Vietnam and the United States have embarked on their first direct ministerial-level negotiations, as reported by Yahoo Finance, amidst looming U.S. tariffs that could pose a challenge to Vietnam’s economic growth. The talks occurred in Jeju, South Korea, after the 31st APEC Ministerial Meeting on Trade, reflecting both countries’ dedication to nurturing a stable economic, trade, and investment relationship.
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The U.S. has delayed the imposition of a 46% tariff on Vietnamese imports until July. This potential tariff could disrupt Vietnam’s economy, which relies heavily on exports to the U.S., its largest market, and significant foreign investments in manufacturing goods for export. According to IndexBox data, Vietnam’s trade surplus with the U.S. was $123.5 billion last year, ranking as the fourth-largest among all U.S. trading partners.
In response to the trade surplus issue, Vietnam has taken measures such as reducing tariffs on various goods bound for the U.S. and enhancing efforts to prevent the transshipment of Chinese goods through its territory. These initiatives aim to mitigate the trade imbalance and foster a more balanced economic relationship between the two countries.
