Commerce-reliant Southeast Asian nation is going through a 46 % levy underneath Trump’s so-called ‘reciprocal’ tariffs.
Vietnam and the US have kicked off commerce talks, the Vietnamese authorities has mentioned, as Hanoi scrambles to keep away from a crippling 46 % tariff introduced by US President Donald Trump.
Vietnamese Minister of Business and Commerce Nguyen Hong Dien and US Commerce Consultant Jamieson L Greer held a telephone name to formally provoke their negotiations on “bilateral financial and commerce points”, Vietnam’s commerce ministry mentioned on Thursday.
Nguyen advised Greer that Vietnam needs to develop a “complete strategic partnership” with the US and promote “financial and commerce relations in a balanced, secure, sustainable, and efficient method”, the ministry mentioned.
“He famous that Vietnamese ministries and businesses are prepared to barter options to problems with US concern and work along with the US to seek out cheap options that profit either side, based mostly on the spirit of harmonized pursuits and shared dangers,” the ministry mentioned, including that Greer expressed confidence that the 2 sides “would quickly attain appropriate options to foster secure and mutually helpful financial and commerce relations.”
Vietnam is one of the world’s most trade-dependent economies, with its exports in 2023 accounting for greater than 87 % of gross home product (GDP), in keeping with the World Financial institution.
Trump’s 46 % tariff on Vietnamese exports is among the many highest tax price imposed on a buying and selling companion underneath his so-called “reciprocal” tariffs.
Since Trump introduced a 90-day pause on most of his steepest tariffs on April 9, Vietnamese exports, like these from dozens of different international locations, have been topic to a baseline responsibility of 10 %.
Vietnam had a $123.5bn commerce surplus with the US final yr, the fourth-largest imbalance after China, the European Union and Mexico.
