While AmCham acknowledges the need to address the growing trade deficit between the two nations, it strongly urges the US administration to consider implementing a grace period.
The American Chamber of Commerce in Vietnam (AmCham) on April 4 issued a statement outlining the wide-ranging impact of the US’s new tariff policy on Vietnamese exports.
AmCham reaffirmed its mission to promote trade and investment between the US and Vietnam, grounded in free and fair economic and trade policies, with the goal of ensuring a stable and predictable business environment.
However, the scale and abruptness of the 46% reciprocal tariffs announced by the US government on April 2 were described as wholly inconsistent with these objectives.
The sudden imposition and significant magnitude of the tariffs have created considerable uncertainty and the potential for serious disruption to businesses operating in Vietnam, AmCham noted.
While acknowledging the need to address the growing trade deficit between the two countries, AmCham strongly urged the US administration to consider a grace period before the tariffs take effect.
Such a period, the organisation stated, would provide businesses on both sides with time to adjust to the new regulations, thereby reducing unnecessary disruption and financial loss.
At present, the immediate implementation of the tariffs leaves no opportunity for businesses to adapt, as many commercial decisions have already been made under the assumptions of previous trade agreements.
AmCham noted that both the US and Vietnamese governments recognise that the current trajectory of the trade deficit is unsustainable. It added that one of the US administration’s stated aims in introducing reciprocal tariffs is to establish greater parity in tariff rates between the two countries.
In this context, AmCham expressed support for the reduction of tariffs on US goods entering Vietnam as a means of addressing the imbalance and easing reciprocal duties.
The chamber stated that tariffs on US goods should, at a minimum, be aligned with those applied to Vietnam’s other trading partners, as well as those imposed on Vietnamese exports entering the US.
“We are hopeful that both countries can agree on reducing tariffs to mutually acceptable levels, allowing us to maintain a trade relationship that has brought benefits to all parties involved,” said Mark Gillin, Chairman of AmCham Vietnam.
He emphasised that AmCham members require certainty and stability to operate effectively.
“We urge both governments to accelerate negotiations aimed at reducing these duties to the lowest possible levels,” he said. “AmCham stands ready to provide constructive input and facilitate dialogue between the US and Vietnamese governments to strengthen the trade relationship.”/.
VNA
