Vietnam, US kick off commerce talks as Hanoi seeks aid from Trump’s tariffs – INA NEWS

Vietnam and america have kicked off commerce talks, the Vietnamese authorities has stated, as Hanoi scrambles to keep away from a crippling 46 % tariff introduced by US President Donald Trump.

Vietnamese Minister of Trade and Commerce Nguyen Hong Dien and US Commerce Consultant Jamieson L Greer held a cellphone name to formally provoke their negotiations on “bilateral financial and commerce points”, Vietnam’s commerce ministry stated on Thursday.

Nguyen informed Greer that Vietnam desires to develop a “complete strategic partnership” with the US and promote “financial and commerce relations in a balanced, secure, sustainable, and efficient method”, the ministry stated.

“He famous that Vietnamese ministries and companies are prepared to barter options to problems with US concern and work along with the US to search out affordable options that profit each side, based mostly on the spirit of harmonized pursuits and shared dangers,” the ministry stated, including that Greer expressed confidence that the 2 sides “would quickly attain appropriate options to foster secure and mutually helpful financial and commerce relations.”

Vietnam is without doubt one of the world’s most trade-dependent economies, with its exports in 2023 accounting for greater than 87 % of gross home product (GDP), based on the World Financial institution.

Trump’s 46 % tariff on Vietnamese exports is among the many highest tax charge imposed on a buying and selling associate beneath his so-called “reciprocal” tariffs.

Since Trump introduced a 90-day pause on most of his steepest tariffs on April 9, Vietnamese exports, like these from dozens of different nations, have been topic to a baseline responsibility of 10 %.

Vietnam had a $123.5bn commerce surplus with the US final yr, the fourth-largest imbalance after China, the European Union and Mexico.