Key provisions of the Vietnam-US Reciprocal Trade Agreement

(Dan Tri) - The reciprocal, fair and balanced Trade Agreement between Vietnam and the US will inherit and develop on the foundation of the long-lasting economic relationship between the two countries.

On October 26, Vietnam and the United States agreed to issue a Joint Statement on the framework of a reciprocal, fair and balanced trade agreement, which aims to strengthen bilateral economic relations, thereby facilitating deep market access for each other's exports.

The Ministry of Industry and Trade said the reciprocal, fair and balanced Trade Agreement will inherit and develop on the foundation of the long-lasting economic relationship between the two countries, including the US-Vietnam Bilateral Trade Agreement signed in 2000 and effective since 2001.

Key provisions of the reciprocal, fair and balanced trade agreement between the two countries will include: Vietnam will grant preferential market access to nearly all US agricultural and industrial exports.

Meanwhile, the US will maintain the 20% reciprocal tax rate applied from April on goods originating from Vietnam; at the same time, it will identify a number of products to enjoy a 0% reciprocal tax rate.

The United States and Vietnam will work constructively to address mutual concerns regarding non-tariff barriers affecting bilateral trade in priority sectors.

For example, Vietnam will accept vehicles manufactured according to US safety and emission standards; resolve issues related to US medical device import licensing; simplify regulatory requirements and approval processes for US pharmaceuticals; fully implement Vietnam's obligations under a number of international treaties on intellectual property to which Vietnam is a member...

Import and export activities at Cat Lai Port (HCMC). Photo: Hai Long.

The United States and Vietnam have committed to address and prevent barriers to US agricultural products in the Vietnamese market, including monitoring mechanisms according to US regulations and accepting mutually agreed certificates issued by US regulatory agencies.

In addition, the two sides will agree on commitments related to digital trade, services and investment. They will also discuss intellectual property, labor, environment, customs and trade facilitation, good regulation and trade-distorting practices (if any) by state-owned enterprises.

The United States and Vietnam committed to strengthening cooperation toward common goals of enhancing supply chain resilience, including addressing tariff evasion and coordinating export controls.

The two countries also recorded many important trade agreements such as Vietnam Airlines ordering 50 Boeing aircraft worth more than 8 billion USD and businesses of the two countries signed 20 memorandums of understanding on the purchase and sale of US agricultural products with a total value of about 2.9 billion USD.

In the coming weeks, the US and Vietnam will continue to discuss to complete the content of the reciprocal, fair and balanced Trade Agreement, prepare to sign the Agreement and carry out procedures for the Agreement to come into effect.

Source: https://dantri.com.vn/kinh-doanh/cac-dieu-khoan-chinh-cua-hiep-dinh-thuong-mai-doi-ung-giua-viet-nam-va-my-20251026184955653.htm