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Vietnam will continue trade negotiations with the United States while seeking to sign free trade deals with other markets, the prime minister said in a statement on Wednesday (Sept 24), adding that the country is targeting export growth of 12% this year.
Vietnam aims to sign free trade agreements with Mercosur and Gulf Cooperation Council countries in the fourth quarter of this year, Pham Minh Chinh said in a statement posted on the government's website on Wednesday.
The United States, Vietnam's biggest market, imposed a 20% tariff on Vietnamese goods from Aug 7, while transshipments from third countries through Vietnam face a levy of 40%.
The statement said exports "will face difficulties and challenges...due to strategic competition, conflicts and the US's 'reciprocal' tariff policies."
Estimates by the United Nations Development Programme show the US tariffs risk slashing up to one-fifth of Vietnam's exports to the United States, making it the hardest-hit country in South-East Asia.
Vietnam's exports in the year to Sept 15 rose 15.8% from a year earlier to US$325.3 billion, according to government data.
Source: Reuters
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