Inflationary pressure in the country is currently being influenced by global uncertainties, including US tariff policy developments and rising geopolitical tensions. These risks could heighten volatility in global financial markets and commodity prices.
The agreements were signed as part of a working visit by a delegation from Vietnam’s Ministry of Agriculture and Environment to the states of Iowa, Ohio, and Maryland, and Washington D.C., from June 2 to 6.
The socio-economic situation has improved month by month, with results during the first five months of 2025 outperforming those in the same period last year across all sectors, according to PM Pham Minh Chinh.
This marks the fifth meeting the PM has held on implementing the conclusions of the Politburo and Party General Secretary To Lam regarding Vietnam’s adaptation to the US’s new tariff policies and strategies for enhancing bilateral trade ties.
NA Chairman Tran Thanh Man's meeting with Uzbek President Shavkat Mirziyoyev, a year-on-year increase of 9.9% in retail sales of goods and consumer service revenue, and industries' response to the new US tariff policy are among news highlights on April 8.
PM Anwar Ibrahim said Malaysia and many regional countries welcome and highly value the Vietnamese Party chief’s conversation with President Donald Trump, voicing support for Vietnam's approach to the tariff issue.
As Vietnam faces a reciprocal duty of 46% as part of the US new tariffs on all imports, its electronics, machinery, garment, footwear, and wood industries are likely to witness significant impacts in the short term, but this could also become an impetus for the country to pursue a more sustainable economic model, analysts said.
Vietnam should continue bilateral negotiations with the US administration on major export commodities while guiding businesses in diversifying markets, attracting more US investments, and increasing purchases of goods from the US, an analyst has said.
A 46% tariff would severely undermine Vietnam’s competitiveness in the US.
The most immediate impact of Trump’s tariffs will be inflation, both in the US and worldwide. As import costs rise, businesses will pass these costs onto consumers, driving up prices, said Professor Phar Kim Beng of ASEAN Studies at the International Islamic University of Malaysia (IIUM).
The new tariffs imposed by US President Donald Trump on certain countries are expected to significantly impact imports into the US.
The Thai Ministry of Industry has asked manufacturers in five industries, including automobile manufacturing, electronics, electrical appliances, steel and garment, to take more serious efforts to adapt to projected US trade policies, the influx of low-cost imports into the Thai market, and disruptive technology.