President Luong Cuong asked the two countries to continue interactions and mutual visits at all levels, especially the high level, to maintain mutual understanding and trust and together effectively handle concerns of each side, particularly the issue of reciprocal tariffs.
Among the seven countries surveyed by S&P Global in July, Vietnam led with a PMI of 52.4, well above the ASEAN average of 50.1. New export orders rose for the fourth straight month, reaching their fastest growth rate since November 2024.
The National Statistics Office of Vietnam (NSO) on July 5 unveiled an analysis of potential economic impacts of reciprocal tariffs from the US, offering three distinct scenarios that could reshape the nation's growth trajectory and provide crucial insights for macroeconomic policy and business planning.
In the absence of a deal, Washington could impose a 36% tariff on all imports from Thailand as soon as July 9, compared with the 10% baseline tariff in effect now.
The two leaders welcomed the two negotiating delegations reaching consensus on a Vietnam - US joint statement concerning a fair, reciprocal, and balanced trade agreement framework.
Malaysia’s consistent approach of diversifying into new markets has allowed the country to stay competitive and resilient against external pressures, said an official of the Malaysian Ministry of Trade, Investment and Industry.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
To survive and thrive in today’s volatile global economy, businesses must accelerate transformation, enhance competitiveness, diversify export markets, improve transparency, foster collaboration, and leverage the vast potential of the domestic market, heard a forum in Ho Chi Minh City on May 21.
Vietnamese ministries and sectors stand ready to address the US’s concerns and work together to find mutually beneficial solutions based on the principle of harmonised interests and shared risks, said Minister of Industry and Trade Nguyen Hong Dien.
With its ranking among the top 20 global food exporters and top 15 agricultural exporters, bolstered by 17 free trade agreements (FTAs), Vietnam is a strong contender in the global Halal supply chain.
Amidst the US’s decision to delay new import tariffs for 90 days, Vietnamese businesses are taking advantage of this opportunity to implement both short-term and long-term solutions to minimise potential negative impacts.
Being cautious and proactive at this time will help Vietnam protect its exports to the EU and preserve the international reputation of Vietnamese goods amid an increasingly volatile global trade landscape.
Exports were valued at 102.8 billion USD in Q1, while imports increased 17% to 99.68 billion USD, signalling rising demand for production inputs.
US President Donald Trump’s decision to temporarily pause reciprocal tariffs on imports from over 75 countries, including Vietnam, is a positive step, Spokesperson of the Ministry of Foreign Affairs Pham Thu Hang said on April 10.
US Trade Representative Jamieson Greer said the reciprocal trade agreement should include arrangements on tariffs and proposed that technical-level representatives from both countries start discussions immediately.
Vietnam’s textile and garment sector, which generates more than 16 billion USD in annual exports, could also face significant disruption.
Vietnam exported 20,244 tonnes of various types of pepper in March, earning 141.6 million USD. The figures represented increases of 41.3% in volume, and 45.6% in value month-on-month, and a decrease of 21.2% in volume and a rise of 27.9% in value year-on-year.
In their joint letter sent to the US Secretary of Commerce, VCCI and AmCham called on the Trump administration to temporarily suspend the imposition of tariffs to avoid disrupting business operations, negatively affecting current trade transactions, and disturbing the logistics chain.
Quebec leaders expressed their determination to bolster comprehensive cooperation with Vietnam as part of Canada's strategy to diversify markets and reduce its dependence on the US market.
The US Ambassador thanked Vietnam for its positive approach and understanding of the US concerns, adding that the coming discussions present an opportunity for both sides to devise solutions to put bilateral trade relations on a healthy and mutually beneficial development trajectory.