Vietnam's PM expects US trade deal before July tariff deadline
HANOI : Vietnamese Prime Minister Pham Minh Chinh said today he expected a trade deal with the US before the expiration of a pause on 46% reciprocal tariffs on Vietnamese exports in early July.
Speaking at the 'Is Asia's Century at Risk?' panel during the ongoing World Economic Forum in Tianjin, in northeastern China, Chinh said Vietnam's government was in frequent communication with the Trump administration on tariffs.
'I hope that you will see that the result will come earlier than two weeks,' Chinh said.
'Vietnam and the US share a deep understanding on tariffs… I hope that all the positive things will come for us.'
Vietnam, a major manufacturing hub in Southeast Asia, has held several rounds of negotiations with the US, the latest of which concluded last week.
The country seeks to avoid the reinstatement of a 46% tariff rate, initially imposed due to its substantial trade surplus with Washington.
Reuters reported that the US submitted a list of trade demands to Hanoi, which Vietnamese officials described as 'tough', and was also pushing Vietnam to reduce the use of Chinese tech in devices that are assembled in the country before being exported to America.
Vietnam's trade surplus with the US climbed to US$12.2 billion in May, marking a nearly 42% increase year-on-year and a 17% rise from April, according to government data.
Exports to the US surged 42% from a year earlier to US$13.8 billion, hitting a post-pandemic peak.
Under pressure from Washington, Hanoi has intensified efforts to curb illegal trans-shipment, predominantly involving goods from China.
Additionally, Vietnam has expressed willingness to reduce non-tariff barriers and expand imports of US goods, including planes, agricultural products and energy, though no formal purchase agreements have been announced.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Barnama
44 minutes ago
- Barnama
Gold Futures Forecast To Trade Range-bound Next Week
By Fatin Umairah Abdul Hamid KUALA LUMPUR, July 26 (Bernama) -- Gold futures on Bursa Malaysia Derivatives are expected to trade in a narrow range next week, tracking United States (US) COMEX gold amid the potential finalisation of US trade agreements with the European Union (EU) and Asia-Pacific countries, said an analyst. SPI Asset Management managing partner Stephen Innes noted that the EU and the US are moving towards a trade deal that could include a 15 per cent US baseline tariff on EU goods and possible exemptions. However, he said, the yellow metal could find support if the US dollar weakens, especially amid speculation over Federal Reserve chair Jerome Powell's stance on interest rates. 'My outlook for the week ahead sees gold finding a bid near the US$3,335 area, with topside resistance around US$3,395 (per troy ounce). The broader range will be dictated by how much traction the 'soft landing plus trade peace' narrative gains versus lingering macroeconomic uncertainty and rate expectations,' he told Bernama. On a weekly basis, the spot-month July 2025 contract slipped to US$3,350.0 per troy ounce on Friday from US$3,360.0 a week earlier, the August 2025 contract decreased to US$3,367.4 per troy ounce from US$3,378.3 previously, and the September 2025 contract fell to US$3,373.3 per troy ounce from US$3,384.20. Meanwhile, the October 2025, December 2025, and February 2026 contracts also settled lower at US$3,402.6 per troy ounce from US$3,413.40 previously. Weekly trading volume expanded to 34 lots from 12 lots in the previous week, while open interest rose to 71 contracts from 67 contracts. Physical gold was priced at US$3,365.85 per troy ounce based on the London Bullion Market Association's afternoon fix on July 24, 2025.
