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Business Times
22-04-2025
- Business
- Business Times
Trade talks with US should not hurt other markets, says Vietnam's PM
[HANOI] Vietnam's prime minister has ordered his negotiation team to 'thoroughly prepare' for tariff talks with the US, while avoiding any impact elsewhere, as the nation seeks to make swift progress in averting one of the largest US tariffs. The negotiations should ensure consistency with Vietnam's existing international commitments, and 'prevent negative impacts on other markets', a government portal cited Pham Minh Chinh as saying in a meeting in Hanoi on Tuesday (Apr 22). Chinh on Friday hailed the nation's 'unique bond' with the US, just days after hosting China's President Xi Jinping, during which 45 deals were signed to deepen economic ties. Vietnam's leaders had a muted response to Xi's call to jointly oppose 'unilateral bullying' in a subtle jab at the US, underscoring Hanoi's careful diplomatic dance between the two powers. Vietnam was among the first countries singled out by US President Donald Trump for showing willingness to negotiate over the tariffs. The two countries announced talks hours after Trump declared a 90-day pause on higher tariffs, which he has temporarily pared back to 10 per cent. Vietnam was facing a 46 per cent duty on products shipped to its biggest export market. Vietnam has repeatedly vowed to purchase more American goods and has taken steps such as tightening measures targeting origin of goods fraud. The move is widely seen as addressing one of the Trump team's key concerns: Chinese goods being shipped to the US via Vietnam to sidestep tariffs. In the latest push, the trade ministry revoked the right for any other organisation to issue certificates of product origin, in an effort to show it is further stepping up the fraud crackdown, news website Tien Phong reported. The prime minister reiterated that Vietnamese goods do not compete with those of the US and that 'bilateral trade relations so far have ultimately benefited US consumers while driving Vietnam's export growth'. Vietnam stands ready to have talks based on US suggestions, Chinh added. Underscoring the government's push, Vietnam Chamber of Commerce and Industry sent letters to the US Department of Commerce, the US Chamber of Commerce, the US-Asean Business Council and others to seek support in asking the US to delay the imposition of tariffs on Vietnam, according to a post on the chamber's website on Tuesday. BLOOMBERG
Straits Times
22-04-2025
- Business
- Straits Times
Vietnam PM says US trade talks should not hurt other markets
Vietnam was among the first countries singled out by US President Donald Trump for showing willingness to negotiate over the tariffs. PHOTO: AFP Vietnam PM says US trade talks should not hurt other markets HANOI – Vietnam's prime minister has ordered his negotiation team to 'thoroughly prepare' for tariff talks with the United States, while avoiding any impact elsewhere, as the nation seeks to make swift progress in averting one of the largest US tariffs. The negotiations should ensure consistency with Vietnam's existing international commitments, and 'prevent negative impacts on other markets', Prime Minister Pham Minh Chinh said in a meeting in Hanoi on April 22. On April 18, Mr Chinh hailed the country's 'unique bond' with the US, just days after hosting Chinese President Xi Jinping, during which 45 deals were signed to deepen economic ties. Vietnam's leaders had a muted response to Mr Xi's call to jointly oppose 'unilateral bullying' in a subtle jab at the US, underscoring Hanoi's careful diplomatic dance between the two powers. Vietnam was among the first countries singled out by US President Donald Trump for showing willingness to negotiate over the tariffs. The two countries announced talks hours after Mr Trump declared a 90-day pause on higher tariffs, which he has temporarily pared back to 10 per cent. Vietnam was facing a 46 per cent duty on products shipped to its biggest export market. The South-east Asian nation has repeatedly vowed to purchase more American goods and has taken steps such as tightening measures targeting origin of goods fraud. The move is widely seen as addressing one of the Trump team's key concerns: Chinese goods being shipped to the US via Vietnam to sidestep tariffs. In the latest push, the trade ministry revoked the right for any other organisation to issue certificates of product origin, in an effort to show that it is further stepping up the fraud crackdown, news website Tien Phong reported. The prime minister reiterated that Vietnamese goods do not compete with those of the US and that 'bilateral trade relations so far have ultimately benefited US consumers while driving Vietnam's export growth'. Vietnam stands ready to have talks based on US suggestions, Mr Chinh added. Underscoring the government's push, Vietnam Chamber of Commerce and Industry sent letters to the US Department of Commerce, US Chamber of Commerce, US-Asean Business Council, and others to seek support in asking the US to delay the imposition of tariffs on Vietnam, according to a post on the chamber's website on April 22. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
