Vietnam’s Prime Minister Pham Minh Chinh has ordered the formation of a rapid response team to address the US’s decision to impose countervailing duties of up to 46% on Vietnamese imports. This action follows the US’s announcement on April 3, 2025, that will affect key export industries such as seafood, textiles, and electronics.
The US tariffs will apply to more than 180 trading partners, with Vietnam facing one of the highest rates. The tariffs are set to come into effect in stages starting April 5, 2025, with a 46% rate for Vietnam, alongside other countries like China and Myanmar.
In response, Vietnam’s government has pledged to adopt flexible strategies to mitigate the economic impact. Prime Minister Chinh emphasized the opportunity to restructure the economy toward sustainable growth, relying more on technology and innovation. He also highlighted Vietnam’s goal of maintaining an 8% GDP growth rate for 2025.
Customs data reveals that in 2024, Vietnam exported $119.5 billion worth of goods to the US while importing $15.1 billion from the American market. The country’s top export categories included computers and components ($23.2 billion), machinery and equipment ($22 billion), and textiles ($16.2 billion). Other high-value exports included mobile phones, wood products, and footwear, ranging from $8.3 billion to $9.8 billion. Agricultural exports also played a vital role, with cashew nuts generating $1.15 billion, seafood $1.83 billion, and coffee $323 million.
Vietnamese Trade Counselor to the US, Do Ngoc Hung, urged the country to leverage existing trade agreements with the US, such as the Vietnam-US Trade and Investment Framework Agreement (TIFA), and increase imports of US products to balance trade relations.
Despite the challenges, Vietnam aims to maintain its export competitiveness and strengthen its economic resilience in the face of the ongoing global trade competition.
