Starting 12:01 AM on 7/8, new retaliatory tariffs ranging from 10% to 41% took effect for most of the US's trading partners. Previously, most economies faced a general 10% tariff. The US tariff on Vietnamese goods is 20%, down from the 46% announced in early April.

At the regular government meeting on 7/8, minister of industry and trade Nguyen Hong Dien said that next week, Vietnam will continue technical negotiations with the US to solidify the official agreement.

The ministry also outlined scenarios and proposed tasks for government ministries and agencies to adapt to the US tariff policy. The ministry proposed that the ministry of finance and other agencies assess the impact of these tariffs on Vietnam to develop solutions and response strategies. Local authorities and related ministries and agencies are urged to promptly resolve obstacles for projects to free up resources for the economy.

The ministry of industry and trade will develop and implement a plan to execute the trade agreement with the US. This includes improving the business and investment environment, supporting businesses in expanding trade and export markets, and enhancing domestic consumption capacity. The ministry also mentioned solutions for developing support technologies and maximizing their utilization.

This action plan and response strategy is expected to be presented to the prime minister today.

Since late April, after the US announced a delay in imposing retaliatory tariffs and agreed to start negotiations with Vietnam, prime minister Pham Minh Chinh established a government negotiation team led by the minister of industry and trade and directed the development of a negotiation plan.

According to the ministry of industry and trade, the two countries have made significant progress in discussions on issues such as tariffs, rules of origin, customs, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, and supply chains.

According to US Customs data, two-way trade last year reached 149.7 billion USD. Vietnam exported 136.6 billion USD and imported 13.1 billion USD from the US. Vietnam's trade surplus with the US was 123.5 billion USD, the 3rd largest among countries with a trade surplus with the US (after China and Mexico).

In the first 5 months of this year, two-way trade reached 77.4 billion USD, a 36.5% increase compared to the same period in 2024. Vietnam exported 71.7 billion USD (up 37.3%) and imported 5.7 billion USD (up 30.7%). Vietnam's trade surplus with the US was 64.8 billion USD (up 29%), ranking 4th after China, Mexico, and Iceland.

Phuong Dung