Vietnam willing to slash tariffs on US goods to zero: top leader

By Thai Ha
Fri, April 4, 2025 | 11:54 pm GMT+7

Vietnam is willing to negotiate with the United States to cut import tariffs on U.S. goods down to zero, Party chief To Lam said during a phone call with President Donald Trump on Friday.

Lam proposed the United States to do the same for Vietnamese exports.

He added that Vietnam seeks to increase imports from the U.S. and will encourage and create favourable conditions for American businesses to further invest in the country.

Party General Secretary To Lam has a phone call with U.S. President Donald Trump on late April 4, 2025. Photo courtesy of Vietnam News Agency.

Party General Secretary To Lam has a phone call with U.S. President Donald Trump on late April 4, 2025. Photo courtesy of Vietnam News Agency.

During their talk, the two leaders reaffirmed their commitment to strengthening bilateral cooperation for their countries' benefits and contributing to global and regional peace, stability, and development.

They shared the assessment that Vietnam-U.S. relations have been thriving across many areas, according to Vietnam's Ministry of Foreign Affairs.

The two leaders discussed measures to further facilitate bilateral trade. They agreed to maintain discussions to soon sign a bilateral agreement to detail the aforementioned commitments.

On this occasion, Party General Secretary To Lam extended an invitation to President Trump and the First Lady to visit Vietnam at their earliest convenience.

President Trump accepted the invitation and expressed his desire to meet with To Lam soon. He also asked the Party chief to convey his warm regards to Vietnam's leaders and people, Vietnam News Agency reported.

The phone call took place only two days after President Trump announced a round of ‘reciprocal tariffs’ against many of U.S. trading partners, in which Vietnam is hit with a massive 46% tariff.

In the morning of April 4 (Washington D.C. time), President Trump wrote on social network Truth Social about his phone call with Party General Secretary To Lam, saying the talk was “very productive”.

He quoted Lam as saying "Vietnam wants to cut their tariffs down to zero if they are able to make an agreement with the U.S."

"I thanked him on behalf of our country, and said I look forward to a meeting in the near future," Trump added.

At a press meeting on Thursday, Truong Ba Tuan, deputy director of the Ministry of Finance's tax policy department, stated that Vietnam's tariffs on imports from the U.S. are much lower than the 90% or 46% calculated by this country.

Tuan cited U.S. trade statistics in a report as saying that Vietnam's average tax rate applied to U.S. goods is only about 9.4%. "Most U.S. goods exported to Vietnam are subject to a maximum tax of 15% or lower," he stressed

In a Friday release, the American Chamber of Commerce (AmCham) in Vietnam stated that the "suddenness of their implementation and the substantial scale of the tariffs have created significant uncertainty and potential disruption for businesses operating in Vietnam."

"AmCham members require certainty and stability to operate effectively. We ask both governments to expedite negotiations aimed at reducing these duties to the lowest possible levels," the chamber wrote.

Trump on Wednesday announced that he will levy a 46% duty on imports from Vietnam, effective April 9, as part of a new wave of global impositions. The tax for Vietnam is among the highest, only after Laos (48%) and Madagasca (47%).

It is higher than many others like Sri Lanka and Myanmar (44%), Bangladesh (37%), Thailand (36%), mainland China (34%), Taiwan (32%), India (26%), South Korea (25%), Japan and Malaysia (24%), the EU (20%), and the Philippines (17%).

Vietnamese exporters have voiced concern that if the 46% tariff rate is imposed, they will face massive difficulties. However, some experts argued that the tariff, effective from April 9, is not as alarming as it seems, as the situation will ultimately depend on the negotiations between the two parties.

According to Vietnam Customs, in 2024, Vietnam exported goods worth $119.5 billion to the U.S. and spent $15.1 billion on imports from this economy. There were 15 items with billion-U.S. dollar export turnovers, of which three dominant groups were computers and components ($23.2 billion), machinery and equipment ($22 billion), and textile ($16.2 billion).

Phones, wood, and footwear were also the items that recorded great export values, in the range of $8.3-9.8 billion. Agricultural products also made important contributions, such as cashew nuts and seafood with $1.15 billion and 1.83 billion, respectively, and coffee with nearly $323 million.

* Link to the Vietnam section in President Trump's tariffs announcement.

Comments (0)
  • Read More
Indonesia to end incentives for imported CBU BEVs in 2026

Indonesia to end incentives for imported CBU BEVs in 2026

The Indonesian government has confirmed that it will stop providing incentives for imported completely built-up (CBU) battery electric vehicles (BEVs) from 2026.

Southeast Asia - Tue, September 16, 2025 | 9:44 pm GMT+7

Aquatic sector advised to navigate challenges, secure exports to EU, US

Aquatic sector advised to navigate challenges, secure exports to EU, US

Despite positive production signals with growth in 2025 projected at 4.25%, Vietnam's aquatic sector is facing mounting export pressures, particularly strict technical barriers in major markets such as the EU and the U.S.

