The fourth highest retaliatory tariffs imposed by the United States! Vietnam is stepping back and plans to significantly reduce import car tariffs.

On April 3, reports indicated that Vietnam's Ministry of Finance recently proposed cutting import tariffs on a range of products including cars, liquefied natural gas (LNG), wood, and agricultural goods. The tariff on certain types of cars would be reduced from a rate ranging between 45% and 64% down to 32%. This move aims to avoid potential additional tariffs that the U.S. might impose on Vietnam.

Reports indicate that Vietnamese authorities stated that the decree revising the most-favored-nation tariff adjustment is expected to be released within 3 months.

The statement indicated that the revised decree was "to address the complex and unpredictable developments in the global geopolitical and economic landscape," as tariff policies "significantly" impact the economies of countries worldwide, including Vietnam.

In 2024, Vietnam's trade surplus with the United States expanded to $123.5 billion, making it the third highest country with a trade surplus against the U.S., following China and Mexico.

In response, the equivalent tariffs imposed by the United States on Vietnam reach as high as 46%, making it the fourth highest among countries and regions on the tariff list, only behind Cambodia, Laos, and Madagascar.

Additionally, apart from the United States, Vietnam has previously announced a series of import tariff adjustments targeting other automobile-exporting countries. According to the latest policy, starting in 2025, Vietnam will reduce import tariffs on luxury cars from regions such as Europe and Japan.