Vietnam, US to initiate trade negotiation agreement

THE HANOI TIMES — Vietnam and the US will begin negotiations on a reciprocal trade agreement that includes tariff-related issues, according to a bilateral economic and trade meeting held in Washington on April 10 (Hanoi time).

The meeting took place between Vietnam's Deputy Prime Minister Ho Duc Phoc, who is also the Special Envoy of General Secretary of the Communist Party of Vietnam To Lam, and US Trade Representative Jamieson Greer.

On Wednesday, President Donald Trump announced a 90-day pause in his reciprocal tariff plan, imposing 10% tariffs on imports from many countries, including Vietnam.

Deputy Prime Minister Phoc urged the US to begin formal negotiations on a bilateral trade agreement that would provide a long-term framework to promote a stable and mutually beneficial economic relationship. The agreement would be consistent with the two countries' Comprehensive Strategic Partnership.

In response, Greer expressed Washington's willingness to begin talks on a reciprocal trade deal that includes tariff issues. He called for immediate discussions at the technical level between the two sides.

Greer welcomed Phoc's visit in his role as the General Secretary's envoy and commended Vietnam's proactive efforts to deepen US-Vietnam trade relations. He noted that Hanoi has shown a strong commitment to advancing economic ties through concrete steps.

The two sides agreed to continue enhancing a favorable business environment, with a focus on minimizing non-tariff barriers to each other's exports. This includes joint efforts to prevent trade fraud and facilitate US investment and business operations in Vietnam. Greer reiterated that the US values its bilateral relationship with Vietnam and wants to work closely with Vietnam to narrow the trade deficit and strengthen cooperation across sectors.

The USTR also explained the rationale behind the Trump administration's tariff policy, saying that high tariffs on Vietnamese goods were driven by the significant trade imbalance. The current tariffs of up to 46% on imports from Vietnam reflect this concern, he added.

Deputy Prime Minister Phoc countered that Vietnam has taken active steps to address the trade gap and address US concerns. He stressed that the 46% tariff rate is not conducive to mutually beneficial economic relations and does not reflect the spirit of the Comprehensive Strategic Partnership between the two countries.

The US reciprocal tariffs, ranging from 11% to 84%, would have gone into effect on April 9, targeting major US trading partners.

The policy has rattled global markets over the past week, triggering stock sell-offs in the US, Asia, Europe, and Vietnam as investors brace for inflationary pressures and an economic slowdown. Gold prices surged to a new high before retreating on profit-taking. A number of world leaders have criticized the policy, calling the tariffs unjustified.

During his visit to the US, Deputy Prime Minister Phoc also met with Republican senators Bill Hagerty of Tennessee and Steve Daines of Montana, as well as various think tanks, business leaders, and major US corporations. He urged the US Congress to intervene to remove reciprocal tariffs on Vietnamese exports and support bilateral negotiations for a trade agreement.

The two Republican senators expressed strong backing for US-Vietnam trade ties based on shared strategic interests. They said they were optimistic that talks would begin soon and that the two nations could reach an agreement to foster a stable and mutually beneficial economic partnership.