Vietnam is asking the United States to delay new tariffs and is offering to buy more American goods, including military equipment, in return.
Prime Minister Pham Minh Chinh announced Monday that his country wants a 45-day delay on the 46% tariff announced by President Donald Trump last week.
Vietnam hopes this pause will give both sides time to talk and find a fair deal. The US is Vietnam's largest export market, and officials say the tariffs could hurt its economy. "We will negotiate with the US side to reach a balanced and sustainable trade agreement," said Chinh.
According to Reuters, to show good faith, Vietnam said it will increase purchases of US products, especially defense and security-related items. The government also asked for faster deliveries of airplanes ordered by Vietnamese airlines.
This request comes after the US accused Vietnam of helping China avoid tariffs, as well as dumping seafood and other products into the US market.
White House trade adviser Peter Navarro said Vietnam has one of the highest numbers of trade complaints with the US after China. "They engage in intellectual property theft," Navarro said in a CNBC interview.
After my tweet, white house responds that countries like Vietnam slashing their tariffs to 0% isn't enough, as they don't buy much from US, question of trade deficit still remains so deficit surcharge or move manufacturing back to US is the only solutionhttps://t.co/7unBp9EQEL
— Jinesh Patel (@jineshrpatel) April 7, 2025
Vietnam Vows to Review Trade Practices Amid Tariff Crisis
Vietnam responded by promising to check its trade practices. Officials said they will review monetary policies, exchange rates, product labeling, and barriers to foreign goods.
On Tuesday, the government said it might update its trade agreement with the US to include better protections for taxes and intellectual property.
Vietnam's main stock index dropped nearly 6.3% on Tuesday, adding to a 14% fall since the tariffs were announced on April 2. The tariffs have hit Vietnam hard, as its economy depends heavily on exports to the US.
In a recent phone call, Trump and Vietnam's top leader To Lam discussed ways to avoid further damage. Trump said the talk was "very productive" and confirmed both sides want a deal, TheDailyStar said.
Since the US lifted an arms ban in 2016, Vietnam has slowly started to buy more American military goods. There have even been talks about Vietnam purchasing Lockheed Martin C-130 Hercules planes.
Vietnam's leaders are hoping to meet with Trump in Washington in May to settle the issue. Without a deal, experts warn Vietnam could lose up to 3% of its total economic output this year.
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