Vietnam pushes for new trade deals to offset US tariff pressure

Vietnam’s Prime Minister Pham Minh Chinh said Hanoi is accelerating efforts to secure new trade agreements this year to cushion the blow from U.S. tariffs on Vietnamese goods, its largest export market.

The comments follow a UNDP estimate warning that Washington’s duties could slash Vietnam’s exports to the U.S. by as much as 20%, making it the most affected nation in Southeast Asia.

“Exports will face difficulties and challenges due to strategic competition, conflicts, and the U.S.’s ‘reciprocal’ tariff policies,” Chinh said in a government statement on Wednesday. Despite this, he forecast export growth of more than 12% in 2025. Government data showed exports had already risen 15.8% year-on-year to $325.3 billion by September 15.

To reduce reliance on the U.S. market, Chinh said Vietnam aims to finalize free trade deals with Mercosur and the Gulf Cooperation Council (GCC) by year’s end. He also confirmed ongoing trade talks with Washington, despite the Trump-era 20% tariffs on most Vietnamese products.

The prime minister instructed officials to crack down on goods with questionable origins or copyright violations—two persistent concerns raised by U.S. authorities.

Adding to the pressure, the White House has imposed a 40% tariff on products deemed to be rerouted through Vietnam. Analysts warn this could significantly disrupt Vietnamese exports, which often depend heavily on Chinese-made components.