The adjustment was outlined in  an Executive Order signed by President Donald Trump and published on the White House website in the early hours of August 1 (Vietnam time). The document revised reciprocal tariffs for 69 countries and territories listed in Annex I, with Vietnam’s rate reduced to 20%.

Going forward, the two sides will continue discussions and carry out follow-up steps toward concluding a reciprocal trade agreement. The process will be guided by principles of openness, constructive dialogue, equality, respect for independence and political systems, mutual benefit, and consideration of each side’s development level.

Both countries also aim to strengthen economic, trade, and investment ties in a stable and balanced manner, in line with the Comprehensive Strategic Partnership between Vietnam and the United States.

Since late April 2025, Vietnam and the US have held multiple rounds of reciprocal trade negotiations at both technical and ministerial levels.

The Vietnamese negotiating team, led by Minister of Industry and Trade Nguyen Hong Dien, included officials from the ministries of Foreign Affairs, Public Security, Finance, Justice, Agriculture and Environment, Science and Technology, Home Affairs, Construction, and Health, as well as the State Bank of Vietnam and the Vietnamese Embassy in Washington, D.C.

Several rounds of in-person and virtual talks took place between Minister Nguyen Hong Dien and US Trade Representative Jamieson Greer, along with US Secretary of Commerce Howard Lutnick.

Negotiations have focused on a wide range of topics, including tariffs, rules of origin, customs procedures, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and trade cooperation.

According to data from US Customs, two-way trade between Vietnam and the US reached US$149.7 billion in 2024. Of this, Vietnam exported US$136.6 billion and imported US$13.1 billion, resulting in a trade surplus of US$123.5 billion, Vietnam’s third-largest surplus after China and Mexico.

In the first five months of 2025, bilateral trade hit US$77.4 billion, up 36.5% year-on-year. Vietnam exported US$71.7 billion (up 37.3%) and imported US$5.7 billion (up 30.7%), posting a trade surplus of US$64.8 billion. This placed Vietnam fourth among countries with the largest surpluses with the US, after China, Mexico, and Iceland.

Three scenarios for Vietnamese seafood exports under US reciprocal tariffs

VOV.VN - Vietnamese seafood exports may stay at the US$10 billion mark this year in the best-case scenario, provided the US removes reciprocal tariffs on Vietnamese goods after July 9, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

AmCham Vietnam speaks out on new US reciprocal tariffs

In response to US President Donald Trump’s decision to impose a minimum 10% import tariff on all goods and a 46% countervailing duty on Vietnamese imports, the American Chamber of Commerce in Vietnam (AmCham Vietnam) has put forward proposals aimed at balancing the interests of both nations.

How will Vietnam respond to United States’ reciprocal tariff imposition?

VOV.VN - Vietnam is implementing multiple synchronized measures to respond to the United States’ 46% reciprocal tariff, aiming to cushion its negative impact on exports and the economy in general.