Vietnam and United States Make Substantial Progress in Reciprocal Trade Negotiations
Hanoi, The Gulf Observer: The Ministry of Industry and Trade of Vietnam issued an official press release on Friday afternoon regarding the ongoing reciprocal trade negotiations with the United States, highlighting significant developments and the shared commitment toward a balanced and constructive economic partnership.
Since late April 2025, Vietnam and the United States have engaged in multiple rounds of reciprocal trade negotiations, both at technical and ministerial levels. The Vietnamese delegation, headed by Minister of Industry and Trade Nguyễn Hồng Diên, comprises high-level representatives from various ministries and state agencies, including Foreign Affairs, Public Security, Finance, Justice, Agriculture and Environment, Science and Technology, Home Affairs, Construction, Health, the State Bank of Vietnam, and the Vietnamese Embassy in Washington, D.C.
A pivotal trilateral negotiation session took place on June 12, 2025, involving Minister Nguyễn Hồng Diên, US Secretary of Commerce Howard Lutnick, and Ambassador Jamieson Greer, the United States Trade Representative (USTR). Negotiations have been held through both in-person and virtual platforms, allowing for comprehensive and continuous dialogue.
Discussions have spanned a wide array of critical areas, including tariffs, rules of origin, customs procedures, agricultural trade, non-tariff measures, digital trade, services and investment, intellectual property rights, sustainable development, supply chain security, and broader trade cooperation. Both sides have acknowledged notable progress in these domains.
In a major development, during the early hours of August 1, 2025 (Vietnam time), the White House released a Presidential Executive Order signed by President Donald Trump announcing adjustments to reciprocal tariff rates. The order revised tariffs for 69 countries and territories listed in Annex I. Notably, Vietnam’s reciprocal tariff rate was reduced from the initial 46 percent, set under the “Liberation Day Tariffs” in early April, to 20 percent—marking a significant breakthrough in trade relations.
Looking ahead, Việt Nam and the United States will continue dialogue and follow-up activities aimed at concluding a comprehensive reciprocal trade agreement. Both parties reaffirm their commitment to principles of openness, constructiveness, equality, mutual respect for sovereignty and political systems, and shared prosperity. The goal remains to strengthen stable and balanced economic, trade, and investment ties aligned with the Comprehensive Strategic Partnership between the two nations.
According to data released by the Ministry of Industry and Trade, US Customs figures for 2024 indicate that bilateral trade between Vietnam and the United States reached US$149.7 billion. Việt Nam’s exports accounted for US$136.6 billion, while imports from the US stood at US$13.1 billion, resulting in a trade surplus of US$123.5 billion—ranking Vietnam third among countries with the largest trade surpluses with the US, after China and Mexico.
In the first five months of 2025, bilateral trade volume rose to US$77.4 billion, reflecting a robust 36.5 percent year-on-year increase. Vietnam’s exports reached US$71.7 billion (up 37.3 percent), while imports from the US were recorded at US$5.7 billion (up 30.7 percent). The resulting trade surplus of US$64.8 billion places Vietnam fourth globally in trade surplus rankings with the United States, following China, Mexico, and Iceland.
The Ministry reaffirmed its determination to work closely with US counterparts to further reinforce bilateral trade and economic cooperation for mutual benefit and long-term strategic partnership.
