03-04-2025
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.
