HANOI—Vietnam’s trade minister spoke to US Trade Representative Jamieson Greer by phone on Wednesday, state-run media reported, kicking off trade talks as whopping 46 percent US tariffs loom, threatening growth in Southeast Asia’s industrial hub.
The US has paused imposing the 46 percent reciprocal tariffs on Vietnam until July. If applied, it could undermine growth in Vietnam, which relies on exports to its top market, the United States, and large investments by foreign manufacturers.
“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, who heads the Vietnamese negotiation team.
“The US side hopes to reach mutual agreement towards a stable and sustainable trade relationship,” VTV reported.
The USTR did not immediately respond to a Reuters request for comment regarding the phone conversation.
Meanwhile, Prime Minister Pham Minh Chinh on Tuesday instructed officials to combat trade fraud, counterfeiting and other issues of concern for the United States.
Vietnam has the fourth-largest trade surplus among all US trading partners, worth $123.5 billion last year. Vietnam is seeking to speed up its negotiations for new free trade agreements while more effectively exploiting the 17 ones it has already signed, as its export-reliant economy is bracing for U.S. tariffs.
Prime Minister Pham Minh Chinh, in a directive issued late on Tuesday, urged the trade ministry to conclude or start free trade agreement talks with India, Brazil, Pakistan, Egypt and other markets in the Middle East, Africa, Latin America, Central Asia and Eastern Europe.
The Southeast Asian industrial hub has been slapped by the Trump administration with 46 percent “reciprocal” tariffs, currently paused until July, which if applied could undermine a growth model that relies on exports to the United States, its top market, and large investments by foreign manufacturers.
It recently instructed officials to combat trade fraud, counterfeiting and other issues of concern for the United States as the country readied to start talks with Washington on tariffs.
