Vietnam trade envoy meets U.S. execs at Nike and Walmart ahead of tariff talks
Vietnam's trade minister has met with executives from Nike and Walmart as part of a major charm offensive targeting U.S. businesses, aiming to rally support ahead of high-stakes trade negotiations to avoid steep tariffs.
Nguyen Hong Dien called on the companies to "voice their strong support and promote the negotiation process to soon reach a fair, balanced and sustainable agreement,' according to a statement on the Vietnamese trade ministry's website.
Vietnam has engaged in weeks of intense diplomacy with the U.S. — the largest export market of the trade-reliant country — as it seeks to avert a threatened 46% tariff, which was later wound back to 10% for 90 days to allow time for talks.
For Nike — which makes around half of its shoes and a quarter of its clothes in Vietnam — Dien warned that the proposed tariffs could impact its global supply chain and costs for U.S. consumers. He also encouraged Walmart to consider establishing a purchasing center in Vietnam.
In a separate meeting, Exxon Mobil executives pledged their support for Vietnam in the ongoing trade negotiations, according to a ministry statement.
The minister has been in the U.S. seeking to secure backing from key industry players, including the American Apparel & Footwear Association, Gap, Levi Strauss and others, ahead of another round of trade talks set to take place in the coming days.
Vietnam cited progress after the second round of talks last month but said that outstanding issues remain. It's taken steps to address some U.S. concerns: stepping up a crackdown on trade fraud and promising to buy more from the U.S., including the recent $3 billion worth of agricultural products. But the longstanding desire within the administration of U.S. President Donald Trump to reduce Vietnam's Chinese imports remains.
The U.S. remained Vietnam's largest export market in the first five months of the year, with shipments totaling $57.2 billion, the statistics office said Friday. China is still the biggest source of imports, with an estimated value of $69.4 billion in the same period.
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