Vietnam and the United States will negotiate a bilateral trade agreement. A few hours after high countervailing tariffs were temporarily suspended, Vietnam and the U.S. reached a consensus to negotiate a bilateral trade agreement, including tariff-related content.
During his visit to the U.S. on April 10th (U.S. time) in Washington, the Special Envoy of the General Secretary, Deputy Prime Minister Ho Duc Phoc, met with U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
The Deputy Prime Minister discussed with the U.S. government to agree on organizing negotiations for a bilateral trade agreement between the two nations. Notably, both sides agreed to consider negotiating tariff-related content, which is the most important pillar of this trade agreement.
Deputy Prime Minister Ho Duc Phoc and U.S. Treasury Secretary Scott Bessent, who leads the U.S. delegation to negotiate the bilateral trade agreement with Vietnam. Photo: VGP
Deputy Prime Minister Ho Duc Phoc meets U.S. Treasury Secretary Scott Bessent in Washington. Photo: VGP
This is considered a major breakthrough after intense negotiations in recent days, achieved by Vietnam's special delegation with the U.S. government. Previously, the content of signing a bilateral trade agreement was proposed multiple times by Vietnam but was not agreed upon by the U.S. It is expected that today the government will establish a ministerial-level technical negotiation team to concretize the results achieved by the special delegation.
At the meeting with U.S. Treasury Secretary Scott Bessent, Deputy Prime Minister Ho Duc Phoc affirmed that Vietnam values the development of a Comprehensive Strategic Partnership with the United States and aims to promote balanced, harmonious, and sustainable economic-trade relations. The Deputy Prime Minister emphasized Vietnam's readiness to negotiate and proposed that both sides engage in detailed discussions to reach an agreement as soon as possible.
"This will contribute to fostering stable and sustainable bilateral economic-trade relations, benefiting the people and businesses of both countries," said Mr. Phoc.
Treasury Secretary Bessent, appointed by the U.S. government as the head of the negotiation team with Vietnam, expressed confidence that both sides would soon find suitable solutions to promote stable and mutually beneficial economic-trade relations. He also shared that he had visited Vietnam before and held positive impressions and fond memories of the country and its people.
Currently, Vietnam and the U.S. have a Bilateral Trade Agreement (BTA), signed in 2000. At a meeting on April 8th, Deputy Prime Minister Bui Thanh Son, head of the task force, instructed the Ministry of Finance to collaborate with other ministries in drafting a bilateral agreement with the U.S., aiming to upgrade the BTA by including provisions on tariffs and intellectual property.
During a meeting with Commerce Secretary Howard Lutnick, Deputy Prime Minister Ho Duc Phoc stated that the agreement to initiate negotiations for a bilateral trade agreement is significant and aligns with the framework of the Vietnam-U.S. Comprehensive Strategic Partnership.
Mr. Phoc reiterated Vietnam's consistent policy of maintaining political, economic, and social stability while actively engaging in deep, substantive, and effective international integration. He urged the U.S. Department of Commerce to closely coordinate with Vietnam's ministries and agencies during the negotiation process.
Commerce Secretary Howard Lutnick expressed his appreciation for relations with Vietnam, describing the country as a potential economy and an important partner for the U.S. in the region.
Deputy Prime Minister Ho Duc Phoc met with Commerce Secretary Howard Lutnick in Washington on April 10th (U.S. time). Photo: VGP
According to Mr. Lutnick, the U.S. is currently prioritizing reindustrialization, bringing production back to the country, and ensuring fair trade. He affirmed that the U.S. Department of Commerce would work closely with Vietnam to negotiate and address issues in bilateral economic-trade relations, aiming for an agreement that supports the development of both nations.
Vietnam is among the first countries to show goodwill for negotiations following a phone call between President Donald Trump and General Secretary To Lam last week.
From Vietnam's side, Prime Minister Pham Minh Chinh has instructed the immediate formation of a negotiation team with the U.S., led by Minister of Industry and Trade Nguyen Hong Dien.
The delegation will develop appropriate scenarios and strategies for negotiations, emphasizing the principle of "maximizing national and ethnic interests while ensuring harmony and shared risks." He stressed the importance of aligning this within Vietnam's overall international relations strategy, ensuring it does not affect the 17 FTAs already signed with over 60 markets.
Additionally, Vietnam will address U.S. trade concerns comprehensively, particularly regarding product origin, non-tariff barriers, and intellectual property. At the same time, Vietnam will actively engage in trade exchanges (aircraft, LNG, defense, and security trade) with various countries, including the U.S. "Resolving one issue should not affect another, and dealing with one partner should not impact relations with others," he emphasized.
