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Vietnam Plans to Reduce Import Tariffs on Cars and Other Products

Gaishi Automobile 2025-04-02 17:53:08

Gaishi Automobile News, according to foreign media reports, the Vietnamese Ministry of Finance recently proposed a plan to reduce import tariffs on a range of products, including automobiles, liquefied natural gas (LNG), timber, and agricultural products. The tariffs on certain types of automobiles will be reduced from a range of 45% to 64% down to 32%. This move aims to avoid potential tariff measures that the United States may impose on Vietnam.

According to a statement from the Vietnamese Ministry of Finance, the revised decree on the adjustment of most-favored-nation tariffs is expected to be released in March. The statement noted that this revised decree is "to respond to the complex and challenging global geopolitical and economic situation."predictThe development and changes," as tariff policies "greatly" impact the economies of countries worldwide, including Vietnam.

Image source: VinFast

Vietnam has been striving to strengthen its trade relations with the United States and to convince the Trump administration that Vietnam is seriously addressing its trade surplus with the U.S. In 2024, Vietnam's trade surplus with the U.S. expanded to $123.5 billion, making it the third-highest trading partner with a trade surplus with the U.S., after China and Mexico.

Earlier in March, during a visit to the United States by Vietnam's Minister of Trade, Vietnam announced provisional agreements worth $4.15 billion with American companies. Vietnam also stated that it is considering removing trade barriers and combating export fraud to improve trade relations with the United States.

The background of this series of measures is that U.S. President Trump has pledged to make a statement on tariffs on April 2, calling it the "Liberation Day" for the U.S. economy. Trump aims to reduce the global goods trade deficit of $1.2 trillion by raising U.S. tariffs to levels equivalent to those of other countries and addressing non-tariff trade barriers imposed by other nations.

However, outside the U.S., Vietnam has also announced a series of adjustments to import tariffs on other car 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.

The EU-Vietnam Free Trade Agreement (EVFTA) shows that starting January 1, 2025, Vietnam will reduce the import tariffs on cars from EU member countries such as Germany, France, Italy, and the Czech Republic from the previous 39%-42.5% to 31.2%-35.4%. At the same time, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) also stipulates that Vietnam will lower the import tariffs on complete vehicles from Japan and the UK from 42% to 35%.

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Vietnam Plans to Reduce Import Tariffs on Cars and Other Products

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