22-04-2025
- Business
- Business Times
Vietnam PM urges US trade talks should not hurt other markets
[HANOI] Vietnam's prime minister has ordered his negotiation team to 'thoroughly prepare' for tariff talks with the US, while avoiding any impact elsewhere, as the nation seeks to make swift progress in averting one of the largest US tariffs. The negotiations should ensure consistency with Vietnam's existing international commitments, and 'prevent negative impacts on other markets,' the post cited Pham Minh Chinh in a meeting in Hanoi on Tuesday (Apr 22). Chinh on Friday hailed the nation's 'unique bond' with the US, just days after hosting China's President Xi Jinping, during which 45 deals were signed to deepen economic ties. Vietnam's leaders had a muted response to Xi's call to jointly oppose 'unilateral bullying' in a subtle jab at the US, underscoring Hanoi's careful diplomatic dance between the two powers. Vietnam was among the first countries singled out by Donald Trump for showing willingness to negotiate over the tariffs. The two countries announced talks hours after Trump declared a 90-day pause on higher tariffs, which he has temporarily pared back to 10 per cent. Vietnam was facing a 46 per cent duty on products shipped to its biggest export market. The South-east Asian nation has repeatedly vowed to purchase more American goods and has taken steps such as tightening measures targeting origin of goods fraud. The move is widely seen as addressing one of the Trump team's key concerns: Chinese goods being shipped to the US via Vietnam to sidestep tariffs. In the latest push, the trade ministry revoked the right for any other organisation to issue certificates of product origin, in an effort to show it's further stepping up the fraud crackdown, news website Tien Phong reported. The prime minister reiterated that Vietnamese goods do not compete with those of the US and that 'bilateral trade relations so far have ultimately benefited US consumers while driving Vietnam's export growth.' Vietnam stands ready to have talks based on US suggestions, Chinh added. Underscoring the government's push, Vietnam Chamber of Commerce and Industry sent letters to the US Department of Commerce, US Chamber of Commerce, US-Asean Business Council and others to seek support in asking the US to delay the imposition of tariffs on Vietnam, according to a post on the chamber's website on Tuesday. BLOOMBERG
Reuters
03-04-2025
- Business
- Reuters
Vietnam government holds urgent meeting, stocks plunge after US tariff news
HANOI, April 3 (Reuters) - Vietnamese Prime Minister Pham Minh Chinh held an urgent cabinet meeting early on Thursday, state media reported, hours after the Trump administration said Vietnam would be hit with U.S. tariffs of 46% as it announced a global round of tariffs. Leaders of the trade ministry will present a report on the impact of the tariffs on Vietnam's exports and its economic growth prospects, the Tien Phong newspaper reported, citing a ministry official. Trade minister Nguyen Hong Dien, central bank governor Nguyen Thi Hong and Minister of Finance Nguyen Van Thang were among those attending, reported Vietnam News Agency. The U.S. is the largest export market for Vietnam, an export-reliant industrial hub. Exports to the United States were worth $142 billion last year accounting for nearly 30% of its gross domestic product. Its trade surplus with the U.S. exceeded $123 billion last year. "It's a shock for the global economy, and for the Vietnamese economy," said economist Vo Tri Thanh, former deputy director of the Vietnam Institute for Economic Management. "It will negatively impact Vietnam's economy," Thanh said. Vietnam's benchmark stock index (.VNI), opens new tab fell as much as 5.3% in early trade on Thursday to 1,247 following the White House announcement. Hanoi had recently taken a series of measures to reduce its trade surplus with Washington, including cutting tariffs on a wide range of goods destined for the U.S.
