Vietnam

Inquirer Net | English | News | April 3, 2025 | UndeterminedTrade Issues and Numbers

Vietnam has announced significant reductions in import duties on various goods, including cars, liquefied gas, and certain agricultural products. This decision appears to be a strategic move to mitigate the impact of upcoming sweeping tariffs proposed by U.S. President Donald Trump. Vietnamese Prime Minister Pham Minh Chinh indicated that the government was reviewing these levies to stimulate imports from the United States, especially in light of the growing trade deficit, which is now the third highest with any country after China and Mexico.

Effective March 31, 2025, new preferential import duty rates will be applied to items such as cars, wood, ethanol, and various fruits and nuts. Notably, the import duty on some cars will be halved, and liquefied natural gas taxes will decrease from five percent to two percent. Other reductions include a drop from 20 percent to 15 percent on frozen chicken legs and a cut from 15 percent to five percent for unshelled pistachios and almonds. Business leaders suggest that Vietnam is seeking to foster goodwill and potentially avoid harsher tariffs, even as expectations remain that tariffs will still be enacted.

As a major manufacturing hub, Vietnam has benefited from the trade tensions between the U.S. and China, resulting in a doubled trade surplus with the U.S. from 2017 to 2023. The U.S. was Vietnam's largest export market last year, and numerous American and Chinese firms have established operations there to gain access to the U.S. market. In a broader context, Vietnam's finance ministry described the recent duty changes as a response to the unpredictable global economic and geopolitical landscape, particularly concerning U.S. tariff policies.

Việt Nam áp thuế chống bán phá giá thép mạ Trung Quốc, Hàn Quốc

VN Express | Local Language | News | April 3, 2025 | Regulation

Vietnam's Ministry of Industry and Trade has imposed temporary anti-dumping taxes on galvanized steel products from China and South Korea, with rates set at 37.13% and 15.67%, respectively. This marks the second anti-dumping decision on steel products in 2025, following a previous decision on February 21 that targeted hot-rolled steel coils from India and China, responding to petitions from domestic companies including Hoa Phat Group and Formosa.

The decision came after an investigation initiated at the request of five companies, including Hoa Sen Group and Nam Kim. The Ministry conducted a thorough review of the impact of dumping on local production, reflecting compliance with the Law on Foreign Trade Management. Data indicated a significant increase in imports of the affected products, with 454,000 tons imported in the 12 months leading up to March 2024, a rise of 91% year-on-year. Following the initiation of the investigation in June 2024, imports continued to surge, prompting the need for protective measures to ensure domestic industry stability.

The Ministry will continue to collaborate with relevant parties to gather data for a comprehensive assessment, ultimately leading to a final conclusion on the situation. Historically, anti-dumping taxes on galvanized steel were in place from September 2016 until May 2022. Market analysts predict that Hoa Sen Group, with a 27.6% share of the galvanized steel market, will benefit significantly from these new measures, along with other local manufacturers such as Nam Kim and Ton Dong A, as the competitive pressure decreases.

Thuế quan Mỹ chưa áp, thị trường đã phản ứng

VTV News | Local Language | News | April 3, 2025 | UndeterminedTrade Issues and Numbers

Global stocks experienced an upswing on Tuesday, buoyed by a rally on Wall Street, where the S&P 500 saw a 0.55% increase, breaking a three-day losing streak. European markets opened positively after previous profit-taking, with the STOXX 600 climbing 0.7%, driven primarily by gains in pharmaceutical and technology sectors. Despite global uncertainty regarding potential new US tariffs, Asian markets also registered modest rises, although Tokyo's index remained flat following significant sell-offs in major automakers like Toyota and Honda.

Investors are on edge ahead of a critical event, dubbed "Liberation Day," scheduled for April 2, where the US President is expected to announce tariffs impacting "all countries." This announcement has generated apprehension among traders due to the ambiguity surrounding which countries and products may be affected. The uncertainty is further compounded by the President's recent warning of a possible 25% tariff on imported cars and auto parts, contributing to an overall gloomy market sentiment. Analysts caution that these potential tariffs may provoke retaliatory measures from other governments, heightening the risk of economic upheaval and recession.