Vietnam is reviewing import duties on items from the USA, the federal government stated, as anxiousness mounts in Hanoi over potential tariffs below President Donald Trump’s administration.
Prime Minister Pham Minh Chinh informed US ambassador Marc Knapper that the evaluate would look to encourage elevated imports of liquified pure gasoline, in addition to agricultural and high-tech merchandise, a report on the federal government’s web site stated on Thursday.
Vietnam represents the USA’s third-highest commerce deficit, behind China and Mexico.
There may be growing fear that Hanoi might be the subsequent goal of Trump’s tariffs, which have despatched shockwaves via world markets.Chinh informed Knapper throughout a gathering on Thursday that Vietnam is “actively addressing the present issues of the US in economic-trade-investment relations”, together with sending Vietnam’s high commerce official to the USA this week, the report stated.
Vietnam can be “reviewing import tariffs on items from the USA, encouraging elevated imports of key US merchandise that Vietnam wants, particularly agricultural merchandise, liquefied gasoline and high-tech merchandise”, the report added.
The commerce official, Minister of Business and Commerce Nguyen Hong Dien, was in Washington on Thursday for a gathering with US Commerce Consultant Jamieson Greer.
Greer informed Dien that Vietnam “must have stronger options to open the market and enhance the commerce stability”, in response to a report on the web site of Vietnam’s commerce ministry.
Dien stated that Vietnam was working to construct a “harmonious, sustainable” financial and commerce relationship with the USA, the federal government report stated.
The US commerce deficit in items with Vietnam was $123.5 billion in 2024, up greater than 18 p.c on 2023, in response to the Workplace of the USA Commerce Consultant.
Vietnam is a producing powerhouse that’s closely reliant on exports. The US was the nation’s largest export market in 2024.
