U.S. and Vietnam Strengthen Trade Relations

In a significant move to bolster economic ties, U.S. Trade Representative Jamieson Greer recently held a virtual meeting with Vietnam's Minister of Industry and Trade, Nguyen Hong Dien. This discussion follows a pivotal call between President Trump and General Secretary of the Communist Party of Vietnam, To Lam, marking a step forward in U.S.-Vietnam relations.

Commitment to Balanced Trade

Both nations have acknowledged the importance of achieving a swift progress towards a trade relationship that is both reciprocal and balanced. Technical teams from both sides are set to engage in detailed discussions to explore avenues for expanding market access and tackling unfair trade practices.

Postponement of Tariffs

The Trump administration has decided to delay the imposition of high retaliatory tariffs on Vietnam and other trading partners for 90 days, maintaining a temporary tariff rate of 10%. This decision underscores the ongoing negotiations and the potential for mutually beneficial outcomes.

Vietnam's Stance

Minister Dien reiterated Vietnam's dedication to enhancing its Comprehensive Strategic Partnership with the U.S., emphasizing the desire for economic and trade relations that are not only balanced but also stable, sustainable, and effective. Vietnam is ready to address U.S. concerns through negotiation, guided by the principle of "harmonized benefits and shared risks."