In a document signed recently, Minister of Industry and Trade Nguyen Hong Dien requested that the Multilateral Trade Policy Department, the Foreign Market Development Department, the Import-Export Department, and the Vietnam Trade Promotion Agency to continue reciprocal trade negotiations with the United States in order to reach the most favourable commitments for Vietnam.

The goal is to move toward a comprehensive trade agreement, further strengthening Vietnam–US economic and trade relations in a balanced and sustainable manner.

Dien directed the designated units to urgently implement signed agreements or commitments, closely monitor the progress of negotiations and the US’s implementation, and promptly propose responsive measures.

At the same time, he asked the units to proactively examine and give advice on negotiations with new markets, seize opportunities in key markets, accelerate FTA negotiations, and carry out the Prime Minister’s directives on signing MoUs and rice trade agreements with Brazil, the Philippines, Malaysia, and Indonesia.

Efforts should also be made to step up inspections and address origin fraud, maximise the benefits of existing FTAs, and expedite the signing of new FTAs.

In early April US President Donald Trump decided to apply a baseline 10% tariff on nearly all imports and reciprocal tariffs on a country-by-country basis, potentially as high as 40–46%. Vietnam was among the countries targeted with high tariffs.

Since late April, Vietnam and the US have engaged in multiple rounds of reciprocal trade negotiations at both technical and ministerial levels. Key topics discussed include tariffs, rules of origin, customs procedures, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and broader trade cooperation.

On August 1, the White House issued an Executive Order on adjusting reciprocal tariff rates for a total of 69 countries and territories. Under the new tariff schedule, the duty on Vietnamese goods was reduced from 46% to 20%.

The Ministry of Industry and Trade on August 8 submitted to the Prime Minister a comprehensive response plan to address the recent adjustments in US reciprocal tariffs.

Vietnam–US trade relations have been expanding rapidly, with bilateral trade reaching nearly US$150 billion in 2024. The United States remains Vietnam’s largest export market, while Vietnam is one of America’s key trading partners.

Vietnam’s major exports to the US include machinery, equipment, electronics, textiles, and footwear. On the import side, Vietnam purchases a significant volume of computers, electronic products and components, as well as raw materials for manufacturing from the United States.

Trade Ministry to submit US tariff response plan to PM on August 8

VOV.VN - The Ministry of Industry and Trade (MoIT) is expected to submit to the Prime Minister on August 8 a comprehensive response plan to address the recent adjustments in US reciprocal tariffs.