Vietnam Considers Duty Revisions to Ease U.S. Trade Tensions

Vietnam is reviewing import duties on U.S. goods such as LNG and high-tech products to alleviate trade tensions. This move aims to prevent reciprocal tariffs from the U.S. while increasing imports of necessary American goods. Discussions are ongoing, with Vietnam showing readiness to boost agricultural imports and address trade imbalances.

Vietnam is taking a strategic approach in reviewing its import duties on U.S. goods to ease escalating trade tensions between the two nations. This assessment comes amid warnings of reciprocal tariffs over their significant trade surplus, which is crucial to the Southeast Asian nation's economy.

Prime Minister Pham Minh Chinh conveyed Vietnam's plan to U.S. ambassador Marc Knapper, underlining efforts to bolster imports of crucial American products, including LNG and high-tech goods. Policymakers are working to shift the trade dynamics favorably, actively engaging with their American counterparts.

The Vietnamese government is eager to solidify its economic ties with the U.S., particularly in the energy and agricultural sectors. Despite interest, Vietnam's LNG market is still nascent, reliant on short-term contracts. Meanwhile, the country faces hurdles in acquiring cutting-edge technology due to stringent U.S. export controls.

(With inputs from agencies.)