Vietnam Presses Ahead with Trade Talks Amid Inflation Pressures

Vietnam is intensifying efforts to finalise a major trade agreement with the United States, while the central bank signals that inflation remains under control albeit with rising pressures.

Officials said on August 7 that the United States has cut tariffs on many Vietnamese goods to 20%—a significant reduction from earlier proposed levels of up to 46%. However, goods suspected of illegal transshipment risk facing a higher levy of 40%. The government plans further negotiations targeting full implementation of the deal. Reuters Meanwhile, the central bank governor said inflation is under control but noted that upward price pressures are mounting. Reuters

Trade data from early August reinforced the upbeat picture: exports to the U.S. rose 27.8% in the first seven months year-on-year to $85.12 billion—contributing to a widened trade surplus of $74.6 billion. Imports also surged, with U.S. exports to Vietnam climbing 22.7% to $10.54 billion. In July alone, exports rose 16%, industrial production gained 8.5%, and retail sales were up 9.2%; consumer prices in the month increased 3.19% year-on-year. Reuters

Amid these dynamics, Vietnam is also seeing new energy trade developments: Russia dispatched its first naphtha cargo to Vietnam in June. According to shipping data, a 60,000-tonne cargo unloaded at Van Phong terminal, reflecting diversification of energy sources amid Western sanctions on Russia. Vietnam Policy Studies

Analysts say these developments reflect Vietnam’s resilience and strategic positioning in the region. The revised U.S. tariff framework provides much-needed certainty to exporters, while strong trade data and new import channels help sustain growth momentum.