HANOI — Vietnam has reported encouraging progress in its ongoing trade negotiations with the United States, as both sides work to resolve tensions and avoid a potentially crippling 46% tariff on Vietnamese exports.
According to a statement published on the Ministry of Industry and Trade’s website, the second round of negotiations concluded after three days of discussions, during which the two parties identified “groups of issues on which consensus or views were close, and groups of issues that required further discussion.” The talks will continue into June, with technical teams from both sides assigned to deepen exchanges and work toward a mutually acceptable agreement.
Related: Vietnam, U.S. Enter Second Round of Tariff Talks in Washington Amid Growing Trade Pressures
The high-level negotiations come amid heightened diplomatic engagement between Vietnam and the US. The threatened 46% tariff — linked to Washington’s concerns over Vietnam’s sizable trade surplus, the third largest globally after China and Mexico — was provisionally reduced to 10% for 90 days to allow time for discussions.
While in the US, Vietnamese Trade Minister Nguyen Hong Dien met with executives from major American firms including Excelerate Energy, Lockheed Martin, SpaceX, and Google to promote stronger investment and business ties with Vietnam.
Reinforcing that message, Prime Minister Pham Minh Chinh attended a groundbreaking ceremony on May 21 for the Trump Organization’s US$1.5 billion luxury golf resort project in Hung Yen province, where he stood alongside Eric Trump. At the event, Chinh expressed hopes for a visit by US President Donald Trump, stating that the project exemplifies the confidence of foreign investors in Vietnam’s market.
Vietnam has pledged to ramp up imports of American goods and eliminate tariffs on US products. The country has also intensified its efforts to combat trade fraud, especially practices involving the rerouting of Chinese goods through Vietnam to avoid US tariffs — a key concern for Washington.
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Source: Vietnam Insider