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4w ago

Vietnam Requests Tariff Delay as U.S. Trade Policy Threatens Economic Growth

Facing a 46% tariff on exports starting April 9, Vietnam seeks a 45-day postponement and negotiates to reduce U.S. export tariffs to 0% while aiming to sustain its 2025 growth target.

Shipping containers are loaded to a ship at a port in Hai Phong city, Vietnam July 12, 2018. REUTERS/Kham/File Photo
Labourers work at Hung Viet garment export factory in Hung Yen province, Vietnam December 30, 2020. REUTERS/Kham/File Photo
Nike shoes are seen displayed at a sporting goods store in New York City, New York, U.S., May 14, 2019. REUTERS/Mike Segar/File Photo
Labourers work at Hung Viet garment export factory in Hung Yen province, Vietnam December 30, 2020. REUTERS/Kham/File Photo

Overview

  • Vietnam's GDP growth slowed to 6.93% in Q1 2025, down from 7.55% in the previous quarter, as the country braces for the economic impact of U.S. tariffs.
  • The U.S. is set to impose a 46% tariff on Vietnamese exports on April 9, threatening key sectors like garments, electronics, and footwear, which could lead to job losses and reduced foreign investment.
  • Vietnam has formally requested a 45-day delay to the tariffs and is negotiating with the U.S. to eliminate American export tariffs as part of broader trade discussions.
  • Prime Minister Pham Minh Chinh reaffirmed Vietnam's commitment to achieving at least 8% GDP growth in 2025, despite analysts warning the tariffs could reduce growth by up to 3 percentage points.
  • A recent call between President Trump and Vietnamese Communist PartyLam was described as productive, with both sides expressing willingness to seek a trade agreement.