Companies - Tue, September 16, 2025 | 9:41 pm GMT+7

Vietnam pledges favorable conditions for UK businesses

Vietnam pledges favorable conditions for UK businesses

Finance Minister Nguyen Van Thang has affirmed Vietnam’s commitment to improving its investment environment and creating favourable conditions for foreign enterprises, including those from the UK.

Companies - Tue, September 16, 2025 | 9:29 pm GMT+7

Lotte Shopping plans to open more shopping malls in Vietnam

Lotte Shopping plans to open more shopping malls in Vietnam

South Korean retail giant Lotte Shopping has unveiled plans to open an additional two to three large-scale shopping malls in major Vietnamese cities by 2030, underscoring the country’s growing role in the group’s international expansion strategy.

Companies - Tue, September 16, 2025 | 9:25 pm GMT+7

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam ratifies WTO Agreement on Fisheries Subsidies

Vietnam officially deposited its instrument of ratification of the Agreement on Fisheries Subsidies at the WTO General Council’s special session in Switzerland on Monday.

Companies - Tue, September 16, 2025 | 9:21 pm GMT+7

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

What makes NobleGo - Vietnam’s first home-bidding livestream platform - so notable?

NobleGo – Vietnam’s pioneering AI-powered livestream real estate bidding platform developed by Sunshine Group – has completed its first 20 livestream sessions.

Real Estate - Tue, September 16, 2025 | 4:53 pm GMT+7

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese retailer Aeon to debut another northern Vietnam shopping mall by end-2026

Japanese-backed Aeonmall Vietnam is ramping up construction on its Aeon Mall Ha Long project in Quang Ninh province, home to Ha Long Bay, with an aim to open it to the public by end-2026.

Industries - Tue, September 16, 2025 | 3:54 pm GMT+7

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

Hanoi terminates Vinaxuki auto plant project, repurposes land for commercial complex

A long-stalled automotive manufacturing project by Xuan Kien Auto JSC (Vinaxuki) has been officially terminated by Hanoi authorities, and the reclaimed land in Phuc Thinh commune will be repurposed for a new commercial and service complex.

Industries - Tue, September 16, 2025 | 2:44 pm GMT+7

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Central Vietnam province reviews investment proposal for thermal power project after Thai EGATi pullout

Authorities in the central province of Quang Tri are evaluating a proposal from Power Generation JSC 1 (EVNGENCO 1), a subsidiary of state utility Vietnam Electricity (EVN), to take over the Quang Tri thermal power plant project, following the withdrawal of Thai investor EGATi.

Energy - Tue, September 16, 2025 | 1:44 pm GMT+7

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata to sell stakes worth $46 mln in Vietnam units to Novaland-tied buyers

Amata VN, the Vietnam arm of Thailand’s leading industrial park developer Amata, has approved a plan for its subsidiary Amata City Long Thanh Urban JSC (ACLT) to sell its remaining 51% stakes in two entities to local developer Novaland-linked buyers.

Real Estate - Tue, September 16, 2025 | 12:19 pm GMT+7

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam already meets FTSE's criteria for stock market status upgrade: Finance Minister

Vietnam has fulfilled the criteria for a stock market status upgrade by FTSE Russell through reforms aimed at facilitating foreign investment inflows into its market, said Minister of Finance Nguyen Van Thang.

Economy - Tue, September 16, 2025 | 9:36 am GMT+7

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

Banks should be allowed to distribute, invest in mutual fund certificates: Vietnam's finance ministry

The Ministry of Finance is proposing a key reform that would allow commercial banks to invest in and distribute mutual fund certificates, as part of a broader plan to restructure the investor base and foster the development of Vietnam’s fund management industry.

Finance - Tue, September 16, 2025 | 8:00 am GMT+7

E-commerce boom a major driver of Vietnam's packaging paper industry growth

E-commerce boom a major driver of Vietnam's packaging paper industry growth

Vietnam's paper packaging industry is entering a period of strong growth, with an average annual growth rate forecasted at 10% until 2030.

Companies - Mon, September 15, 2025 | 10:20 pm GMT+7

Vietnam needs support from UK in developing international financial center: Deputy PM

Vietnam needs support from UK in developing international financial center: Deputy PM

Permanent Deputy Prime Minister Nguyen Hoa Binh has called on the UK and the City of London to continue supporting and accompanying Vietnam in promoting and introducing its international financial center (IFC).

Finance - Mon, September 15, 2025 | 10:12 pm GMT+7

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Vietnam enforces 8% capital adequacy ratio for banks from Sept 15

Commercial banks and foreign bank branches in Vietnam must maintain a minimum capital adequacy ratio (CAR) of 8%, including at least 4.5% in Tier 1 core capital and 6% in Tier 1 capital, starting from September 15.

Banking - Mon, September 15, 2025 | 10:04 pm GMT+7

Tool for wood traceability management debuts in Vietnam

Tool for wood traceability management debuts in Vietnam

The Vn-WoodID application has been officially launched in Vietnam, becoming a key tool contributing to wood traceability.

Companies - Mon, September 15, 2025 | 10:00 pm GMT+7