Vietnam looks to placate Trump by vowing no limits on US goods
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The recent imposition of tariffs is not aimed at Vietnam, according to US Ambassador to Vietnam.
PHOTO: AFP
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HANOI – Vietnam says it has no intention of imposing measures that “create burdens or restrict trade” with the US, and is “ready to open its market, increasing imports of US agricultural products”, as it seeks to stave off US President Donald Trump’s tariff threats.
Vietnam welcomes US investors to participate in “new energy projects, oil and gas areas, as well as mining”, to ensure energy security and sustainable supply chain development between the two countries, Industry and Trade Minister Nguyen Hong Dien said at a meeting with the country’s top US envoy, according to a statement on Vietnam’s Trade Ministry website.
The recent imposition of tariffs is not aimed at Vietnam, according to US Ambassador to Vietnam Marc Knapper.
“The US wants to maintain bilateral relations, and continue to develop economic and trade cooperation with Vietnam in a positive direction,” the statement said, citing the ambassador.
Vietnam’s trade surplus with the US widened to US$123.5 billion (S$166 billion) in 2024, giving it the third-highest trade gap that any country has with the US, behind China and Mexico, making the manufacturing powerhouse a potential prime tariff target.
Vietnam is among the world’s most trade-dependent nations, with exports equivalent to about 90 per cent of economic output, and counts the US as its most significant customer.
Shipments have surged since the US-China trade war broke out during Mr Trump’s first term, which accelerated global brands shifting production away from China to countries such as Vietnam.
Vietnam has now become a major alternative base for production aimed at American markets.
Vietnam’s leaders have made efforts in recent months to placate the Trump administration, vowing to buy more American products like aircraft and liquefied natural gas.
Vietnam considers the US as “one of its long-term and reliable import sources of energy, machinery and equipment, technology and raw materials”, according to the statement.
The US is currently Vietnam’s fifth-largest import market, with key items including chemicals, animal feed, plastics, machinery and electronics.
Vietnam is also the ninth-largest market for US agricultural products, importing goods such as beef, soya beans and apples, according to the Trade Ministry.
The US ambassador agreed to arrange phone calls with the new US commerce secretary and US trade representative, as soon as these positions are officially filled, to discuss economic and trade cooperation and strengthening strategic trust with Vietnam, the statement said. BLOOMBERG
