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| Processing tra fish for export__Photo: VNA |
The US Government has lowered reciprocal tariffs on Vietnamese imports to 20 percent from 46 percent, the Vietnamese Ministry of Industry and Trade (MoIT) reported on August 1.
The new tariff was detailed in an Executive Order signed by President Donald J. Trump on August 1 (Vietnam time), which adjusts rates for 69 countries and territories listed in Annex I.
Both countries are due to continue discussions to finalize a reciprocal trade agreement grounded in the principles of openness, constructiveness, equality, respect for independence, self-reliance, and political systems, mutual benefit, and consideration of each other's development levels, the ministry said.
They are to bolster stable, mutually beneficial economic, trade, and investment relations consistent with the US-Vietnam Comprehensive Strategic Partnership, it noted.
The MoIT said since late April, Vietnam and the US have held many rounds of reciprocal trade negotiations at both technical and ministerial levels. The Vietnamese delegation was led by Minister of Industry and Trade Nguyen Hong Dien, comprising representatives from the MoIT and the ministries of Foreign Affairs, Public Security, Finance, Justice, Agriculture and Environment, Science and Technology, Home Affairs, Construction, and Health, the State Bank of Vietnam, and the Vietnamese Embassy in the US.
Face-to-face and virtual talks were also held with Minister Dien and US Trade Representative Jamieson Greer, and Secretary of Commerce Howard Lutnick.
Both sides have seen progress in discussing tariffs, rules of origin, customs procedures, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and broader commercial ties.
According to the US Customs data, two-way trade hit USD 149.7 billion in 2024, with Vietnam earning USD 136.6 billion from exports and spending USD 13.1 billion on imports. Vietnam's trade surplus stood at USD 123.5 billion, ranking third among countries with the largest trade surplus with the US, after China and Mexico.
In the first five months of 2025, two-way trade grew 36.5 percent year-on-year to USD 77.4 billion, with Vietnam’s exports climbing 37.3 percent to USD 71.7 billion and imports rising 30.7 percent to USD 5.7 billion. The trade surplus expanded 29 percent to USD 64.8 billion, ranking Vietnam fourth globally, after China, Mexico, and Iceland.- (VNA/VLLF)
