Businesses in Vietnam's capital are suffering from declining sales after the United States introduced trade tariffs on the country earlier this year.

Hanoi's Old Quarter is replete with stores selling designer goods, brand clothing and electronics from rustic French colonial buildings that still form the fabric of the area.

Signs proclaiming that goods are "Made in Vietnam" are everywhere — a concept locals insist on emphasizing to passers-by, hoping for sales from foot traffic made up largely of tourists and backpackers.

Vietnam is an attractive prospect for US investors because of its young workforce and low labor costs.

However, that has been dampened by Washington's 46% tariff rate, which is due to come into effect in July. Hanoi is in negotiations with Washington for a reduction.

On Wednesday, Vietnamese Prime Minister Pham Minh Chinh said he expected a trade deal with the US ahead of the scheduled 46% tariffs.

"I hope that you will see that the result will come earlier than two weeks," Chinh said. "Vietnam and the US share a deep understanding on tariffs ... I hope that all the positive things will come for us."

In the meantime, a baseline tariff of 10% has been in place since April.

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