The agreement was reached during meetings in Washington D.C. on April 10 (local time) between Vietnamese Deputy Prime Minister Ho Duc Phoc and US Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. It came just hours after President Donald Trump decided to suspend the imposition of reciprocal tariffs on a number of countries, including Vietnam.

Meeting with Bessent, Phoc, who is the special envoy of Party General Secretary To Lam, reaffirmed Vietnam’s commitment to developing a Comprehensive Strategic Partnership with the US and expressed a desire to promote balanced, harmonious, and sustainable economic and trade relations.

He emphasized that Vietnam is ready to begin negotiations and called on both sides to promptly exchange specific details to reach an agreement as soon as possible.

“This will contribute to fostering stable, sustainable bilateral economic and trade relations that benefit both our peoples and businesses,” stated Phoc.

For his part, Bessent, who was appointed as head of the US negotiation delegation, expressed confidence that both sides would soon reach appropriate solutions to promote mutually beneficial and stable economic and trade relations.

During his meeting with Secretary Lutnick, Phoc emphasized that the two sides’ agreement to launch negotiations on a bilateral trade agreement holds great significance and aligns with the framework of the Vietnam–US Comprehensive Strategic Partnership.

Highlighting the importance of the two countries celebrating the 30th anniversary of diplomatic relations (1995–2025), the Deputy Prime Minister expressed his delight at the positive development of bilateral ties. He expressed hope that both sides would continue to work closely to further deepen the Comprehensive Strategic Partnership, in which economic, trade, and investment cooperation serves as a key pillar.

Phoc reaffirmed Vietnam’s consistent policy of maintaining political, economic, and social stability, while building an independent and self-reliant economy in tandem with proactive, substantive, and effective international integration. He proposed that the US Department of Commerce closely coordinate with relevant ministries, sectors, and agencies of Vietnam throughout the negotiation process.

Lutnick for his part affirmed that the United States places great importance on its relationship with Vietnam, recognizing Vietnam as a large and highly potential economy, and an important partner of the US in the region.

He emphasized that the US is currently prioritizing reindustrialization and bringing manufacturing back to the country, while ensuring fair trade. He confirmed that the US Department of Commerce would work closely with Vietnam to negotiate and address issues in bilateral economic and trade relations, aiming toward a suitable agreement that contributes to the development of both countries.

Vietnam is among the first countries to show goodwill toward entering negotiations following the April 4 phone call between Vietnamese General Secretary To Lam and US President Donald Trump.

Prime Minister Pham Minh Chinh has directed the immediate establishment of a negotiation team with the US, led by Minister of Industry and Trade Nguyen Hong Dien.

Currently, Vietnam and the US have a bilateral trade agreement signed in 2000. At a meeting on April 8, Deputy Prime Minister Bui Thanh Son, head of Vietnam’s working group, tasked the Ministry of Finance with coordinating with other ministries and sectors to formulate an upgraded bilateral agreement with the US, including provisions on tariffs and intellectual property.

Vietnam welcomes US decision to postpone reciprocal tariffs for 90 days

VOV.VN - Spokesperson for the Ministry of Foreign Affairs Pham Thu Hang has described the US administration’s decision to suspend reciprocal tariffs for 90 days on several partners, including Vietnam, as a positive step.