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US not impose tariff or sanction on Vietnam’s exports

January 17, 2021 | 15:32

The Ministry of Industry and Trade said, in a report dated January 15 released by the United States Trade Representative (USTR) on the investigation of the behavior, policies, and actions of Vietnam related to money undervaluing, sanctions against Vietnam's exports was not mentioned.

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Minister of Industry and Trade Tran Tuan Anh talks on the phone with US Trade Representative Robert Lighthizer on January 7 on bilateral economic and trade issues (Photo: VNA)

On the afternoon of January 16, the Ministry of Industry and Trade informed the press that on January 15, the USTR has officially issued a Report on the investigation under Section 301 with respect to behaviors, policies, and actions of Vietnam toward currency undervaluing.

The report provides an overview of the case, including the cause and purpose of compelling the USTR to initiate an investigation. According to the Ministry of Industry and Trade, the conclusion stated in the January 15 report of the USTR does not mention or recommend the US Government to impose tariffs or use sanctions on Vietnam's exports. This shows that the efforts and attempts of all levels from the Government leaders to ministries, units, agencies, associations, and businesses of both Vietnam and the United States have brought positive results.

The Ministry of Industry and Trade, as chair of the Vietnam section in the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council and the agency authorized by the Prime Minister to work with the US in handling the case, welcomed the conclusion of the USTR’s report. The USTR's decision has positive implications for the bilateral trade relationship, the business and investment environment in Vietnam, as well as the multifaceted cooperation relationship between the two countries.

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During the talk, the two agree that Vietnam - US relations are developing strongly, believing ties between the two countries with the right development orientations, will continue to grow. (Photo: VNA)

Also according to the Ministry, immediately after this report, immediately after the report’s release, Myron Brilliant, executive vice president of the U.S. Chamber of Commerce, announced that the business community of this country welcomed the news that the US Government would not impose tax on Vietnamese exports. He also reaffirmed: "The act of trade sanctions is an inadequate means of solving monetary valuation problems. Above all, the US business community strongly encourages the Government to promote. a closer strategic and commercial partnership with Vietnam - which is becoming an increasingly important partner of the United States".

The Ministry of Industry and Trade emphasized that Vietnam attached great importance to economic and trade relations with the United States and considered this an important pillar and a strong driving force for the overall bilateral relationship with the United States.

In the time ahead, Vietnam will continue with efforts to open up the market, intensify policy dialogue through TIFA Council mechanisms and seriously implement bilateral cooperation agreements so as to produce substantial outcomes and comprehensively address the concerns of the US and Vietnam, thereby maintaining stable trade ties towards a sustainable and harmonious trade balance that benefit both sides.

“The Ministry of Industry and Trade, as co-chair of the TIFA Council, along with Vietnamese ministries and sectors, is willing to talk with officials at all levels of the USTR and relevant agencies, including at ministerial or working levels, in any form, to address concerns and create specific progress in outstanding problems in economic and trade relations between the two countries, in a cooperative, goodwill and constructive spirit, so that the two sides can officially end the investigations,” the ministry’s representative said.

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