Vietnam - US agree to announce joint statement on reciprocal taxes

The Ministry of Industry and Trade said that on October 26, Vietnam and the United States agreed to announce the Vietnam-US Joint Statement on the Framework of the Reciprocal, Fair and Balanced Trade Agreement (Joint Statement) on the occasion of President Donald Trump and Prime Minister Pham Minh Chinh attending the ASEAN Summit held from October 26-28 in Kuala Lumpur, Malaysia. The two sides also agreed to continue negotiating reciprocal taxes and removing tariff barriers in the coming time.

Việt Nam - Mỹ thống nhất công bố tuyên bố chung về thuế đối ứng- Ảnh 1. — *Despite reciprocal tax barriers, exports to the US in the first 9 months of this year still grew over 27% compared to the same period in 2024*

According to the Ministry of Industry and Trade, the joint statement is a document that Vietnam and the US agreed to issue to demonstrate the results of the two countries' reciprocal trade negotiations to date. The joint statement also acknowledges the efforts of government agencies and businesses of the two countries in building economic and trade relations on a balanced, stable and sustainable basis, in line with the Vietnam-US Comprehensive Strategic Partnership.

The Joint Statement acknowledged the main contents of the reciprocal, fair and balanced trade agreement between Vietnam and the US.

Accordingly, Vietnam and the US will cooperate constructively to address concerns of both sides related to non-tariff barriers, agree on commitments related to digital trade, services and investment, discuss intellectual property, sustainable development as well as strengthen cooperation to improve the resilience of supply chains...

Continue to negotiate fair and balanced reciprocal taxes

Also according to the Ministry of Industry and Trade, in the joint statement released, the US and Vietnam determined that the two sides will continue to discuss and implement the next steps towards completing a reciprocal, fair and balanced trade agreement based on the principles of openness, construction, equality, respect for independence, autonomy, political institutions, mutual benefit and consideration of each other's development level.

Previously, on April 2 (US time), US President Donald Trump signed an executive order imposing reciprocal tariffs on countries around the world, with Vietnam facing the highest tax rate of up to 46%. Since then, since the end of April, Vietnam and the US have held many reciprocal trade negotiations at both the technical and ministerial levels.

In addition, Minister of Industry and Trade Nguyen Hong Dien, Head of the Office of the United States Trade Representative (USTR) Jamieson Greer and US Secretary of Commerce Howard Lutnick had many direct and online negotiation sessions.

On August 1 (Vietnam time), the US announced President Donald Trump's decree on adjusting the reciprocal tax rate for 69 countries and territories. In particular, the US reciprocal tax rate for Vietnam decreased from 46% to 20%.

Despite the impact of the US imposing a 20% reciprocal tax on Vietnamese export goods, information from the Customs Department (Ministry of Finance) said that by the end of September, the total bilateral trade turnover between the two countries reached about 126.4 billion USD (up 27.3% over the same period in 2024).

Of which, Vietnam exports to the US 112.8 billion USD, up 27.7% over the same period in 2024, and imports from the US 13.66 billion USD, up 23.6% over the same period in 2024.

Source: Thanh Nien

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