HANOI — Vietnam stands ready to import more farm products from the US, according to a statement from Trade minister Nguyen Hong Dien Friday, a day after US President Donald Trump said he would start imposing global reciprocal tariffs.

Vietnam, home to manufacturing operations of multinationals including Apple and Samsung, could be hit hard by any new tariffs. Last year, it posted a record $123.5-billion trade surplus with the US, the largest after China, the European Union and Mexico.

“Vietnam is ready to open its market and increase imports of agricultural products from the United States,” Mr. Dien told US Ambassador to Vietnam Marc Knapper at a meeting last week, the Vietnamese government said.

More than one-fourth of US exports to Vietnam last year were agricultural products, mostly cotton, soybeans and tree nuts, for a total value of $3.4 billion, according to US government data.

A White House official, who spoke to reporters before Mr. Trump ordered his team to devise a plan on reciprocal tariffs, said the administration would study countries with the biggest trade surpluses and highest tariffs first.

Among top US trading partners, Vietnam is one of the countries with the largest tariff gaps, charging higher import duties than those applied by the US.

Vietnam imposes average import duties of 9.4%, according to the World Trade Organization.

Last week, the government of Vietnam, whose largest market is the United States, set up a working group to address any rising risks from trade tensions.

Mr. Trump has not explicitly mentioned Vietnam as a trade target, but new 25% tariffs imposed this week by the US on steel and aluminium have already hit the Southeast Asian nation.

Many of Vietnam’s steel exports to the US, however, had already faced 25% duties, making that blow less heavy than on other exporters, one industry official said.

For Vietnamese aluminum, pre-existing US tariffs had been at 10%, Do Ngoc Hung, Vietnam’s trade representative in the US, told Vietnamese state media.

To reduce the trade surplus, Vietnamese officials have discussed with the Trump administration the possible purchase of US liquefied natural gas, multiple officials said.

Vietnamese budget carrier VietJet has also agreed to buy 200 Boeing 737 MAX jets in a multi-billion dollar deal first signed in 2016 and revised afterwards. No plane has yet been delivered although the company had said it expected to receive the first jets last year.

Vietnam has also been in talks to buy Lockheed Martin C-130 Hercules military transport planes, officials have said.

The Trump Organization has also agreed to develop a $1.5-billion golf course in Vietnam, its local partner said in October. — Reuters

KUALA LUMPUR  — Malaysia will crack down on fraud in the used cooking oil industry, its Deputy Commodities minister told Reuters, as western governments investigate whether shipments of the biofuel feedstock from Asia actually contain virgin oil.

The Malaysian Palm Oil Board (MPOB) is reviewing its standards and policies governing used cooking oil (UCO) and palm industry waste known as sludge palm oil (SPO) to better distinguish them in order to prevent discrepancies in exports, Deputy Plantation and Commodities Minister Chan Foong Hin said.

“The government is also strengthening enforcement mechanisms to uphold industry credibility and Malaysia’s reputation as a responsible exporter,” he said in an interview Thursday, adding that complaints from buyers could endanger the country’s status as a credible UCO exporter.

He said ensuring that the entire supply chain is traceable would combat fraudulent practices.

“Basically the center of this issue is the traceability. How do you make the whole supply chain traceable?” Mr. Chan said.

The European biodiesel industry last year complained of a surge in imports from China it believes involve supplies declared as made with recycled oil and fat but actually produced with cheaper and less sustainable virgin oil.

Neighboring Indonesia, the world’s biggest palm oil producer, last month moved to curb exports of UCO and palm oil residue, saying that shipments in recent years had exceeded production capacity, indicating virgin crude palm oil (CPO) had been mixed in.

In August, the US Environmental Protection Agency said it launched investigations into the supply chains of at least two renewable fuel producers, without naming the companies, amid industry concerns that some may be using fraudulent biodiesel feedstocks to secure lucrative government subsidies.

Malaysia’s palm industry, the world’s second-largest, should not view the EU’s looming deforestation regulation negatively as the country is committed to anti-deforestation, Mr. Chan said.

About 87% of Malaysia’s palm oil plantations are sustainably certified through the Malaysian Sustainable Palm Oil (MSPO) standards, Mr. Chan said.

“In fact, we are ready,” he said. 

In December, the EU approved a one-year delay to the landmark deforestation law requiring importers of soy, beef, cocoa, coffee, palm oil, timber, rubber and related products to prove their supply chains do not contribute to the destruction of the world’s forests, or face hefty fines.

Chan downplayed a downturn in shipments to top palm oil buyer India, which hit a 14-year low in January, as a “short term” situation given the demand needs of its 1.45 billion population.

India imported 3.03 million metric tons of Malaysian palm oil in 2024, up 6.5%.

“The permanent factor is the population. So yes, we are still optimistic,” Chan said. — Reuters