Vietnam has pledged to increase purchases of American goods—including security and defense products—in a bid to delay steep new U.S. tariffs.
The U.S., Vietnam’s largest export market in the first quarter of the year, has slapped a hefty 46% duty on Vietnamese goods, threatening a critical pillar of the country’s economy.
In response, Hanoi has requested a 45-day delay in implementation to allow time for negotiations. Prime Minister Pham Minh Chinh said Vietnam is committed to working with the U.S. “toward a sustainable trade balance,” according to a statement issued late Monday. He added that Vietnam will expedite the purchase of American products where demand exists, notably in defense and aviation.
The tariffs are part of a sweeping global trade measure announced last week by President Donald Trump, which has rattled markets worldwide.
Vietnam’s top leader, To Lam, has formally appealed to President Trump for a delay and appointed Deputy Prime Minister Ho Duc Phoc as the lead negotiator. Lam also expressed interest in meeting Trump in Washington at the end of May to finalize a deal.
Trump described a recent call with Lam as “very productive,” stating that Vietnam is eager to reach an agreement.
Analysts warn the tariffs could severely disrupt Vietnam’s export-led growth model. Sayaka Shiba, a senior country risk analyst at BMI, estimated the tariffs could shave up to 3% off Vietnam’s GDP this year in a worst-case scenario.
Following a holiday break, Vietnam’s main stock index dropped roughly 6% on Tuesday, reflecting growing investor anxiety.