On 1/8, the Ministry of Industry and Trade announced that the White House had published President Donald Trump's executive order adjusting retaliatory tariff rates. The US has decided to adjust rates for 69 countries and territories listed in Appendix I.
"According to this appendix, the retaliatory tariff rate for Vietnam has been reduced from 46% to 20%," the Ministry of Industry and Trade stated.
Since late April, after the US announced a delay in imposing retaliatory tariffs and agreed to start negotiations with Vietnam, Prime Minister Pham Minh Chinh established a government negotiation team led by the Minister of Industry and Trade and directed the development of a negotiation plan.
The Ministry of Industry and Trade said that during the negotiations, Vietnam and the US focused on discussions and made 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, and trade cooperation.
In the future, the two sides will continue to discuss and implement further work towards completing the reciprocal trade agreement based on the principles of openness, constructiveness, equality, respect, mutual benefit, and consideration of each other's development levels.
The ministry added, "Both 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, two-way trade last year reached 149.7 billion USD. Vietnam exported 136.6 billion USD and imported 13.1 billion USD from the US. Vietnam's trade surplus with the US was 123.5 billion USD, ranking third among countries with the largest trade surpluses with the US (after China and Mexico).
In the first 5 months of this year, two-way trade reached 77.4 billion USD, a 36.5% increase compared to the same period in 2024. Vietnam exported 71.7 billion USD (up 37.3%) and imported 5.7 billion USD (up 30.7%). Vietnam's trade surplus with the US was 64.8 billion USD (up 29%), ranking 4th after China, Mexico, and Iceland.
Phuong Dung
