The US President's signing of an executive order imposing retaliatory import tariffs on several countries in February of this year sent shockwaves across the globe. Immediately, Viet Nam took a series of actions in negotiations to reach a joint statement, reducing the tariff rate from 46% to 20%.

On February 13th, according to CNBC, US President Donald Trump signed an executive order imposing retaliatory import tariffs on other countries. Accordingly, the US will impose import tariffs on goods from these countries equivalent to the levels they currently apply to US goods.

By early morning on April 3rd (Viet Nam time), the US President announced retaliatory tariffs on all countries worldwide . Accordingly, Vietnamese goods exported to the US will be subject to a 46% tariff.

The Ministry of Finance believes that the US imposing a 46% retaliatory tariff on Vietnamese goods will negatively impact many of Viet Nam's manufacturing sectors, especially those with large export volumes to the US such as electronics, textiles, agriculture, and footwear. This is because Viet Nam had a trade surplus with the US of $104.4 billion in 2024.

Exporting businesses are also "sitting on a powder keg," hastily seeking ways to adapt and negotiate with importers from the US side to harmonize the interests of both sides.

Also on April 3rd, Minister of Industry and Trade Nguyen Hong Dien sent a diplomatic note requesting the US side to temporarily postpone the decision to impose tariffs in order to allow time for discussions and to find a reasonable solution for both sides.

Previously, the Government and relevant ministries addressed a series of difficulties and obstacles faced by American businesses in Viet Nam, issuing a Decree to lower MFN tariffs, benefiting 13 product groups in which the US has a competitive advantage. In addition, many American projects in our country have received attention, resolution, and removal of obstacles.

After hearing the news that the US was imposing retaliatory tariffs on Vietnamese goods, many businesses quickly sought ways to adapt.

The Ministry of Industry and Trade also issued a series of recommendations to businesses, emphasizing the effective exploitation of key markets and traditional markets, as well as the development of smaller markets, niche markets, and the opening up of new potential markets.

On the evening of April 4th, at the Party Central Headquarters, General Secretary To Lam held a telephone conversation with US President Donald Trump regarding Viet Nam-US relations.

Regarding bilateral trade relations, the two leaders exchanged views on measures to further promote trade. In particular, General Secretary To Lam affirmed Viet Nam's readiness to discuss with the US side to further reduce import tariffs to 0% on goods imported from the US; and simultaneously requested the US to apply similar tariffs to goods imported from Viet Nam, continue importing more goods from the US that Viet Nam needs, and encourage and facilitate increased investment by US companies in Viet Nam.

The two leaders affirmed that they would discuss and work towards signing a bilateral cooperation agreement between the two countries soon, in order to concretize the aforementioned commitments.

At a meeting of the Government Standing Committee with ministries and agencies, assessing the situation following the US announcement of its decision to impose retaliatory tariffs on Vietnamese exports to the US on the afternoon of April 5th, Prime Minister Pham Minh Chinh requested continued efforts to promote exchanges and contacts with the US side at all levels and through all channels with a spirit of mutual benefit. This includes working with US businesses, understanding their difficulties, resolving obstacles, and promoting investment projects by US businesses in Viet Nam.

In addition, review the goods and increase imports from the US to balance trade with the US; continue to research and consider adjusting and reducing tariffs on some imported goods from the US accordingly.

On April 9th, US President Donald Trump unexpectedly announced a 90-day postponement of retaliatory tariffs on more than 75 countries, applying only a basic tariff rate of 10%. This decision immediately rekindled hope after a chaotic week marked by fears of escalating trade tensions.

For Viet Nam, the 90-day postponement period is considered a "golden opportunity" for negotiations. Businesses also have more time to develop risk mitigation plans.

On the evening of April 23, Minister of Industry and Trade and Head of the Vietnamese Government's negotiating team, Nguyen Hong Dien, held a telephone conversation with US Trade Representative Jamieson L. Greer, officially launching negotiations on bilateral economic and trade issues between the two countries.

Immediately afterwards, negotiations for a reciprocal trade agreement between Viet Nam and the United States took place at both the technical and ministerial levels.

Viet Nam and the United States have held several rounds of negotiations for a reciprocal trade agreement.

During the negotiations, Viet Nam and the United States focused on and made significant progress on issues such as tariffs, rules of origin, customs, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and trade cooperation.

Agreements on cooperation between Vietnamese and American businesses were also signed, demonstrating goodwill in balancing the trade balance between Viet Nam and the United States.

At 8 PM on July 2nd, General Secretary To Lam held a phone call with US President Donald Trump regarding Viet Nam-US relations and negotiations on reciprocal tariffs between the two countries.

The two leaders welcomed the agreement reached by the two countries' negotiating teams on the Viet Nam-US Joint Statement on the framework for a reciprocal, fair, and balanced trade agreement.

President Donald Trump also affirmed that the US would significantly reduce reciprocal tariffs on many Vietnamese exports and would continue to cooperate with Viet Nam in resolving obstacles affecting bilateral trade relations, especially in priority areas.

Early morning on August 1st (Viet Nam time), the White House posted President Donald Trump's executive order on adjusting reciprocal tariffs. The US decided to adjust reciprocal tariffs for 69 countries and territories, with the reciprocal tariff for Viet Nam reduced from 46% to 20%.

After much effort, on the afternoon of October 26, Viet Nam and the United States agreed to release a Joint Statement on the Framework for a Reciprocal, Fair, and Balanced Trade Agreement, aimed at strengthening bilateral economic relations and facilitating broader market access for each other's exports.

Notably, the Agreement includes a provision stating that the United States will maintain the 20% reciprocal tariff as stipulated in Executive Order No. 14257 of April 2, 2025, as amended, on goods originating from Viet Nam; and will identify products listed in Annex III of Executive Order No. 14356 of September 5, 2025 – “Potential tariff adjustments for like-minded partners” – to qualify for a 0% reciprocal tariff.

Currently, technical-level negotiations for the Agreement between Viet Nam and the United States are continuing as planned, aiming for positive results. Some Vietnamese goods exported to the US are expected to benefit from a 0% reciprocal tariff.

Notably, after a turbulent year regarding tariffs, Vietnamese exports to the US reached $126 billion in just the first 10 months of this year – exceeding the total for 2024 and setting a record high. The US remains one of Viet Nam's largest export markets.

Source: vietnamnet
 

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