Trade-reliant Southeast Asian country is facing a 46 percent levy under Trump’s so-called ‘reciprocal’ tariffs.
Vietnam and the United States have kicked off trade talks, the Vietnamese government has said, as Hanoi scrambles to avoid a crippling 46 percent tariff announced by US President Donald Trump.
Vietnamese Minister of Industry and Trade Nguyen Hong Dien and US Trade Representative Jamieson L Greer held a phone call to officially initiate their negotiations on “bilateral economic and trade issues”, Vietnam’s trade ministry said on Thursday.
Nguyen told Greer that Vietnam wants to develop a “comprehensive strategic partnership” with the US and promote “economic and trade relations in a balanced, stable, sustainable, and effective manner”, the ministry said.
“He noted that Vietnamese ministries and agencies are ready to negotiate solutions to issues of US concern and work together with the US to find reasonable solutions that benefit both sides, based on the spirit of harmonized interests and shared risks,” the ministry said, adding that Greer expressed confidence that the two sides “would soon reach suitable solutions to foster stable and mutually beneficial economic and trade relations.”
Vietnam is one of the world’s most trade-dependent economies, with its exports in 2023 accounting for more than 87 percent of gross domestic product (GDP), according to the World Bank.
Trump’s 46 percent tariff on Vietnamese exports is among the highest tax rate imposed on a trading partner under his so-called “reciprocal” tariffs.
Since Trump announced a 90-day pause on most of his steepest tariffs on April 9, Vietnamese exports, like those from dozens of other countries, have been subject to a baseline duty of 10 percent.
Vietnam had a $123.5bn trade surplus with the US last year, the fourth-largest imbalance after China, the European Union and Mexico.