US tariffs may cost Vietnam $57 bln, hurting agriculture: PM Phuc

Xuan Thinh Friday | 12/25/2020 14:00

Photo: Medium

Additional tariffs imposed by the US government after a currency manipulation accusation may cost Vietnam $57 billion, VietnamBiz cited Prime Minister Nguyen Xuan Phuc while talking at a conference in Hanoi.

The agricultural, forestry and aquatic industries could be the biggest sufferers from the US sanction. The Vietnamese government will have a negotiation with the US on wood products on January 6, 2021, PM Phuc told the 2020 Summary Conference of the Ministry of Agriculture and Rural Development.

The Vietnamese premier had a phone call with US President Donald Trump December 22 and the government has worked with many high-ranking US officials over this issue.

"Several letters were sent to the US to prevent this country from branding Vietnam a currency manipulator. If the US government imposed tariffs, it is estimated that the damage would be about $57 billion, mainly agricultural, forestry and aquatic products. Foreign investment flow into Vietnam will be affected," said PM Phuc.

In October, the US government initiated an investigation over currency manipulation regarding the timber exports from Vietnam.

► Vietnam’s 2021 exports of farm produce projected at $44 bln

► Vietnam’s monetary policy not intended to create an unfair trade: central bank

Source: VietnamBiz