Vietnam PM expects US trade deal before July tariff deadline
[HANOI] Vietnamese Prime Minister Pham Minh Chinh said on Wednesday he expected a trade deal with the United States before the expiration of a pause on 46 per cent reciprocal tariffs on Vietnamese exports in early July.
Speaking at the 'Is Asia's Century at Risk?' panel during the ongoing World Economic Forum in Tianjin, in northeastern China, Chinh said Vietnam's government was in frequent communication with the Trump administration on tariffs.
'I hope that you will see that the result will come earlier than two weeks,' Chinh said. 'Vietnam and the US share a deep understanding on tariffs... I hope that all the positive things will come for us.'
Vietnam, a major manufacturing hub in Southeast Asia, has held several rounds of negotiations with the US, the latest of which concluded last week. The country seeks to avoid the reinstatement of a 46 per cent tariff rate, initially imposed due to its substantial trade surplus with Washington.
Reuters reported that the US submitted a list of trade demands to Hanoi, which Vietnamese officials described as 'tough', and was also pushing Vietnam to reduce the use of Chinese tech in devices that are assembled in the country before being exported to America.
Vietnam's trade surplus with the United States climbed to US$12.2 billion in May, marking a nearly 42 per cent increase year-on-year and a 17 per cent rise from April, according to government data.
Exports to the US surged 42 per cent from a year earlier to US$13.8 billion, hitting a post-pandemic peak.
Under pressure from Washington, Hanoi has intensified efforts to curb illegal trans-shipment, predominantly involving goods from China.
Additionally, Vietnam has expressed willingness to reduce non-tariff barriers and expand imports of US goods, including planes, agricultural products and energy, though no formal purchase agreements have been announced. REUTERS
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