​Vietnam weighs lowering tariffs on US agricultural exports

​Vietnam weighs lowering tariffs on US agricultural exports

Vietnam’s Ministry of Agriculture and Environment is considering reducing tariffs on certain U.S. agricultural imports as part of the efforts to strengthen trade ties and facilitate a more balanced exchange of goods, Deputy Minister Phung Duc Tien said at a press briefing on Tuesday.

Deputy Minister of Agriculture and Environment Phung Duc Tien speaks at a press conference on April 1, 2025. Photo: Chi Tue / Tuoi Tre

The announcement followed strong export growth in Vietnam’s agricultural, forestry, and fishery sectors.

In March alone, export revenue for these products reached an estimated US$6.14 billion, bringing the total for the first quarter of 2025 to $15.7 billion, a 13-percent year-on-year increase, according to the ministry.

The United States remained one of Vietnam’s most important agricultural trading partners, with exports to the U.S. rising 13.5 percent in the first three months of the year.

Other key markets included China, with a 3.6-percent increase, and Japan, where exports climbed 26 percent.

“The agriculture sector aims for total agricultural, forestry, and fishery exports to reach between $64 billion and $65 billion this year, with a target of $70 billion as set by the prime minister,” Tien said.

“The results from the first quarter provided a strong foundation for this goal.”

Despite the strong performance, Vietnam is closely watching developments in U.S. trade policy.

He noted that the U.S. has been adjusting tariff policies and imposing stricter standards on imported goods. In response, Vietnamese officials are preparing proactive measures to mitigate any potential impact on exports.

One of those measures includes a proposal to reduce tariffs on specific U.S. agricultural products imported into Vietnam.

The goal, according to Deputy Minister Tien, is to maintain smooth trade flows and support broader economic cooperation between the two countries.

Coffee export prices surge over 70 percent

Vietnam’s coffee exports saw a sharp increase in value during the first quarter of 2025, despite a decline in volume.

The country exported 200,000 metric tons of coffee in March, bringing the total for the first quarter to 509,000 metric tons, valued at nearly $2.9 billion.

While the volume was down 13 percent compared to the same period last year, the export value jumped 50 percent due to a steep rise in global coffee prices.

The average export price for Vietnamese coffee reached $5,656 per metric ton during the first quarter, up nearly 72 percent year on year.

Germany, Italy, and Japan were the top three importers, accounting for 16.2 percent, 9.9 percent, and 7.4 percent of total exports, respectively.

Compared to the previous year, coffee export value rose 79 percent to Germany, 32 percent to Italy, and 56 percent to Japan.

Among the 15 largest export markets, Poland recorded the sharpest increase, with export value more than tripling.

Indonesia was the only major market to report a decline, with export value falling 37 percent.

Tuoi Tre News