Trade

Vietnam opens trade talks with the US over looming tariffs

Apr 25, 2025 Vietnam

Vietnam and the US have formally opened talks over the Trump administration’s threat to impose a 46% tariff on goods from the Southeast Asian country, according to state media reports

Vietnamese Trade Minister Nguyen Hong Dien spoke by phone with US Trade Representative Jamieson Greer, state media reported, kicking off trade talks as a huge 46% US tariff looms. The country has the fourth-largest trade surplus among all US trading partners, worth 123.5 billion euros last year (reuters.com).

“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. In this sense, Prime Minister Pham Minh Chinh’s recent order to combat trade fraud, counterfeiting and other issues of concern to the United States comes as no surprise.

The Asian country is therefore trying to take advantage of a 90-day window for all the reciprocal tariffs announced by Trump, except for China.

In addition, Vietnam’s prime minister has also issued a directive urging the Ministry of Trade to conclude or start talks on free trade agreements with India, Brazil, Pakistan, Egypt and other markets in the Middle East, Africa, Latin America, Central Asia and Eastern Europe.

This news is particularly relevant to the footwear industry, as Vietnam is the world’s second-largest footwear exporter (according to the World Footwear 2024 Yearbook), with the US as its main destination market.

Image Credits: erika m on Unsplash

United States Vietnam Economy Footwear International Trade Tariffs Trade agreements