Recent U.S. trade policies will have some impact on Vietnam but no substantial influence is expected, according to Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan.
U.S. President Donald Trump’s recent tariffs on imports from major trading partners will alter the flow of global trade, and Vietnam will not be exempt from the impact, he told a press conference Wednesday.

But no major damage is expected, he said, adding that government bodies are closely monitoring the global development.

Vietnam and the U.S. established diplomatic relations in 1995, upgrading to a Comprehensive Strategic Partnership in September 2023.

Over the past two decades, the U.S. has been Vietnam’s largest export market, while Vietnam has become the seventh-largest trading partner of the U.S.

Last year, bilateral trade reached nearly US$150 billion, with Vietnam exporting $137 billion to the U.S., up 19% from 2023.

Tan said that his ministry, through the U.S. Embassy in Vietnam and the Vietnamese Embassy in the U.S., has conveyed messages to the U.S. about Vietnam’s desire to maintain and build a harmonious, sustainable, and mutually beneficial economic and trade relationship.

Vietnam has no policies that seek to harm U.S. workers and its national security, he added.

Minister of Industry and Trade Nguyen Hong Dien is expected to meet with the U.S. Trade Representative to "discuss the very positive relationship between the two countries," Tan said.

"The Ministry of Industry and Trade’s stance is that Vietnam and the U.S. have complementary economies," he said, adding that that the current trade imbalance stems from the complementary nature of the two economies, specifically their export and foreign trade structures.

Vietnamese goods exported to the U.S. mainly compete with third countries, not directly with U.S. businesses in their domestic market. Vietnam exports provide U.S. consumers with access to affordable goods.

Vietnam pursues a free trade policy, with minimal tariff disparities for U.S. goods. In the future, this gap may narrow further as Vietnam aims to reduce Most Favored Nation tariffs on various products.

Some U.S. products with high competitive advantages – such as automobiles, agricultural goods, liquefied gas and ethanol – will benefit from this policy, creating positive import flows from the U.S. and contributing to improving the trade balance between the two countries, Tan said.

The two countries have established a policy dialogue mechanism under the Vietnam–U.S. Trade and Investment Framework Agreement. Additionally, the government has proactively tasked ministries and sectors to review obstacles and develop solutions to address U.S. concerns.

By the end of 2024, U.S. direct investment in Vietnam is estimated at $11.94 billion across more than 1,400 projects, ranking 11th among countries and territories investing in Vietnam. Most major U.S. corporations have established a presence and are operating profitably in Vietnam.

Tan said that Vietnam will facilitate U.S. investors’ participation in the development of key industries in Vietnam. Priority areas include major energy projects such as new energy, hydrogen, and nuclear power. This also lays the groundwork for increased imports of liquefied gas, fuels, machinery, equipment, and technology from the U.S.

Tan also called on local businesses to proactively develop strategies and solutions to diversify export markets, improve product quality, and meet technical, labor, and environmental standards, amid global trade developments.

He urged companies to focus on controlling the origin of raw material supplies for production and to carefully evaluate investment cooperation with companies from countries experiencing trade tensions with the U.S.

Source: VnExpress