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

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.

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.

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.