In a desperate attempt to avert a looming tariff hike, Vietnam has dispatched Deputy Prime Minister Ho Duc Phoc to Washington D.C. for urgent, last-minute meetings with US officials, Bloomberg reports.
The move comes as the Southeast Asian nation faces one of the highest tariff rates imposed by President Donald Trump.
According to sources familiar with the matter, Phoc abruptly canceled afternoon meetings in New York on Monday to travel to Washington after receiving instructions from Hanoi. He is scheduled to meet with Treasury Secretary Scott Bessent and potentially Commerce Secretary Howard Lutnick in the coming days. The sources, who requested anonymity due to the sensitivity of the ongoing discussions, indicated that Vietnamese officials are not optimistic about reaching a swift agreement.
The scheduled meetings’ potential timing is crucial; the 46% tariff on Vietnam is slated to take effect at 12:01 a.m. in Washington on Wednesday. Requests for comment from Vietnam’s Ministry of Foreign Affairs, the US Treasury Department, and the Commerce Department were not immediately answered.
Vietnam is engaged in frantic diplomacy to avoid the hefty tariff, which was unveiled by Trump at a Rose Garden event last week. The country has already reduced import levies on various products and has communicated to US officials its efforts to address the trade imbalance, which ballooned to a $123.5 billion surplus last year.
Prime Minister Pham Minh Chinh reiterated late Monday that Vietnam is actively addressing US concerns regarding non-tariff barriers and will actively promote increased purchases of US goods, including products related to national security and defense.
Vietnam, one of the world’s most trade-dependent economies, was among the first countries targeted by Trump for negotiations. The Deputy Prime Minister was already planning a trip to Washington when Trump’s “Liberation Day” tariffs sent shockwaves through global markets.
Treasury Secretary Bessent has expressed hope that tariff rates will decrease as talks progress with US trading partners, emphasizing that “everything will be on the table.” Bessent stated earlier Monday that he will be negotiating with a Japanese team and anticipates Japan receiving priority due to their swift response in reaching out to Washington. This suggests a more hands-on role for the Treasury Chief in tariff negotiations, even amid speculation that he was not a key player in the group of Trump officials who determined the rates.
However, the specific demands of the Trump administration in any potential deal remain unclear. Trump’s tariff formula is tied to trade deficits, not reciprocal rates, and officials have offered conflicting explanations regarding the ultimate objectives of the levies.
Southeast Asian nations are facing some of the highest tariffs from Trump, a consequence of US companies shifting manufacturing from China to the region, including Apple Inc., which produces iPads, AirPods, and watches in Vietnam. In response to the trade pressures, Cambodia, facing a 49% US tariff, announced it would slash its own duties on American goods, while Indonesia pledged to ease its trade regulations.
The latest news in your social feeds
Subscribe to our social media platforms to stay tuned