'Significant progress' made in second round of Vietnam-US trade agreement talks
The negotiations were characterised by goodwill, frank and respectful dialogue, and a shared commitment to institutional integrity, mutual benefit, and alignment with each country's development level and international commitments.
The second round of the Vietnam–United States reciprocal trade agreement was held as scheduled during May 19-22 in Washington, DC, according to the Ministry of Industry and Trade.
The Vietnamese delegation was led by Minister of Industry and Trade and Vietnamese Government's chief negotiator Nguyen Hong Dien, and included representatives from various ministries and sectors such as Public Security, Foreign Affairs, Finance, Construction, Home Affairs, Agriculture and Environment, Science and Technology, Justice, and the State Bank of Vietnam.
Over three days, both sides engaged in substantive discussions on all agenda items outlined ahead of the session. The negotiations were characterised by goodwill, frank and respectful dialogue, and a shared commitment to institutional integrity, mutual benefit, and alignment with each country's development level and international commitments.
Both delegations exchanged detailed information on their respective current policies, clarified language in the draft agreement, and discussed a comprehensive approach to resolving fundamental issues of mutual concern in order to accelerate the negotiation process. Constructive and open exchanges also took place regarding the core economic and trade interests of the two countries.
By the conclusion of this round, Vietnam and the US had made significant progress, identifying areas of convergence and shared positions, as well as matters that still require further discussion. Both sides agreed on timelines for providing feedback on the draft agreement, proposing revised language, and holding online meetings in preparation for the next round of negotiations.
At the end of the third day, Minister Dien met with Ambassador and US Trade Representative Jamieson Greer to review the outcomes of the second round and identify key issues for continued focus in early June 2025.
Ambassador Greer praised Vietnam's goodwill and efforts to address US concerns and expressed a desire to continue technical-level and ministerial-level exchanges to reach an agreement as soon as possible.
Minister Dien welcomed the Ambassador’s remarks and reaffirmed Vietnam's commitment to fostering a balanced and sustainable economic and trade relationship with the US, for the benefit of both countries’ peoples and businesses. He also concurred with Ambassador Greer's proposal for both sides to intensify technical-level exchanges to reach an agreement that meets the expectations and conditions of each party.
US goods trade with Vietnam totalled an estimated US$149.6 billion in 2024. US exports to Vietnam in 2024 were $13.1 billion, up 32.9 % from 2023, while US goods imports from Vietnam totalled $136.6 billion in 2024, up 19.3 % from 2023.
The current trade deficit of the US with Vietnam was $123.5 billion in 2024, an 18.1 % increase over 2023, according to data from the Office of the US Trade Representative.
In the announcement of reciprocal tariffs that the Trump administration announced in April, Vietnam was among the countries hit with the highest level, at 46 %, on top of the baseline 10 % for all countries, likely due to the large trade deficit between the two countries.
Viet Nam News
Asia News Network
