Vietnamese PM urges US to adjust tariffs in light of strong bilateral relations
The PM said he hopes the US will adjust its tariff measures in light of the strong bilateral relationship between the two countries, the aspirations of their people, and Vietnam's efforts in fostering economic cooperation.
Prime Minister Pham Minh Chinh on Thursday morning chaired a meeting of the Government’s Standing Committee with ministries and agencies to assess the situation and discuss both immediate and long-term solutions following the US' recent announcement of countervailing duties on goods from multiple countries, including Vietnam.
After hearing reports from ministries and government leaders, the PM emphasised that global trade competition is becoming increasingly intense, complex and unpredictable. In response, Vietnam has been making concerted efforts across political, diplomatic, economic and people-to-people channels to navigate these challenges.
He hopes that the US will adjust its tariff measures in light of the strong bilateral relationship between the two countries, the aspirations of their people, and Vietnam's efforts in fostering economic cooperation.
Looking ahead, the PM instructed ministries and agencies to remain calm, strategic and proactive in formulating timely and effective responses to mitigate external shocks. He highlighted Vietnam's track record of overcoming global disruptions, such as the pandemic, geopolitical conflicts and supply chain disruptions, through resilience and adaptability.
To ensure a comprehensive and balanced approach, the PM directed the immediate establishment of a rapid-response task force led by Deputy Prime Minister & Foreign Minister Bui Thanh Son. He also assigned Deputy Prime Minister Ho Duc Phoc to oversee ministries in gathering feedback from businesses, particularly major exporters, to address their concerns.
He stressed that this challenge also presents an opportunity for the country to demonstrate its resilience and national strength. It is a chance to restructure the economy towards rapid but sustainable development, focusing on green transformation, digitalisation, technological advancements and innovation.
He reaffirmed the government’s commitment to building an independent and self-reliant economy while promoting deep, substantive and effective international integration. This includes expanding and diversifying markets, products and supply chains, increasing localisation rates and maximising domestic market potential and resources. Despite external pressures, the PM reaffirmed that Vietnam remains steadfast in its goal of achieving GDP growth of 8 % in 2025.
As of April 2, 2025, the United States announced the implementation of a 46 % tariff on imports from Vietnam. This measure is part of a broader trade policy imposing varying tariff rates on numerous countries, with the baseline tariff set at 10 % for all foreign-made goods.
The 46 per cent tariff on Vietnamese imports is comprehensive, affecting a wide range of products across various industries.
Vietnam remained the US's eighth-largest trading partner in goods, with total bilateral trade reaching US$149.7 billion in 2024, accounting for 2.8 % of the US's total goods trade.
Vietnam is also the sixth-largest exporter to the US, with exports valued at $136.6 billion, making up 4.2 % of total US imports. As a result, Vietnam ranks third in terms of trade surplus with the US, amounting to $123.5 billion.
Viet Nam News
Asia News Network
