Vietnam’s Prime Minister, Pham Minh Chinh, announced that Hanoi is actively pursuing new trade agreements in 2023 to offset the adverse effects of U.S. tariffs on its exports. This effort comes amid concerns that U.S. duties could slash Vietnam’s exports to America by up to 20%, according to the United Nations Development Programme, making Vietnam the most affected Southeast Asian country.
Chinh acknowledged that Vietnam’s exports face difficulties due to strategic competition, conflicts, and reciprocal tariff policies by the U.S.. Still, he remains optimistic, projecting an export growth rate of over 12% this year. As of September 15, Vietnam’s exports totalled $325.3 billion, representing a 15.8% year-over-year increase. To counteract tariff impacts, Vietnam is negotiating free trade agreements with Latin America’s Mercosur bloc and Gulf Cooperation Council nations, aiming to finalise deals by year-end.
The government emphasises ongoing trade talks with the U.S., especially after the Trump administration’s 20% tariffs on many Vietnamese goods. Furthermore, Chinh highlighted efforts to crack down on imported goods that violate international copyrights or originate improperly, issues repeatedly raised by U.S. officials.
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Lastly, the White House’s imposition of a 40% tariff on goods transshipped through Vietnam poses additional challenges, particularly if Washington enforces strict limits on foreign components, given Vietnam’s reliance on Chinese-made parts. Overall, Vietnam is actively seeking strategies to mitigate the impacts of tariffs and maintain export growth amid tense international trade relations.
