Vietnam is currently assessing its import duties on U.S. goods, including liquefied natural gas (LNG), agricultural products, and high-tech items, as part of efforts to avoid retaliatory tariffs from the United States, Prime Minister Pham Minh Chinh told the U.S. ambassador to Vietnam, Marc Knapper. The statement, published on the Vietnamese government’s website, highlights the Southeast Asian nation’s ongoing efforts to address trade issues with Washington.
With a significant trade surplus of over $123 billion in 2024, Vietnam has increasingly relied on exports to the U.S. While trade relations have been strong, the threat of reciprocal tariffs, as previously warned by the Trump administration, looms over Vietnam as part of efforts to reduce America’s trade deficit.
Prime Minister Chinh confirmed that relevant ministries and agencies are actively reviewing tariff structures on U.S. imports. He emphasized the need for expanding imports of critical American products, including agricultural goods, LNG, and advanced technology products. These efforts align with Vietnam’s goal to meet its growing domestic demands while addressing U.S. concerns about the trade imbalance.
Chinh’s remarks were made during a meeting with U.S. Ambassador Marc Knapper on Thursday, signaling a continued commitment to strengthening bilateral ties. Similarly, during an ongoing visit to Washington, Vietnam’s Trade Minister Nguyen Hong Dien conveyed the same message to U.S. Trade Representative Jamieson Greer. According to a statement from the Vietnamese Ministry of Trade, the discussions focused on removing trade barriers and fostering stronger business connections.
As part of the visit, Minister Dien is scheduled to meet with senior U.S. trade and energy officials in an effort to negotiate unspecified agreements aimed at furthering economic cooperation. The Vietnamese government has made it clear that it is open to exploring ways to balance trade and ensure that U.S. businesses have greater access to the Vietnamese market.
Repeated Commitments to Reduce Trade Imbalance
Vietnamese officials have consistently expressed their willingness to address U.S. concerns regarding trade imbalances. In addition to reviewing tariffs, Vietnam has pledged to expedite the licensing process for U.S. businesses, including the potential approval of Elon Musk’s Starlink satellite services.
The U.S. is a key trading partner for Vietnam, with the U.S. market accounting for nearly a third of Vietnam’s exports. However, Vietnam’s trade surplus with the U.S. remains substantial, a situation the country is eager to manage in a way that avoids any negative economic repercussions.
One area where the two countries have discussed mutual benefit is the importation of U.S. LNG. Although both U.S. and Vietnamese officials have recognized LNG as a critical component for narrowing the trade gap, significant progress has not yet been made. Vietnam’s emerging LNG industry is still dependent on spot deals for small shipments rather than long-term contracts typically preferred by U.S. exporters.
Vietnam has also shown interest in increasing imports of U.S. agricultural products, including cotton, soybeans, and tree nuts, which made up over 25% of U.S. exports to the country in 2024, valued at $3.4 billion. Meanwhile, Vietnam is eager to enhance its access to U.S. high-tech goods, including advanced semiconductors and AI-grade chips, although U.S. export restrictions under the Biden administration have limited access to the most cutting-edge technology.
As both nations work to navigate these complex trade relations, Vietnam’s efforts to review tariffs and explore deeper economic cooperation could play a pivotal role in shaping future trade dynamics between the two countries.
Related topic:
Over 1,600 Banks Use Fed’s Emergency Lending Program