Malay Mail
an hour ago
- Malay Mail
Philippine flooding centre stage at Marcos state of nation speech
MANILA, July 28 —Philippine President Ferdinand Marcos blasted 'useless and crumbling' flood control projects in a state of the nation address today that focused on domestic issues after a months-long feud with his vice president. Addressing a joint session of Congress after days of rain that left at least 31 dead, Marcos repeated his recent warning that the nation faced a climate change-driven 'new normal', while pledging to investigate publicly funded projects that had failed. 'Let's not pretend, the people know that these projects can breed corruption. Kickbacks... for the boys,' he said, citing houses that were 'swept away' by the floods. 'Someone has to pay for the grave damage and corruption,' he said, adding he would demand a full list of failed flood control projects and make it public. After months dominated by a feud with his vice president that left many voters disillusioned, Marcos's speech leaned heavily into bread-and-butter concerns. 'The people feel a sense of defeat and dismay at the government, especially when it concerns basic services,' he said, referencing disappointing mid-term election results in May. 'The lesson for us is very simple. We need to do better. We need to work faster.' Marcos spent much of his 70-minute speech unveiling promises for the second half of his six-year term—from 40,000 more classrooms to new power plants and free dialysis treatments—though he offered little by way of detail. Notably absent was any explicit mention of the rising tensions with China over disputed areas of the South China Sea that figured heavily into last year's address. After 12 months marked by violent clashes at sea and an increasingly close military relationship with the United States, Marcos said only that the country faced 'new threats' to its sovereignty while adding 'more allies who can help us in our time of need'. No shows Numerous high-profile allies of Vice President Sara Duterte, whose would-be impeachment trial was scrapped by the Supreme Court on Friday, skipped Monday's address, including the president's senator sister Imee Marcos. The feud between the Marcos and Duterte political dynasties loomed large over the May mid-terms that saw the vice president's camp outperform expectations. The duo swept to power in 2022 in an alliance that began crumbling almost immediately. Their feud exploded into open warfare this year with her impeachment and the subsequent arrest and transfer of her father, ex-president Rodrigo Duterte, to face charges at the International Criminal Court in The Hague over his deadly drug war. The timelines of those two events coincided with a sharp dip in the president's polling numbers. Marcos had publicly stated that he was against the impeachment while consistently maintaining he was powerless to intervene. 'New normal' Last week, the Philippine president for the first time blamed climate change for storms which are hitting the country harder and more frequently, saying Filipinos would need to learn how to adapt. 'This is not an extraordinary situation anymore... This will be our lives no matter what we do,' he told a cabinet briefing, adding the country should plan for the long-term in addressing natural disasters. 'This is the way it's going to be as far as we know for... many decades to come, so let's just prepare,' he said. Michael Henry Yusingco, a senior research fellow at the Ateneo de Manila University School of Government, on Monday praised Marcos's pledge to tackle corruption around flood control projects but warned that follow-through would be everything. '(To) have a really significant effect on his legacy,' Marcos will need to put people in charge that will 'not be afraid to go after these politicians', he said. — AFP
Malay Mail
an hour ago
- Malay Mail
Ringgit ends lower vs greenback following Bank Negara's GDP forecast revision
KUALA LUMPUR, July 28 —The ringgit ended easier against the US dollar today, as traders' sentiment was affected by Bank Negara Malaysia's (BNM) gross domestic product (GDP) revision for the year. At 6pm, the local note slid to 4.2275/2345 versus the greenback from last Friday's close of 4.2195/2245. The central bank has revised Malaysia's 2025 GDP growth to 4.0-4.8 per cent from 4.5-5.5 per cent previously, and similarly, the inflation rate for 2025 is projected to range between 1.5 per cent and 2.3 per cent from the previous forecast of 2.0-3.5 per cent. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the BNM is being pragmatic by adjusting the growth forecast lower, taking into account external risks. At the same time, a lower inflation forecast suggests that the impact from the anticipated RON95 subsidies rationalisation is likely to be manageable. 'As such, we foresee this will be positive for the ringgit in the mid- to long-term as fiscal consolidation will continue to take place, resulting in more fiscal space which can be redirected into targeted assistance as well as higher development expenditure (DE). 'This Thursday, the government will announce the 13th Malaysia Plan, and we foresee a higher allocation for DE in the next five years to drive the Malaysian economy into high-income status,' he said to Bernama. Meanwhile, he noted that the US Dollar Index (DXY) has strengthened, buoyed by optimism over the upcoming US-China trade talks. 'The US Dollar Index (DXY) was up 0.5 per cent to 98.13 points as news over US tariffs is seen to be dollar-positive,' he said. US and Chinese officials are set to meet in Sweden today, with both parties expected to extend the trade truce. At the close, the ringgit ended higher against most major currencies. It rose against the Japanese yen to 2.8497/8546 from 2.8529/8565 at the close last Friday, appreciated versus the British pound to 5.6720/6814 from 5.6786/6853 last week, and edged higher against the euro to 4.9331/9412 from 4.9507/9566 previously. However, the ringgit was mixed against regional peers. It was almost flat against the Indonesian rupiah at 258.3/258.9 from 258.5/258.9 last Friday, gained against the Singapore dollar to 3.2917/2974 from 3.2937/2978 last week, weakened versus the Thai baht to 13.0511/0787 from 13.0268/0478 and fell against the Philippine peso to 7.39/7.41 from 7.38/7.40 previously. — Bernama
