Vietnam seeks to finalize tariff deal with US as soon as possible, says Prime Minister

THE HANOI TIMES — Prime Minister Pham Minh Chinh on May 24 urged ministries and government agencies to continue effective negotiations with the US on tariff issues.

Speaking at a government conference, Chinh said that the negotiations must follow the principle of “harmonized interests and shared risks”.

He urged relevant bodies to develop practical and feasible measures to move the talks forward, aiming to conclude negotiations as soon as possible based on Vietnam’s real capacities.

“The talks must ensure Vietnam’s core interests and be based on mutual benefit and risk-sharing,” said Chinh.

The negotiations should contribute to strengthening the comprehensive strategic partnership between Vietnam and the US, ultimately bringing benefits to both countries and their consumers, he added.

The Prime Minister noted that the two previous rounds of negotiations had produced encouraging signs, with both sides able to exchange information and better understand each other’s circumstances.

The negotiating teams have laid out a positive direction for upcoming talks, aiming for a balanced and mutually acceptable outcome, he said.

Chinh also praised the efforts of ministries, local authorities, and businesses in preparing for and conducting the negotiations.

He highlighted their role in promoting trade, particularly in goods where the US holds advantages and Vietnam has growing demand.

The second round of negotiations on a bilateral reciprocal trade agreement between Vietnam and the US took place from May 19 to May 22 in Washington DC.

At the conclusion of the round, both sides reported progress, identifying areas of broad agreement, narrowing differences on others, and outlining issues that require further discussion.

Both sides also agreed on timelines for providing feedback on the draft agreement, proposing language, and organizing virtual meetings to prepare for the next round of talks, which is scheduled for June.

During the negotiations, Minister of Industry and Trade and head of the Vietnamese negotiation delegation Nguyen Hong Dien met with several senior US officials, including US Ambassador and Trade Representative Jamieson Greer, Senator Ted Cruz, Chairman of the Senate Commerce Committee, and Senator Steve Daines, a member of the Senate Finance and Foreign Relations Committees.

At these meetings, minister Dien and the US officials acknowledged the progress made during the second round and agreed on key issues to be prioritized in the next round of talks scheduled for early June.

He reaffirmed Vietnam’s commitment to developing a balanced and sustainable economic and trade relationship with the US, for the benefit of both nations’ people and businesses.

“Vietnam is willing to create favorable conditions for US companies to invest and do business effectively,” Dien said, calling on the US to recognize Vietnam as a priority trade partner now that the two countries have formally upgraded their relationship to a comprehensive strategic partnership.

“Vietnam is prepared to work closely with the US to develop a trade agreement that respects national sovereignty, balances interests, and aligns with international commitments and each country’s level of development,” he added.

The minister also agreed with US officials to assign technical teams on both sides to continue discussions and work toward an agreement that meets each country’s expectations and conditions.

For their parts, the US representatives welcomed Vietnam’s goodwill and efforts to address concerns and expressed a desire to further strengthen technical exchanges, including at the ministerial level, to reach an agreement as soon as possible.

They praised the growth potential of Vietnam’s market, especially in industries such as manufacturing, energy, high technology, and the digital economy.

Many large American firms are closely monitoring Vietnam’s policies and investment environment and are eager to expand their long-term presence in this strategic Asia-Pacific market, they said.