Vietnamese Prime Minister Pham Minh Chinh has announced plans to secure new trade agreements this year as part of efforts to offset the impact of tariffs imposed by the United States, the country’s largest export market.
The move follows recent United Nations Development Programme (UNDP) estimates that U.S. duties could cut up to one-fifth of Vietnam’s exports to America, making it the most affected economy 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 statement on the government’s website on Wednesday.
Despite the risks, the prime minister projected exports to grow by more than 12% in 2025. Official data shows that from January to 15 September, exports rose 15.8% year-on-year to $325.3 billion.
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To mitigate the impact of U.S. tariffs, Vietnam is pursuing free trade agreements with the Mercosur bloc in Latin America and Gulf Cooperation Council (GCC) countries before the end of the year. Chinh also reaffirmed Hanoi’s commitment to continued trade talks with Washington, despite the Trump administration’s earlier 20% tariff on most Vietnamese exports.
The prime minister further directed officials to tighten checks on imports that may breach international copyright rules or face origin-related issues concerns repeatedly raised by U.S. officials.
In addition, Washington has imposed a 40% tariff on goods suspected of being transshipped through Vietnam. Analysts warn this could severely impact Vietnam’s trade if the U.S. enforces strict limits on foreign components, given the country’s heavy reliance on Chinese inputs.
