On Friday, Vietnam expressed its willingness to increase imports of U.S. agricultural products. This development comes as the Southeast Asian nation faces the risk of heightened tariffs from the United States. Vietnam's trade minister, Nguyen Hong Dien, communicated the country's readiness to U.S. Ambassador Marc Knapper, stating, "Vietnam is ready to open its market and increase imports of agricultural products from the United States."

The statement followed remarks by U.S. President Donald Trump on Thursday, indicating he would begin implementing global reciprocal tariffs. Vietnam, which has a significant trade surplus with the U.S., could be significantly affected by such tariffs. In 2024, Vietnam's trade surplus with the U.S. hit a record $123.5 billion, positioning it as the largest surplus after China, the European Union, and Mexico.

According to Reuters, agricultural products accounted for more than a quarter of U.S. exports to Vietnam last year, with shipments including cotton, soybeans, and tree nuts, totaling $3.4 billion. Vietnam's average import duty stands at 9.4%, according to the World Trade Organization, which is among the higher rates compared to U.S. tariffs.

In response to potential trade tensions, the Vietnamese government has established a working group to mitigate any rising risks. Despite the U.S. imposing new 25% tariffs on steel and aluminum this week, Vietnam's steel exports to the U.S. have largely been subject to the same rate previously, lessening the impact. However, Vietnamese aluminum, which was previously taxed at 10% by the U.S., will experience a more significant effect.

To address the trade surplus, Vietnam has discussed various measures with the Trump administration, including the potential purchase of U.S. liquefied natural gas . Additionally, VietJet has agreed to buy 200 Boeing (NYSE: BA ) 737 MAX jets, and talks are ongoing for the purchase of Lockheed Martin (NYSE: LMT ) C-130 Hercules military transport planes.

The Trump Organization is also involved in developing a $1.5 billion golf course in Vietnam, indicating growing economic ties between the two nations.

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