Trump, Vietnam's Lam agree to discuss tariffs deal, to meet soon

Published: 2025-04-04 12:48:41 ET NKE

HANOI (Reuters) -U.S. President Donald Trump and Vietnam's leader To Lam agreed on Friday to discuss a deal to remove tariffs, both leaders said after a phone call that Trump said was "very productive", as Hanoi escalated its campaign to dodge duties of 46%.

Days before Trump's announcement on reciprocal tariffs that hit Vietnam hard, the country had already cut several duties as part of a series of concessions to the U.S., which also included pledges to buy more American goods such as planes and agriculture products.

"Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.", Trump wrote on his Truth social platform.

"I thanked him on behalf of our Country, and said I look forward to a meeting in the near future," Trump added.

Lam confirmed the call and the pledge to cut tariffs on U.S. goods. "At the same time (Lam) proposed that the U.S. apply similar tax rates to goods imported from Vietnam," read a report on Vietnam's government portal published shortly after Trump's post.

The two leaders agreed they will continue talking "to soon sign a bilateral agreement" on tariffs, the Vietnamese government said, adding Trump accepted an invitation to visit Vietnam soon.

The Southeast Asian country, which serves as a major manufacturing base for many Western companies, had a trade surplus with Washington which exceeded $123 billion last year.

Shares of Nike, Adidas and Puma dropped sharply after Vietnam was targeted with 46% tariffs on Wednesday, as the country hosts major manufacturing operations for global shoemakers. But some reversed course following Trump's post on Friday.

Without a deal, the 46% U.S. tariff would apply to imports from Vietnam from April 9. The country's benchmark stock index has fallen 8.1% since Trump announced the tariffs two days ago.

Vietnam was already preparing to send a mission to the U.S. next week which could seal a deal on the purchase of Boeing planes by a Vietnamese airline, according to a document seen by Reuters.

Separately, Cambodia also asked the U.S. government on Friday to postpone the 49% tariff rate on its products.

U.S. reciprocal tariff rates on Cambodia and Vietnam are among the highest.

"Cambodia proposes to negotiate with your honourable's administration at the earliest convenient time," Cambodian Prime Minister Hun Manet said in a letter to Trump, reviewed by Reuters.

(Reporting by Khanh Vu and Francesco Guarascio; additional reporting by Phuong Nguyen; Editing by John Mair,Tomasz Janowski and Andrew Heavens)

By Khanh Vu and Francesco Guarascio