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Vietnam to buy US defence and security products to address trade gap
The country's benchmark stock index has fallen nearly 14% since Trump's announcement of the tariffs on April 2.
The country's benchmark stock index has fallen nearly 14% since Trump's announcement of the tariffs on April 2. (File image)
Vietnam will buy more American goods, including defence and security products, and has asked for a 45-day delay in the imposition of US tariffs, Prime Minister Pham Minh Chinh said in a statement issued late on Monday.
Hanoi will also seek faster deliveries of commercial planes that Vietnamese airlines have ordered from the US, Chinh said at a cabinet meeting late on Monday.
The Southeast Asian country, a major regional manufacturing base for many Western companies, last year had a trade surplus of more than $123 billion with the US, its largest export market.
Chinh said Vietnam had asked the US to delay the 46% tariff rate that US President Donald Trump announced last week to allow time for negotiations.
Vietnam was seeking to “negotiate with the US side for balanced and sustainable trade, in line with the interests of the two sides,” the statement said.
The country’s benchmark stock index has fallen nearly 14% since Trump’s announcement of the tariffs on April 2.
The index fell 6.26% to 1,135 in early trade on Tuesday.
On Friday, Trump and Vietnam’s leader To Lam agreed to discuss a deal to remove tariffs, both leaders said after a phone call that Trump described as “very productive”.
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In Monday’s statement, Chinh said Vietnam would review issues such as its monetary policy, exchange rate, non-tariff barriers and ensuring the correct origin of goods.
Since an arms embargo was lifted in 2016, US defence exports to Vietnam have been largely limited to coastguard ships and trainer aircraft. Sources said last year there were talks on sales of Lockheed Martin C-130 Hercules military transport planes to Hanoi.
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