Vietnam is reviewing import duties on U.S. goods, including liquefied natural gas (LNG), agricultural products, and high-tech exports, in an effort to balance trade relations with the United States. Prime Minister Pham Minh Chinh confirmed the move during a meeting with U.S. Ambassador Marc Knapper, emphasizing Vietnam’s commitment to increasing imports of key U.S. products.
With a trade surplus exceeding $123 billion in 2024, Vietnam faces potential tariff actions from the U.S., echoing past global trade policies. To address concerns, Vietnamese Trade Minister Nguyen Hong Dien recently met with U.S. Trade Representative Jamieson Greer in Washington, where both sides discussed reducing trade barriers and strengthening economic ties.
Vietnamese officials have repeatedly pledged to facilitate U.S. business interests, including expediting licensing for Starlink satellite services. The country is a major exporter to the U.S., with nearly one-third of its economic output tied to American demand. While Vietnam has expressed interest in increasing LNG imports, the industry still relies on spot purchases rather than long-term contracts preferred by U.S. suppliers.
Agricultural imports remain a priority, with over 25% of U.S. exports to Vietnam consisting of farm products like cotton, soybeans, and tree nuts, totaling $3.4 billion last year. Vietnam also seeks more U.S. high-tech imports, particularly AI-grade chips, though restrictions on advanced semiconductor technology pose challenges.
As Vietnam actively works to address trade imbalances, upcoming negotiations between top officials may lead to new agreements benefiting both economies.