Ministry of Industry and Trade announced that the US will impose a 20% tax on Vietnamese goods.

The Ministry of Industry and Trade said that since the end of April, Vietnam and the US have held many reciprocal trade negotiations at both the technical and ministerial levels. The Vietnamese Government's negotiation delegation was led by Minister of Industry and Trade Nguyen Hong Dien.

Many direct and online negotiation sessions took place between Minister of Industry and Trade Nguyen Hong Dien, Chief of the Office of the United States Trade Representative (USTR) Jamieson Greer and US Secretary of Commerce Howard Lutnick.

During the negotiation process, Vietnam and the US focused on discussing and making progress on issues such as tariffs, rules of origin, customs, agriculture , non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, trade cooperation, etc.

The Ministry of Industry and Trade announced that the US will impose a 20% tax on Vietnamese goods. (Illustration photo)

On the morning of August 1, 2025 (Vietnam time), the White House posted President Donald Trump's Executive Order on adjusting reciprocal tax rates, according to which the US decided to adjust the reciprocal tax rates for 69 countries and territories listed in Appendix I. According to this Appendix, the reciprocal tax rate for Vietnam is reduced from 46% to 20%.

In the coming time, the two sides will continue to discuss and implement the next steps towards completing the reciprocal trade agreement based on the principles of openness, constructiveness, equality, respect for independence, autonomy, political institutions, mutual benefit and consideration of each other's development level. The two sides will also strive to promote stable economic, trade and investment relations, harmonizing interests, commensurate with the Vietnam - US Comprehensive Strategic Partnership.

According to US Customs data, in 2024, two-way trade between Vietnam and the US will reach 149.7 billion USD, of which Vietnam will export 136.6 billion USD and import 13.1 billion USD. Vietnam's trade surplus with the US is 123.5 billion USD, ranking 3rd among countries with the largest trade surplus with the US (after China and Mexico).

In the first 5 months of 2025, two-way trade between Vietnam and the US reached 77.4 billion USD, an increase of 36.5% over the same period in 2024, of which Vietnam exported 71.7 billion USD (an increase of 37.3% over the same period in 2024) and imported 5.7 billion USD (an increase of 30.7% over the same period in 2024).

Vietnam's trade surplus with the US is 64.8 billion USD (up 29% over the same period in 2024), ranking 4th among countries with the largest trade surplus with the US (after China, Mexico and Iceland).