The Vietnamese government has reached out to the United States with a request to delay the implementation of a significant 46% reciprocal tariff on its imports. This appeal comes as Vietnam aims to negotiate a more favorable outcome and minimize the potential economic repercussions from these tariffs, which are set to take effect on April 9.

Vietnam’s Commitment to Trade Balance

In a detailed statement, Vietnamese officials reiterated their dedication to addressing the trade imbalance with the U.S. The government is eager to enhance imports of American products, notably aircraft and liquefied petroleum gas (LPG), while also encouraging increased investment from U.S. companies in Vietnam.

• Trade Surplus: Last year, Vietnam’s trade surplus with the U.S. reached an astounding $123 billion.
• Previous Efforts: The country has already taken steps to lower tariffs on certain American imports to foster better trade relations.

Market Reactions to Tariff Announcement

The announcement of the 46% tariff by former President Donald Trump just two days earlier has sent shockwaves through Vietnam’s financial landscape. The country’s benchmark stock index has plummeted 8.1% since the tariff news broke, indicating widespread concern among investors regarding the potential adverse effects on Vietnamese businesses and exports.

Proactive Engagement from Vietnam

“Vietnam is committed to being proactive, open, and actively collaborating with the U.S. to negotiate equitable tariffs and address transshipment issues,” the government emphasized in its statement, reflecting its willingness to engage in constructive dialogue with Washington.

Earlier, Vietnam’s Ministry of Foreign Affairs expressed discontent with the U.S. decision. “This decision does not align with the reality of our mutually beneficial economic and trade partnership,” stated spokesperson Pham Thu Hang. The ministry expressed regret, noting the move contradicts the positive momentum in bilateral relations between Vietnam and the United States.

Cambodia Seeks Negotiation

On the same day, Cambodia also requested a delay in implementing a steep 49% tariff on its exports to the U.S. Prime Minister Hun Manet sent a letter to President Trump, urging for an immediate dialogue. “Cambodia is eager to negotiate with your esteemed administration at the earliest opportunity,” the letter conveyed, highlighting the urgency felt by Southeast Asian nations grappling with these hefty trade barriers.

The Path Forward

The U.S. government has yet to respond publicly to the requests from both Vietnam and Cambodia. The upcoming days will prove pivotal in determining whether Washington will grant these delays, thus allowing room for negotiations, or if it will proceed with the implementation of these significant tariffs, potentially reshaping trade dynamics with these vital Southeast Asian manufacturing hubs.

As these developments unfold, both Vietnam and Cambodia are keenly watching the situation, hoping for a resolution that supports their economies and strengthens their trade relations with the United States.