Vietnam's finance ministry has proposed a plan to reduce import tariffs on various products like LNG, cars, wood, and agricultural items to avoid potential US tariffs. The proposal includes cutting tariffs on certain car types to 32% from 45-64%, lowering LNG tax to 2% from 5%, and ethanol tax to 5% from 10%. Additionally, agricultural products such as apples, frozen chicken, almonds, and sweet cherries will also see tariff reductions. The ministry stated that these regulatory changes are necessary to adapt to the changing global economic landscape. Vietnam aims to strengthen trade relations with the US and is taking steps to address its trade surplus, which reached $123.5 billion last year. The country has engaged in discussions with US companies totaling $4.15 billion and is considering removing trade barriers and combating export fraud. The revised decree regarding tariff adjustments is expected to be released soon to ensure fair treatment among Vietnam's key trading partners. Vietnam and the US have been enhancing collaboration since upgrading their bilateral ties to a comprehensive strategic partnership in 2023.