BANGKOK – Vietnam’s prime minister met dozens of U.S. business leaders over the weekend, seeking to smooth any possible trade issues with the new administration of President Donald Trump.
Pham Minh Chinh told about 40 representatives of U.S. companies that Vietnam was taking steps to cut its large trade surplus, considering imports of aircraft, arms, natural gas, pharmaceuticals and other goods, Vietnam’s state-run Tuoi Tre news site reported.
Vietnam wants to escape the fate of neighbor China, which faces 20% tariffs on its exports to the United States, imposed by the U.S. president in response to a trade imbalance and China’s illegal exports of synthetic opioids. Vietnam’s trade surplus with the U.S. rose to a record US$124 billion in 2024 and the U.S. remained its largest export market this year.
Vietnam already faces U.S. tariffs on its sizable steel and aluminum exports. From March 12, the U.S. will raise the 10% tax on imports of the metals to 25%, after a February executive order from Trump. Vietnam is the fifth-largest exporter of steel to the U.S. and America is Vietnam’s third biggest buyer.
Licensing Musk’s Starlink
Prime Minister Chinh told Saturday’s meeting in Hanoi that he wanted to fast track a license for Trump adviser and billionaire businessman Elon Musk’s Starlink satellite internet service in Vietnam under a pilot scheme.
“The PM has directed the Ministry of Science and Technology to quickly issue a license to Starlink internet on a trial basis,” the government said on its website after the meeting.
Starlink’s parent company, SpaceX, repeatedly expressed its intention to invest in the market of 100 million people but hadn’t succeeded because of rules forbidding foreign companies from owning more than 49% of shares in joint ventures.
Last month, Vietnam’s parliament approved a temporary scheme allowing internet companies operating in Vietnam to retain full control of their local subsidiaries, according to state media. Executives attending Saturday’s meeting with the prime minister said they were hopeful Hanoi would relax investment rules for more business sectors.
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Separately, on Sunday, Chinh met European business leaders, asking them to invest more in Vietnam, VoVWorld reported. The prime minister suggested EU enterprises focus on growth areas such as the digital and green economies and healthcare.
Vietnam’s trade surplus with the 27 European Union members rose to US$35 billion last year with exports rising nearly 19% compared with 2023. A free trade agreement between Vietnam and the European bloc came into force in 2020 helping Vietnam to become the top Southeast Asian trading partner with the EU.
Edited by Taejun Kang.