The Vietnamese government announced on Friday that it has formally requested the United States to postpone the implementation of a hefty 46% reciprocal tariff on its imports by one to three months. The plea comes as Vietnam seeks to negotiate a more favourable outcome and mitigate the potential economic fallout from the impending duties, set to take effect on April 9th.
In a statement released by the government, Vietnam outlined its commitment to addressing the trade imbalance with the U.S. The nation pledged to increase imports of American goods, specifically mentioning aircraft and liquefied petroleum gas (LPG), and to actively facilitate greater investment by U.S. companies within its borders.
This move follows Vietnam’s prior efforts to reduce its significant trade surplus with the United States, which surpassed a staggering $123 billion in the previous year. These efforts included the reduction of tariffs on certain U.S. imports.
The announcement of the 46% U.S. tariff by President Donald Trump two days prior has already sent ripples through Vietnam’s financial markets. The country’s benchmark stock index has experienced a sharp decline of 8.1% since the tariff decision was made public, highlighting the market’s apprehension over the potential impact on Vietnamese businesses and exports.
Vietnam asserts to discuss tariff
“Vietnam is always proactive, receptive, and strongly coordinates with the U.S. to negotiate for fair tariffs and combat the problems of transhipment,” the Vietnamese government asserted in its statement, emphasising its willingness to engage constructively with Washington.
Earlier in the day, Vietnam’s Ministry of Foreign Affairs voiced its disappointment with the U.S. decision. “We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries,” stated Ministry spokesperson Pham Thu Hang. The ministry expressed regret that the move ran counter to the positive trajectory of bilateral relations between Vietnam and the United States.
Cambodia asks to negotiate
Cambodia on Friday, requested the U.S. government to postpone the implementation of a similarly steep 49% tariff rate on its products. These reciprocal tariff rates imposed by the U.S. on Cambodia and Vietnam are among the highest.
Cambodian Prime Minister Hun Manet, in a letter to President Trump reviewed by Reuters, proposed an urgent dialogue. “Cambodia proposes to negotiate with your honourable’s administration at the earliest convenient time,” the letter stated, underscoring the urgency felt by Southeast Asian nations facing these significant trade barriers.
The U.S. government has yet to publicly respond to the requests from Vietnam and Cambodia. The coming days will be crucial in determining whether Washington will grant the requested delays, opening a window for negotiations, or proceed with the implementation of the substantial tariffs, potentially reshaping trade relations with these key Southeast Asian manufacturing hubs.