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The US will significantly reduce reciprocal tariffs on many of Vietnam’s export items and continue to work with Vietnam to address obstacles affecting bilateral trade relations.
General Secretary To Lam held a telephone conversation with United States President Donald Trump on Wednesday to discuss Vietnam–US relations and negotiations on reciprocal tariffs between the two countries.
Vietnamese and US top leaders expressed their delight at the strong and positive development of bilateral relations. General Secretary To Lam and President Donald Trump welcomed the agreement reached by the two countries' negotiating teams on the Joint Vietnam–United States Statement on a Fair, Balanced, and Reciprocal Trade Agreement Framework.
President Trump highly appreciated Vietnam’s commitment to granting preferential market access to US goods, including large-engine vehicles.
He affirmed that the US would significantly reduce reciprocal tariffs on many of Vietnam’s export items and would continue to work with Vietnam to address obstacles affecting bilateral trade relations, particularly in areas prioritised by both sides.
Party leader Lam proposed that the US soon recognise Vietnam as a market economy and lift export restrictions on certain high-tech products.
General Secretary Lam and President Trump also discussed key orientations and major measures to promote the Comprehensive Strategic Partnership in the years to come.
The two leaders agreed to enhance delegation exchanges, high-level and all-level contacts, and to strengthen cooperation in the areas of economy, trade and investment, especially in key and breakthrough sectors such as science and high technology.
On this occasion, General Secretary Lam reiterated his invitation for President Trump and the First Lady to visit Vietnam, and expressed his hope to meet President Trump again in the near future. President Trump warmly thanked the General Secretary for the invitation and expressed his desire to meet again soon.
On Truth Social, US President Trump stated that, per the "Great Deal of Cooperation," Vietnam would "pay the United States a 20% tariff on any and all goods sent into our Territory, and a 40% Tariff on any Transshipping."
This is down significantly from the 46% in the original reciprocal tariff plan announced on April 2, 2025, a date Trump referred to as "Liberation Day."
In return, Vietnam would cut all tariffs for American goods into the country.
"The United States would reportedly gain “TOTAL ACCESS” to Vietnamese markets, enabling American products—particularly large engine vehicles like SUVs—to be sold in Vietnam at zero tariff," Trump wrote.
He went on to say that "the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam."
The two countries' leader had a phone call two days after the US President announced a sweeping tariff policy targeting most of the US trade partners in early April, in which Party chief To Lam has offered to slash all tariffs for US goods to zero, and urged the US to do the same for Vietnamese goods.
Vietnam and the US in the grace period have conducted three rounds of negotiations on a trade deal.
TB (according to VNS)
