Ho Chi Minh, 24/09/2025 — In response to US tariffs that threaten to significantly reduce Vietnam’s export revenues, Vietnam Primer Pham Minh Chinh has outlined a series of strategic measures aimed at mitigating the impact and sustaining economic growth.
Vietnam’s Export Challenges
Vietnam’s economy faces potential setbacks as a result of tariffs imposed by the United States, its largest export market. The recent duties are expected to reduce Vietnam’s exports to the US by up to 20%, according to estimates from the United Nations Development Programme. Prime Minister Pham Minh Chinh addressed these concerns, noting the strategic challenges posed by ‘reciprocal’ tariff policies and international conflicts.
Trade Expansion Strategy
To counter the adverse impacts of US tariffs, Prime Minister Chinh has announced plans to pursue new trade agreements. Vietnam aims to finalize free trade agreements with the Mercosur trading bloc in Latin America and the Gulf Cooperation Council countries by the year’s end. Chinh emphasized, ‘Exports will face difficulties and challenges … but we expect them to grow more than 12 per cent this year.’
Ongoing US Negotiations
Despite the imposition of a 20% tariff by the former Trump administration on most Vietnamese goods, Vietnam remains committed to negotiating with the United States. The Prime Minister reiterated the importance of maintaining dialogue to resolve trade disputes and promote mutual economic interests.
Addressing Trade Compliance
Vietnam is also intensifying efforts to ensure compliance with international trade standards. Prime Minister Chinh has directed officials to crack down on imported goods that may infringe on international copyrights or have questionable origins, acknowledging these as significant concerns raised by US officials. The United States has also imposed a 40% tariff on goods suspected of being transshipped through Vietnam, which could further complicate trade relations.
