Latest news with #VietnamUSRelations
NHK
03-07-2025
- Business
- NHK
Vietnam finalizing trade deal with Washington
Vietnam is finalizing a trade deal with the US. This comes days before a pause on what US President Donald Trump calls "reciprocal tariffs" will expire. Vietnam's foreign ministry spokesperson gave an update at a news conference on the status of the talks. Vietnamese foreign ministry spokesperson, Pham Thu Hang, said that negotiation teams from Vietnam and the US are working together to exchange ideas and specify discussions between the leaders of the two countries. Trump said on social media Wednesday that all Vietnamese goods will face a 20 percent levy, which is much lower than a total of 46 percent the country faced in April. But it's unclear if the earlier 10 percent global tariff is included in the 20 percent. He also warned he'll tax goods from other countries transited through Vietnam at 40 percent. US media report the move is aimed at cracking down on Chinese products being routed through the country. Trump also said Vietnam has agreed to give the US "total access" to its markets and lower tariffs on American goods. Thailand is also rushing to negotiate a deal with the Trump administration before the July 9 deadline. Finance Minister Pichai Chunhavajira is in Washington and is scheduled to meet with the US trade representative on Thursday. Thailand was slapped with a total of 36 percent tariffs. But it has asked the US to review the rate by proposing to expand imports of energy resources and agricultural products.
Yahoo
02-07-2025
- Business
- Yahoo
US Wants Vietnam to Pay Higher Tariff Based on Foreign Content
(Bloomberg) -- Vietnam and the US are said to be close to a trade framework that will see goods given a scaled range of tariffs depending on the percentage of foreign content, according to people familiar with the talks. Struggling Downtowns Are Looking to Lure New Crowds California Exempts Building Projects From Environmental Law What Gothenburg Got Out of Congestion Pricing New York Port Authority Shut Down Due to Multi-Bus Accident Exports to the US that contain the highest proportion of foreign components would be charged at the top end of the range, around 20% or above, the people said, asking not to be identified as the talks are confidential. Products that contain a lower percentage of foreign components would be set a slightly reduced rate, while those entirely from Vietnam would face the lowest rate — potentially the existing universal 10% levy, the people said. The details continue to be discussed and could still change. Vietnam has been engaged in weeks of intense diplomacy with the US, its largest export market, during which the US has pressured Hanoi to get tougher on trade fraud and do more to prevent Chinese goods being rerouted and repackaged through Vietnam to skirt higher tariffs. Prime Minister Pham Minh Chinh said last week he expects to see 'positive results' from the negotiations with the US sooner than the July 9 deadline, when the so-called reciprocal tariff rate of 46% is due to come into effect. Chinh also said the nation needs to balance relations with the US and China, its two most important trading partners, underscoring the challenge facing the country's leadership. Even a more moderate levy will create significant challenges for exporters, including navigating tighter trade protection requirements and investigations into rules of origin, according to Can Van Luc, a member of the National Financial and Monetary Policy Advisory Council. 'If tariffs are 10%-15%, then there would be roughly $25 billion additional tax to be paid, but it would likely have minimal impact,' Luc said. Vietnam is heavily reliant on China for the raw materials essential to maintain its manufacturing-driven growth. China accounted for approximately 38% of Vietnam's total imports last year, according to customs data. In the first five months of the year, imports from China reached $69.4 billion, making it the nation's biggest source for items such computer and electrical components, machinery and fabrics. Vietnam's Ministry of Foreign Affairs didn't immediately respond to a request for comment. The Southeast Asian nation has offered to remove all tariffs and repeatedly promised to purchase more American goods. Senior Vietnamese officials have flown to the US to rally support and sign billion-dollar deals. The trade minister wooed executives from Nike Inc., Gap Inc. and others, for which Vietnam provides a critical hub, producing goods ranging from T-shirts to basketball shoes. The industrial shift from China to Vietnam over the past decade, which saw brands rush to relocate as trade tensions rose, also helped build the kind of massive trade gap that made it a prime tariff target. Last year Vietnam's trade surplus with the US was the third-largest globally on a country basis behind only China and Mexico. In a sign of how much hinges on a pact, Communist Party chief To Lam is preparing to travel to the US in coming weeks with a delegation of Vietnamese officials and business executives, as the nation looks to seal more deals to buy additional American goods. --With assistance from Nguyen Kieu Giang. SNAP Cuts in Big Tax Bill Will Hit a Lot of Trump Voters Too How to Steal a House America's Top Consumer-Sentiment Economist Is Worried China's Homegrown Jewelry Superstar Pistachios Are Everywhere Right Now, Not Just in Dubai Chocolate ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
20-06-2025
- Business
- Bloomberg
Vietnam's Top Leader Plans US Trip as Tariff Deadline Looms
Vietnam's Communist Party chief To Lam is preparing to travel to the US in coming weeks as the two sides look to clinch a trade deal before President Donald Trump's higher tariffs kick in, according to people familiar with the matter. Lam aims to meet Trump to help finalize an agreement, the people said, asking not to be identified as the trip isn't finalized yet. It's unclear what date the party chief will travel, although preparations are being made for him to be there in the next few weeks, they said.
Reuters
20-06-2025
- Business
- Reuters
Vietnam, US, hold negotiations on new trade deal, ministry says
HANOI, June 20 (Reuters) - Vietnam and the United States held an online round of negotiations on a new trade deal on Thursday night, the Ministry of Industry and Trade said on Friday. During the negotiations with U.S. Secretary of Commerce Howard Lutnick and Trade Representative Jamieson Greer, Vietnamese trade minister Nguyen Hong Dien asked the U.S. to review "reciprocal tariffs" and market access for Vietnam's key exports, the ministry said in a statement.
Bloomberg
05-06-2025
- Business
- Bloomberg
Vietnam Says It Is Responding to US Demands With ‘Goodwill'
Vietnam said it is responding to US demands with 'goodwill' as it seeks to address the Trump administration's concerns over the Southeast Asian country's trade gap with the US and avoid crippling duties. Vietnam's Minister of Industry and Trade Nguyen Hong Dien replied to US concerns in documents submitted to the US, and held talks with Trade Representative Jamieson Greer in Paris, according to a post on the Vietnam trade ministry's website. Dien also raised trade concerns of Vietnam, it said.
