Vietnam’s Deputy Prime Minister Hồ Đức Phớc is currently on an official trip to the United States to negotiate issues related to newly imposed reciprocal tariffs, with a key meeting scheduled with U.S. Treasury Secretary Scott Bessent.
As of April 9, the U.S. has implemented a new round of tariffs targeting major trading partners — and Vietnam faces one of the steepest rates at 46%. Vietnam is currently the fourth-largest trading partner of the U.S., with a reported trade deficit of $123.5 billion last year, according to U.S. data. However, Vietnam’s Ministry of Industry and Trade estimates the gap at around $119 billion.
According to sources from VnExpress, Deputy PM Phớc is expected to meet with Secretary Bessent on April 10 (Vietnam time). Reuters has also reported that he will hold discussions with top executives from major U.S. companies, including Boeing, SpaceX, and Apple.
A highlight of the Deputy PM’s trip is his planned attendance at a signing ceremony between Vietnamese airline Vietjet and global investment firm KKR. Just last week, Reuters reported that Vietjet is preparing to secure a $200 million financing deal with KKR to expand its aircraft fleet.
The visit comes amid growing speculation that Vietnam could be among the first to reach a trade agreement with the U.S. under the current tariff regime. Aniket Shah, an analyst at U.S. investment bank Jefferies, recently identified Vietnam — along with the UK, Japan, India, and Cambodia — as among the five nations “most likely to strike a deal quickly.”
Shah’s analysis is based on five key factors: the relationship between each government and the Trump administration, the volume of U.S. imports they receive, the role of U.S. exports in their GDP, the current tariff gap, and overall economic resilience.
In response to the tariffs, the Vietnamese government has been actively seeking solutions to minimize their impact. Hanoi has formally requested that Washington delay the implementation of the new tariffs by at least 45 days to allow time for negotiations, transition, and preparation.
In a notable diplomatic move last week, General Secretary Tô Lâm held a phone call with former President Donald Trump, expressing Vietnam’s willingness to reduce tariffs to zero on U.S. imports — and urging the U.S. to do the same for Vietnamese goods.
Further signaling its commitment to easing trade tensions, Vietnam recently issued Decree 73, which reduces MFN (Most Favored Nation) tariffs on 16 product groups — 13 of which are seen as advantageous to U.S. exporters.
During an April 8 hearing before the U.S. Senate Finance Committee, U.S. Trade Representative Jamieson Greer acknowledged Vietnam’s move to lower tariffs on American cherries, apples, and almonds — products that are especially significant to Western U.S. states.
As Vietnam ramps up diplomatic and trade efforts, all eyes are on Washington to see whether this new round of negotiations will ease tensions and foster renewed economic cooperation between the two nations.
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Source: Vietnam Insider