Vietnam is set to purchase more U.S. goods, including defence and security products, in an effort to address its significant trade surplus with the United States and negotiate a delay in recently imposed tariffs.

Prime Minister Pham Minh Chinh announced this strategy during a cabinet meeting on Monday, emphasising Vietnam's intention to negotiate for balanced and sustainable trade relations with the U.S. while requesting a 45-day postponement of the 46% tariff rate announced by President Donald Trump last week.

Vietnam plans to expand its acquisition of American defence products, building on previous purchases such as coastguard ships and trainer aircraft following the lifting of the U.S. arms embargo in 2016.

Discussions have included potential sales of Lockheed Martin C-130 Hercules military transport planes.

These purchases align with Vietnam’s broader strategy to modernise its military by 2030, reduce reliance on Russian arms imports, and enhance capabilities in air, naval, and cyber domains.

Vietnam is seeking expedited delivery of commercial planes ordered from U.S. manufacturers for its airlines.

Vietnam’s trade surplus with the U.S. exceeded $123 billion last year, making the U.S. its largest export market.

The announcement of tariffs has triggered a sharp decline in Vietnam’s stock market, with the benchmark index falling nearly 14% since April 2.

Vietnamese leaders have initiated discussions with President Trump to resolve tariff issues, aiming for a bilateral agreement that supports mutual interests.

Vietnam plans to review monetary policies, exchange rates, non-tariff barriers, and ensure proper origin labelling for goods as part of these negotiations.

The move reflects Vietnam's strategic pivot toward strengthening ties with Western nations while addressing economic challenges posed by tariffs and diversifying its defence procurement sources away from Russia.

Reuters