Vietnam to step up US tariff talks while keeping spirit of 'no fear': PM Chinh

"Vietnam will ramp up dialogue and negotiations, not confrontation or measures that escalate tension and complicate issues," he said at a meeting with ministries, Vietnamese agencies abroad, industry business groups, and businesses on Monday.

Global and regional developments were unfolding rapidly and in a complex manner, heralding more challenges than opportunities.

The new U.S. tariff policy would have an impact, but the challenges it posed were not as severe as those faced by Vietnam during the early years of the "Doi Moi" economic reforms or the period of war before that.

It might be an opportunity for Vietnam to restructure its economy and diversify to new markets, products and supply chains.

The U.S. might be Vietnam’s largest export market but not the only one, and it should explore other promising markets and leverage free trade agreements.

His government would adopt a "smart, flexible" approach and "choose the most effective solutions that balance the interests of both sides."

The U.S. last week said it would impose reciprocal tariffs on imports from more than 180 trading partners. Vietnam is set to face among the highest tariff rates, of 46%, which are scheduled to come into effect on April 9.

This is expected to impact not only exports to the U.S. but also industrial production, foreign investment, private investment, domestic consumption, and employment.

According to Deputy Minister of Foreign Affairs Nguyen Minh Vu, around 50 countries have initiated negotiations with the U.S., with Vietnam among the earliest to respond and engage in direct exchanges with top leaders.

Officials at the meeting Monday said the situation remained unpredictable and negotiations between the U.S. and its partners could gradually reshape global trade and supply chains, especially of high-tech sectors and certain products.

Developing economies are likely to face fiercer competition in trade and more difficulties in attracting investment and participating in global supply chains, they warned.

Chinh called on agencies representing Vietnam overseas to closely monitor local developments and propose solutions to strengthen Vietnam’s economic ties with other countries and regions.

The government called on businesses to expand to new markets and supply chains and ramp up cooperation and trade promotion.

Chinh said: "Enterprises need to be more self-reliant and restructure operations, improve product quality, build brands, and adopt technology."