THE country plans to send another top official and business delegation to the United States this weekend in a sign of the furious behind-the-scenes activity taking place as the world braces for Donald Trump’s roll-out of reciprocal tariffs.
Deputy Prime Minister Ho Duc Phoc, accompanied by executives from companies including Vietnam Airlines JSC, Vietjet Aviation JSC and VinaCapital Group Ltd, will attend a business meeting in New York on Monday, according to an agenda seen by Bloomberg.
The two airlines are expected to meet officials from Boeing Co and some US banks, according to people familiar with the plans, with Phoc also set to visit Washington DC.
Vietnam has taken increasing steps to convince the US it is serious about reducing its trade surplus, which reached US$123.5bil last year, the third highest gap for the US, behind China and Mexico.
Trump is due to announce his tariff plans after the close of US markets on Wednesday, though back-room talks on their size and scope have been ongoing, people familiar with the discussions said.
Vietnam has already acted to try and win over the US administration, slashing import levies on a range of products, including liquefied natural gas, automobiles and agricultural products.
The country also gave Elon Musk’s Starlink access to the country, and has vowed to buy more goods from the US.
Vietnam is among the world’s most trade-dependent nations, with exports equivalent to about 90% of economic output, and counts the US as its most significant customer.
Sales have surged since the trade war that broke out during Trump’s first term, when businesses sought to relocate away from China and Vietnam became an alternative base for production aimed at American markets.
One key issue for the US has been concerns of re-routing from China, with companies setting up shop over the border to skirt tariffs.
Vietnam overtook Japan as China’s third-largest export destination for the first time in 2024.
The South-East Asian nation announced provisional deals with US companies worth US$4.15bil (RM18.4bil) during a visit by the trade minister to the US last month, and said it was considering removing trade barriers and cracking down on export fraud.
During that trip, US Trade Representative Jamieson Greer said Vietnam needs to improve the trade balance between the two countries and further open up its markets.
Vietnam Airlines signed a US$10bil (RM44.3bil) commitment to buy 50 Boeing Co. 737 Max aircraft in 2023 but hasn’t yet finalised the order.
Vietjet confirmed a deal for 200 Boeing jets in 2022, and is set to receive the first 14 aircraft this year.
Phoc’s trip, planned before Trump’s tariff day, could be subject to change once details of the levies emerge. — Bloomberg
Save 30% for ads-free and full access now!
