Vietnam's responses to new US tariffs 'quick and reasoned': AmCham

AmCham Vietnam said it is encouraged by the "quick and reasoned responses" of the Vietnamese government in reaction to the new U.S. tariffs.

In a release on Tuesday, the chamber said it is "pleased to learn of the constructive telephone exchange" between Party chief To Lam and President Trump on April 4.

"We highly appreciate the leadership and pragmatism displayed by General Secretary To Lam in squarely addressing one of the stated U.S. concerns over what it has called “non-reciprocal” tariffs by offering reciprocal tariffs of zero," AmCham stated.

During a phone call with President Donald Trump on April 4, Lam said Vietnam is willing to negotiate with the United States to cut import tariffs on U.S. goods down to zero. He proposed the United States to do the same for Vietnamese exports.

The Vietnamese top leader 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.

AmCham said businesses are hoping for a response that is quick, focused, and significant, and the chamber believes the Party chief’s offer achieved that. "It is a first step. President Trump's response seems to indicate that constructive dialogue is possible and is the path with the best likely outcome."

The chamber highlighted the opportunity such dialogue holds for U.S. exporters, including those in agriculture, who have been pushing for a free trade agreement with Vietnam that would provide them with improved market access and lower tariff rates, particularly relative to Vietnam’s other trading partners who have these agreements.

However, AmCham noted that reducing tariffs was only one of the requests of the United States Trade Representative (USTR). The other is to reduce non-tariff trade barriers.

The USTR on April 2 issued the “National Trade Estimate Report on Foreign Trade Barriers” which commented on Vietnam’s status on a number of trade related issues.

But the report did not include requests for specific deliverables. To that end, AmCham requested the administration to present clear “asks” to the Vietnamese government.

Additionally, AmCham called on its members in Vietnam, particularly those involved in importing from the U.S. to Vietnam, to be more specific in recommending steps that could increase U.S. imports to Vietnam.

"We again emphasize the importance of delaying the onset of these tariffs. The U.S. should allow time to discuss and consider offers that are in its interest. It is in the U.S. interest to demonstrate that those willing to negotiate in good faith, rather than retaliate, will be engaged in kind.

"In the meantime, there is no reason to cause significant harm to parties from both countries who have either entered into transactions or made significant investment in planning for near term transactions, when doing so does not further the administration's stated objectives in the short or long term," it added.

Vietnam will ask the U.S. to delay imposing its new tariffs on imports from Vietnam for at least 45 days, so that there is time for negotiations, preparations, and a smooth transition, Prime Minister Pham Minh Chinh told a meeting with ministries and agencies on Monday, five days after President Donald Trump announced the massive 46% tariffs on imports from Vietnam as part of a new wave of global impositions.

Deputy Prime Minister Ho Duc Phoc, accompanied by executives from companies, is now in the U.S. for a working visit, starting April 6.