On May 5, 2025, Vietnamese Prime Minister Pham Minh Chinh addressed the nation’s parliament, expressing deep concerns over the impact of U.S. President Donald Trump’s “reciprocal” tariffs on the global economy. Specifically, he highlighted a 46% levy on Vietnamese goods, stating that such measures are disrupting global supply chains and posing significant challenges to Vietnam’s export-driven economy.

Despite these challenges, Prime Minister Chinh noted that Vietnam has made progress in negotiations with the U.S. administration regarding the tariffs. He mentioned that the full implementation of these tariffs has been postponed globally until July, providing a window for continued dialogue. Chinh emphasized that Vietnam has responded to the situation with composure and appropriate measures, being among the first countries to engage in tariff negotiations with the United States.

The tariffs are part of President Trump’s broader trade policy, which has included significant levies on various countries to address trade imbalances. Vietnam, with its substantial trade surplus with the U.S., has been a focal point in these discussions. The Vietnamese government continues to seek diplomatic solutions to mitigate the adverse effects of these tariffs on its economy and the broader global market.

Source: Reuters