Vietnam sees no significant impacts from US's new trade policies: official

Vietnam is expected to be affected by several of the new US tariffs, but not as severely as many other nations, said Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan.

Illustrative photo. (Photo: VNA)

Hanoi (VNA) - Vietnam has not seen significant impacts from the US's new trade policies, as its exports are not in direct competition with American companies in their domestic market, according to Deputy Minister of Trade and Industry Nguyen Sinh Nhat Tan.

In contrast, Vietnam’s exports allow US consumers access more affordable goods, he noted at the government’s press conference on March 5.

Vietnam has closely followed the US’s policies since the presidential election, to actively prepare for possible changes in trade.

The Southeast Asian country is expected to be affected by several of the new US tariffs, but not as severely as many other nations, said the deputy minister.

“The Ministry of Industry and Trade (MoIT) has worked with other ministries and sectors to compile a report for the Government, which will hold a meeting in March 2025 to discuss specific responses,” said Tan.

Through the US embassy in Vietnam and the Vietnamese embassy in the US, the MoIT has conveyed a message on Vietnam’s willingness to maintain and develop harmonious, sustainable and mutually beneficial trade and economic relations with the US, while stressing that Vietnam does not have any policy that can cause adverse impacts on US workers or national security.

The Vietnamese trade and industry minister is scheduled to hold a meeting with the US trade representative on March 13 to discuss enhancing the positive relations between the two countries.

“The MoIT views the Vietnamese and US economies as complementary to one another,” said the deputy minister.

The two countries have established a policy dialogue mechanism under the US-Vietnam Trade and Investment Framework Agreement.

The Vietnamese Government has also proactively tasked its departments with reviewing and addressing the concerns of the US based on fair and reciprocal trade, in alignment with legal regulations and the balanced interests of both sides, Tan added.

Authorities will also facilitate investments from the US for emerging key industries in Vietnam, especially in the energy sector. This will be the basis for increasing imports of liquefied natural gas (LNG), fuels, machinery and technology from the US to improve two-way trade balance./.

VNA