Vietnam, US agree to negotiate bilateral trade deal

THE HANOI TIMES — Vietnam and the US have agreed to initiate negotiations on a bilateral trade agreement, including discussions on tariffs, just hours after Washington suspended plans to impose steep reciprocal tariffs.

The breakthrough came after separate meetings between Deputy Prime Minister Ho Duc Phoc, General Secretary of the Communist Party of Vietnam To Lam's special envoy, and US Treasury and Commerce Secretaries Scott Bessent and Howard Lutnick in Washington on April 10.

In the meetings, Phoc said the agreement to begin formal trade talks was a significant step forward after weeks of high-level consultations.

During his meeting with Treasury Secretary Bessent, Deputy Prime Minister Phoc reaffirmed Vietnam’s commitment to strengthening its Comprehensive Strategic Partnership with the US and called for balanced and sustainable trade relations.

"Vietnam is willing to negotiate," Phoc said. "This will help ensure stable and sustainable bilateral trade that serves the interests of businesses and citizens of both countries."

Bessent, who was appointed as the lead US negotiator, expressed confidence in a constructive outcome. He believed that the two sides would soon find appropriate solutions to promote stable, mutually beneficial economic ties. Bessent noted that he had previously visited Vietnam and had strong personal impressions of the country and its people.

Vietnam and the US have had a bilateral trade agreement (BTA) in place since 2000. The current negotiations are expected to update the BTA to reflect new areas of cooperation, including tariff rules and intellectual property rights. On April 8, Deputy Prime Minister Bui Thanh Son tasked the Ministry of Finance with coordinating the government's negotiating efforts.

Meeting with Commerce Secretary Lutnick, Deputy Prime Minister Phoc emphasized the strategic importance of the upcoming negotiations, noting that they align with the Vietnam-US Partnership.

"Vietnam has a consistent policy of maintaining political and economic stability while pursuing substantial international integration," Phoc said, urging close coordination between the US Department of Commerce (DOC) and Vietnamese ministries.

For his part, Lutnick said Vietnam is a key economic partner in Southeast Asia and reiterated the US focus on reshoring manufacturing and promoting fair trade. He added that the DOC is committed to working closely with Vietnam to address trade issues and reach an agreement that supports the long-term development of both countries.

The talks follow a phone call last week between US President Donald Trump and General Secretary To Lam. Vietnam was one of the first countries to signal its willingness to engage in trade talks.

In another move, Vietnamese Prime Minister Pham Minh Chinh has ordered the establishment of a special negotiating team led by Minister of Industry and Trade Nguyen Hong Dien with the mission of preparing detailed scenarios and strategies to maximize national interests while managing risks.

"This must be done in a way that upholds Vietnam's foreign policy priorities and respects existing commitments, including the 17 free trade agreements we've signed with over 60 partners," Chinh said.

Vietnam also intends to address US concerns related to rules of origin, non-tariff barriers, and intellectual property enforcement. At the same time, it seeks to expand trade in sectors such as aviation, LNG, and defense.

"Resolving one issue must not come at the expense of compromising another. Engagement with one partner must not disrupt our broader international relationships," Chinh added.