Vietnam and India have great potential for cooperation in the garment and textile sector as the US's new reciprocal tax policy could significantly impact exports of both countries to the US market, according to Bui Trung Thuong, Trade Counselor at the Vietnam Trade Office in India.

Minister of Industry and Trade Nguyen Hong Dien called for ASEAN to stay united and composed in its cooperation with the United States, emphasising the importance of promoting collaboration with external partners, including the US, in areas of mutual interest.

Prime Minister Pham Minh Chinh has underscored that negotiations with the US, following President Donald Trump’s announcement of a 10% tariff on various trading partners, including Vietnam, with a 90-day delay, must be considered within the broader context of the Vietnam – US relations.

VOV.VN - The US decision to temporarily suspend the 46% tariff on Vietnamese imports for 90 days has received positive reactions from the business community and economic experts. However, some analysts remain concerned about whether Vietnam can fully capitalize on the opportunity.

VOV.VN - Deputy Prime Minister Ho Duc Phoc has had a host of meetings with US lawmakers, businesses, and experts to boost bilateral trade and investment, calling for the removal of tariffs on Vietnamese goods and a sustainable trade deal.

The US has agreed to begin negotiations on a reciprocal trade agreement with Vietnam, as proposed by Vietnamese Deputy Prime Minister Ho Duc Phoc at his meeting with US Trade Representative Jamieson Greer on April 9.

VOV.VN - An economic expert has projected that Vietnam’s GDP growth could be affected, with an estimated decrease of 2-3 percentage points if the United States imposes a 46% reciprocal tariff on Vietnamese imports, starting on April 9.

VOV.VN - Vietnam’s economy is forecast to grow at 6.6% and 6.5% in 2025 and 2026, respectively, following a robust 7.1% growth last year, according to the Asian Development Bank (ADB)’s flagship annual economic publication released on April 9.

High export prices helped the pepper export value remain positive in the first quarter of 2025, despite a decrease in export volume, however, with the US announcing base and reciprocal tariffs on imported goods, exporters are concerned about facing significant losses in the coming time.

Economists underlined the need for Vietnamese Government and businesses to apply measures to adapt to the new tariff policy of the US to maintain growth during a meeting held by the Ho Chi Minh City Department of Industry and Trade on April 8.