​Vietnam to boost imports of US liquefied gas, machinery, technology to address trade imbalance

​Vietnam to boost imports of US liquefied gas, machinery, technology to address trade imbalance

Vietnam will increase imports of liquefied gas, fuel, machinery, and technology from the U.S. as part of the efforts to improve trade balance between the two countries, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan said on Wednesday.

Vietnamese Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan (standing). Photo: Danh Khang

Speaking at a government press conference, Tan emphasized that Vietnam will create favorable conditions for U.S. investors to participate in key industries, particularly in new energy, hydrogen, and nuclear power.

The announcement comes amid growing concerns over U.S. trade policies under President Donald Trump, which have introduced higher tariffs on imports from multiple countries.

In particular, President Trump raised tariffs on steel and aluminum imports to a flat 25 percent, eliminating previous exceptions and exemptions.

He also announced plans to impose a 25-percent tariff on automobiles, as well as similar duties on semiconductors and pharmaceuticals.

Additionally, Trump ordered a new trade investigation, which could lead to further tariffs on imported lumber and increased duties on goods from Mexico, Canada, and China.

Deputy Minister Tan said the Ministry of Industry and Trade has been closely monitoring U.S. policy shifts, conducting research, forecasts, and reports to advise the government on solutions.

The ministry has maintained regular communication with the U.S. Embassy in Vietnam, the Vietnamese Embassy in the U.S., the U.S. Department of Commerce, and the U.S. Trade Representative to express Vietnam’s commitment to maintaining a fair and sustainable economic partnership.

Vietnam has affirmed that it does not implement any policies that harm U.S. workers or national security.

Vietnam's trade minister is expected to discuss bilateral economic and trade issues with the U.S. Trade Representative next week.

Tan emphasized that Vietnam and the U.S. have complementary economies, with trade imbalances stemming from differences in export structures rather than unfair trade practices.

Vietnamese exports to the U.S. primarily compete with third-party countries, not directly with U.S. businesses. At the same time, Vietnamese goods help U.S. consumers access affordable products.

Tan reaffirmed that Vietnam is an open economy following a free trade policy, with minimal tariff differences on U.S. goods.

In the future, tariffs on certain U.S. products are expected to continue decreasing as Vietnam aims to reduce the most-favored-nation tariffs on many items.

U.S. automobiles, agricultural products, liquefied gas, and ethanol will benefit from this policy.

The two countries have established a policy dialogue mechanism under the Vietnam-U.S. Trade and Investment Framework Agreement (TIFA).

If trade-related issues arise, they will be addressed through the TIFA council.

The Vietnamese government has proactively directed ministries to review obstacles and propose solutions to U.S. concerns, ensuring that all actions align with fair trade principles, legal compliance, and mutual interests.

Tan advised local exporters to prepare for various trade scenarios, diversify markets, enhance product quality, and ensure compliance with technical, labor, and environmental standards to minimize risks from evolving U.S. trade policies.

Tuoi Tre News