Hanoi, April 4, 2025 – The Europe Today: Vietnam has expressed deep regret over the United States’ decision to impose a 46 percent reciprocal tariff on Vietnamese exports, spokesperson for the Ministry of Foreign Affairs Phạm Thu Hằng stated on Friday.
Responding to reporters’ inquiries regarding the U.S. administration’s announcement, Hằng emphasized that the decision does not align with the reality of mutually beneficial economic and trade cooperation between the two nations.
“We believe that the decision is not in line with the reality of mutually beneficial economic and trade cooperation between the two countries,” she said. “It fails to reflect the spirit of the Comprehensive Strategic Partnership for peace, stability, cooperation, and development; and if enforced, would negatively impact bilateral economic and trade relations as well as the interests of businesses and people in both countries.”
Vietnam has actively engaged in discussions with the U.S. to address concerns and foster fair, sustainable, and mutually beneficial trade. Hằng reaffirmed Vietnam’s commitment to continued dialogue, stating, “Vietnam will continue to coordinate and engage in discussions with the U.S. in a constructive and cooperative spirit to find practical solutions that contribute to the stable and sustainable development of bilateral economic relations, ensuring the interests of businesses and people in both countries.”
Following the U.S. announcement, Prime Minister Phạm Minh Chính convened an urgent cabinet meeting, directing the immediate formation of a quick-response team led by Deputy Prime Minister and Minister of Foreign Affairs Bùi Thanh Sơn. This team has been tasked with formulating both immediate and long-term strategies to address the tariff issue.
Additionally, Deputy Prime Minister Hồ Đức Phớc, former Minister of Finance, has been assigned to engage with businesses—particularly major exporters—to assess their concerns and gather insights. Deputy PM Phớc is scheduled to visit the U.S. and Cuba from April 6 to 14 to discuss and negotiate trade matters.
According to the General Department of Vietnam Customs, Vietnam’s exports to the U.S. in 2024 reached nearly US$120 billion, reflecting a 23.2 percent increase from the previous year and accounting for 29.5 percent of the nation’s total export turnover.
Prime Minister Chính has expressed hope that the U.S. will reconsider its tariff decision, highlighting the strong bilateral relationship and Vietnam’s status as a developing nation still recovering from the long-term impacts of war.
The Vietnamese stock market reacted sharply to the news, suffering its worst decline in history. Market capitalization plunged by VNĐ 500 trillion (approximately US$20 billion), signaling significant investor concerns over the potential economic impact of the U.S. tariff policy.
