Seeking Solutions to Mitigate Impact of U.S. Countervailing Tax Policy

The Vietnam Chamber of Commerce and Industry (VCCI) and Wanek Furniture recently discussed the new U.S. countervailing tax policy on Vietnamese wooden furniture exports, seeking solutions to help businesses adapt and safeguard their interests.

VCCI Vice President Nguyen Quang Vinh (R) receives Mr. Lien Andrew Michael, Vice President and General Director of Wanek Furniture's Asian factories 

On March 5, at the VCCI headquarters in Hanoi, Lien Andrew Michael, Vice President and General Director of Wanek Furniture's Asian factories, met with VCCI Vice President Nguyen Quang Vinh. The discussion focused on the new U.S. countervailing tax policy on Vietnamese exports, especially in the wooden furniture sector, and sought effective response strategies.

During the meeting, Lien Andrew Michael expressed appreciation for VCCI’s support and provided insights into Wanek Furniture's operations in Vietnam. He discussed the recent executive order signed by President Donald Trump on February 13, 2025, which imposes countervailing duties on U.S. imports. Under this policy, the U.S. will impose import duties matching the tariffs applied to American goods in the exporting country and may also levy tariffs on nations with unfair import tax policies against U.S. products.

This policy could have a severe impact on Vietnam's wooden furniture exports, reducing their competitiveness in the U.S. market. Given Vietnam's relatively high import duties on U.S. furniture, the new countervailing policy could result in higher tariffs on Vietnamese furniture exports, risking market share losses to competitors such as Malaysia, Thailand, and Indonesia.

Lien Andrew Michael proposed measures to mitigate the countervailing tax impact, urging VCCI to work with Vietnamese authorities to negotiate with the U.S. and minimize effects on the wooden furniture industry. He also suggested adjusting Vietnam’s import tariffs on U.S. furniture to aid negotiations. He urged stronger trade promotion, market diversification, and collaboration with foreign business associations to present unified recommendations to the U.S. government.

VCCI Vice President Nguyen Quang Vinh highly valued the contributions of Wanek Furniture and Ashley Furniture to Vietnam’s wooden furniture industry. He affirmed that VCCI would actively support businesses in dialogues with relevant authorities and advocate for fair trade policies. He proposed stronger collaboration with the business community to safeguard Vietnam's wooden furniture sector globally and said that VCCI would work with industry associations and exporters to develop strategic, trade-aligned recommendations.

By Giang Tu, Vietnam Business Forum