HANOI: Vietnam is reviewing import duties on items from the US, the federal government mentioned, as anxiousness mounts in Hanoi over potential tariffs underneath President Donald Trump’s administration.
Prime Minister Pham Minh Chinh instructed US ambassador Marc Knapper that the evaluation would look to encourage elevated imports of liquified pure fuel, in addition to agricultural and high-tech merchandise, a report on the federal government’s web site mentioned on Thursday (Mar 13).
Vietnam represents the US’s third-highest commerce deficit, behind China and Mexico.
There’s growing fear that Hanoi might be the subsequent goal of Trump’s tariffs, which have despatched shockwaves via world markets.
Chinh instructed 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 top trade official to the United States this week, the report mentioned.
Vietnam can be “reviewing import tariffs on items from the US, encouraging elevated imports of key US merchandise that Vietnam wants, particularly agricultural merchandise, liquefied fuel 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 instructed Dien that Vietnam “must have stronger options to open the market and enhance the commerce steadiness”, based on a report on the web site of Vietnam’s commerce ministry.
Dien mentioned that Vietnam was working to construct a “harmonious, sustainable” financial and commerce relationship with the US, the federal government report mentioned.
The US commerce deficit in items with Vietnam was US$123.5 billion in 2024, up greater than 18 per cent on 2023, based on the Workplace of the US Commerce Consultant.
Vietnam is a producing powerhouse that’s closely reliant on exports. The USA was the nation’s greatest export market in 2024.
