Vietnam and the US issue a joint statement on reciprocal trade.

October 26, Vietnam and the United States have agreed to issue a Joint Statement on the Framework for a Fair and Balanced Trade Agreement (Joint Statement) on the occasion of President Donald Trump and Prime Minister Pham Minh Chinh's attendance at the ASEAN Summit held from 26-28/20 in Kuala Lumpur, Malaysia.

The joint statement reflects the results of reciprocal trade negotiations between the two countries to date, and acknowledges the efforts of Vietnamese and US government agencies and businesses 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 addresses the main contents of the reciprocal, fair and balanced trade agreement. Accordingly, both Vietnam and the US will cooperate constructively to address the 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 the supply chain...

Vietnam and the United States agreed to continue to complete a reciprocal, fair and balanced trade agreement.

Key provisions of the reciprocal, fair and balanced Trade Agreement between the United States and Vietnam will include:

Vietnam will grant preferential market access to nearly all US agricultural and industrial exports.

The United States will maintain the 20% reciprocal duty rate as provided in Executive Order No. 14257 of April 2, 2025, as amended, on goods originating in Vietnam; and will identify products in the list set out in Annex III of Executive Order No. 14356 of September 5, 2025 - “Potential Duty Adjustments for Likely-Oriented Partners” - to enjoy a 0% reciprocal duty rate.

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

Vietnam has agreed to address the above-mentioned barriers, such as accepting vehicles manufactured to US safety and emissions standards; resolving issues related to licensing for importing US medical devices; simplifying regulatory requirements and approval processes for US pharmaceuticals; fully implementing Vietnam’s obligations under several international intellectual property treaties to which Vietnam is a party; and addressing US concerns related to conformity assessment procedures.

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.

The United States and Vietnam will agree on commitments related to digital trade, services, and investment.

The United States and Vietnam will discuss intellectual property, labor, environment, customs and trade facilitation, good regulatory practices, 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.

Additionally, the US and Vietnam noted recent trade agreements between US and Vietnamese businesses in the agriculture, aerospace and energy sectors.

Vietnam Airlines has signed a contract with Boeing to buy 50 aircraft worth over US$8 billion.

Vietnamese businesses have signed twenty memorandums of understanding with US businesses on purchasing US agricultural products, with a total estimated value of more than 2.9 billion USD.

In the coming weeks, the United States and Vietnam will continue to discuss to finalize the content of the reciprocal, fair and balanced Trade Agreement, prepare for the signing of the Agreement and carry out the necessary internal procedures for the Agreement to officially come into effect.

According to the Customs Department, 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 last year. Of which, Vietnam exported 112.8 billion USD to the US, up 27.7%, accounting for 32.3% of export turnover, and imported 13.6 billion USD from the US, up 23.6%, accounting for 4.1% of total import turnover.

Source: https://tienphong.vn/viet-nam-va-my-ra-tuyen-bo-chung-ve-thuong-mai-doi-ung-post1790609.tpo