HANOI—Vietnam said it plans to cut import duties on a range of goods including cars, liquefied gas and some agricultural products, as concerns escalate over potential US tariffs.
The announcement on the finance ministry’s website late Tuesday came less than two weeks after Prime Minister Pham Minh Chinh said the country was reviewing duties in order to encourage increased imports from the United States.
Vietnam represents the United States’s third-highest trade deficit, behind China and Mexico.
There is increasing worry that Hanoi could be the next target of President Donald Trump’s tariffs, which have sent shockwaves through global markets.
According to the finance ministry statement, import duties on some cars will be cut by half and the tax rate for liquefied natural gas will drop from five percent to just two percent.
Duties will also be cut for a number of other products including frozen chicken thighs, almonds, sweet cherries, raisins and wood. AFP
