely and plan accordingly," Giang added.

Following President Trump's announcement of a 46% reciprocal tariff on Vietnamese exports, leaders of the Vietnam Association of Seafood Exporters and Producers (VASEP) stated they are preparing a report and will propose measures to the government and relevant ministries to ensure smooth seafood exports.

Currently, Vietnam’s seafood exports to the U.S. total between USD 1.5 billion and USD 2.1 billion annually, with shrimp and pangasius fish as the primary exports.

Balancing trade with the U.S.

Vietnam has been actively working to improve its trade balance with the U.S.

During a recent working trip to the United States, Minister of Industry and Trade Nguyen Hong Dien, acting as the Prime Minister’s special envoy, met with the U.S. Trade Representative (USTR), the Department of Energy (DOE), and other agencies. He participated in a signing ceremony and announced cooperation agreements and procurement contracts for machinery, equipment, raw materials, services, and goods between Vietnamese and American enterprises.

These economic and trade agreements, set to be implemented from 2025, are valued at approximately USD 90.3 billion and are expected to create hundreds of thousands of jobs in both countries.

On March 31, the Vietnamese government issued a decree to revise and supplement preferential import tax rates for several items. Numerous goods saw tariff reductions, including automobiles, cherries, apples, and raisins - many of which originate from the U.S.

According to experts, this tax reduction plan is a key part of the government’s strategy to boost imports from the U.S. and help reduce Vietnam’s trade surplus with Washington.

Previously, representatives from both governments have met multiple times to negotiate new trade measures and adjust policies to mitigate tariff risks.

Speaking to VietNamNet, Dr. Hoang Ngoc Thuan from the Foreign Trade University noted that the U.S.’s 46% tariff decision will have mixed consequences, even though it won’t affect all products.

According to Thuan, U.S. manufacturers competing with imported goods will benefit significantly. Moreover, U.S. government tax revenues are likely to increase.

However, most other stakeholders will suffer. American consumers and businesses that rely on imported goods as production inputs will face higher costs due to the new tariffs.

Beyond the U.S., Vietnam and other nations will also feel the negative effects. Notably, Vietnam's 46% tariff is higher than Indonesia’s or Thailand’s, giving those countries a price advantage. Since consumers are often price-sensitive, they may opt for goods with smaller price hikes.

Still, Thuan argued that businesses should remain calm and proactive while waiting for government actions.

Previously, countries like Canada, Mexico, and India negotiated with the U.S. on tariff issues. Vietnam must also strive to postpone implementation or secure more favorable terms. However, the likelihood of avoiding tariffs altogether appears slim at this point.

If adjustments or delays prove impossible, businesses must prepare psychologically and strategically. According to Thuan, depending on the sector, companies must respond accordingly to adapt to the new reality. Some firms may lose market share or access. Therefore, while waiting for diplomatic efforts, businesses should reassess their supply chains and seek alternative markets.

Regarding current countermeasures, Associate Professor Dr. Nguyen Thuong Lang of the National Economics University’s Institute of International Trade and Economics suggested that Vietnam should aggressively seek to diversify import markets to avoid over-reliance on a single partner. However, he emphasized the importance of maintaining cooperation with American firms by increasing imports of high-end medical devices, liquefied natural gas, consumer goods, and agricultural inputs for animal feed production.

Tam An