Hanoi: Vietnam is stepping up efforts to secure new trade agreements in a bid to counter the mounting impact of U.S. tariffs on its exports. Prime Minister Pham Minh Chinh stated that Hanoi is actively pursuing free trade deals with Latin America’s Mercosur bloc and the Gulf Cooperation Council countries, aiming to finalize these agreements before the year’s end. This move is seen as a strategic response to safeguard Vietnam’s export-driven economy from the uncertainties created by rising trade tensions with its largest trading partner.
Recent analyses from the United Nations Development Programme indicate that the U.S. tariffs could slash Vietnam’s exports to America by as much as 20%, marking the country as the hardest-hit in Southeast Asia. Despite this challenge, Prime Minister Chinh remains cautiously optimistic, projecting that Vietnam’s exports will grow by more than 12% this year. Government data shows that as of September 15, total exports had already risen by 15.8% year-on-year, reaching $325.3 billion.
In addition to pursuing new trade avenues, the Vietnamese leadership emphasized continued dialogue with the United States. This comes after the Trump administration imposed a 20% tariff on most Vietnamese goods, alongside a 40% tariff on items suspected of being transshipped through Vietnam. Authorities are also being urged to crack down on imported goods that may violate international copyright laws or whose origins are questionable issues that have been consistently highlighted by U.S. officials.
Experts suggest that Vietnam’s multifaceted approach diversifying trade partners, ensuring compliance with international trade standards, and sustaining export growth reflects a pragmatic response to global economic pressures. While the U.S. tariffs pose serious challenges, Hanoi’s proactive diplomacy and strategic trade negotiations signal its determination to protect national economic interests while maintaining stability in its international trade relations.