Vietnam starts trade talks with US as immense 46% tariffs loom, state media reports
HANOI :Vietnam's trade minister spoke to U.S. Trade Representative Jamieson Greer by phone on Wednesday, state-run media reported, kicking off trade talks as whopping 46 per cent U.S. tariffs loom, threatening growth in Southeast Asia's industrial hub.
The U.S. has paused imposing the 46 per cent reciprocal tariffs on Vietnam until July. If applied, it could undermine growth in Vietnam, which relies on exports to its top market, the United States, and large investments by foreign manufacturers.
"Vietnam is ready to deal with existing issues on the basis of mutual interests," broadcaster Vietnam Television reported, citing the trade minister, Nguyen Hong Dien, who heads the Vietnamese negotiation team.
"The U.S. side hopes to reach mutual agreement towards a stable and sustainable trade relationship," VTV reported.
The USTR did not immediately respond to a Reuters request for comment regarding the phone conversation.
Prime Minister Pham Minh Chinh on Tuesday instructed officials to combat trade fraud, counterfeiting and other issues of concern for the United States.
Vietnam has the fourth-largest trade surplus among all U.S. trading partners, worth $123.5 billion last year.
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