President Donald Trump shared on social media platform Truth Social about an effective phone call with General Secretary To Lam, opening a new ray of hope for trade relations between the U.S. and Vietnam. Trump stated that General Secretary To Lam expressed willingness to reduce tariffs to 0% if both sides reached an agreement, a move that came just one day after the U.S. imposed a retaliatory tariff of up to 46% on Vietnamese goods on April 3, 2025. This regulation has caused turmoil in the Vietnamese stock market, with the VN-Index dropping a record 87.99 points (equivalent to 6.68%) to 1,229.84 points.
President Trump expressed his gratitude to General Secretary To Lam on behalf of the United States and expressed a desire to meet in the near future. This is seen as a positive sign, demonstrating the skill and flexibility of General Secretary To Lam in responding to the current trade situation. Although the 46% tariff from the U.S. has caused difficulties for Vietnam's key export sectors, with a smart negotiation approach, General Secretary To Lam is striving to find new directions to ease the pressure and strengthen bilateral relations.
If the U.S. reduces tariffs for Vietnam to the same level as other countries, around 10%, then Vietnam's exports will have a record growth opportunity, especially when China is facing tariffs of up to 54%.
