Vietnam and US Reaffirm Commitment to Trade Negotiations

Vietnam’s Deputy Prime Minister Nguyen Van Thang has reiterated the country’s readiness to engage in "open, constructive" trade discussions with the United States. This statement was made during a meeting with US Trade Representative Jamieson Greer as part of efforts to spur discussions around a long-awaited tariff agreement between the two nations.

The meeting, which took place in Washington, was aimed at enhancing economic ties and encouraging increased US investment in Vietnam, a nation highly reliant on trade. Thang expressed Hanoi’s commitment to addressing US concerns related to trade fraud and the illicit routing of exports, as outlined in the Vietnamese government’s public statements.

Both parties are working towards finalising a tariff agreement following a framework discussed in October. Greer remarked that the US aims to conclude negotiations swiftly on the reciprocal trade deal. In recent months, US trade officials have initiated multiple investigations into Vietnam’s trade practices, focusing on concerns regarding transshipment, non-tariff barriers, and the flow of illicit Chinese goods through Vietnam to the US.

Vietnam was categorised as a "priority foreign country" in an April report, with accusations of inadequate action against online piracy, counterfeit goods, and border control deficiencies. The outcomes of these investigations are set to be released in November and may result in the imposition of higher tariffs.

During the first half of 2026, Vietnam reported the largest trade deficit with the US at $114 billion, surpassing deficits with other countries including China, Mexico, and Taiwan. This period also saw a marked increase in imports from China as manufacturers in Vietnam ramped up production of goods for export, notably electronic products favoured by American consumers.

In addition to trade negotiations, Nguyen Van Thang held discussions with representatives from major US corporations such as Qualcomm Inc., Visa Inc., Axon Enterprise Inc., and Caterpillar Inc. The objective was to attract further investments into Vietnam’s burgeoning economy. According to statements from the Vietnamese government, these businesses represent sectors poised for significant growth and potential collaboration.

Senior executives from the US Chamber of Commerce highlighted that many US businesses have found success in Vietnam and express enthusiasm for expanding operations in the country. This sentiment was echoed by Charles Freeman, Senior Vice President for Asia at the US Chamber of Commerce, who acknowledged Vietnam's progressive amendments to its Customs Law as a positive step towards intellectual property protection.

Vietnam's economic landscape has transformed significantly over the past 40 years, with officials highlighting the country’s status as one of the most dynamic economies in Asia. In a seminar attended by Thang and US business leaders, the Deputy Prime Minister indicated that bilateral trade has considerably increased, with two-way trade reaching $170 billion in 2025, solidifying Vietnam's position as the fifth largest trading partner of the United States.

The ongoing discussions reflect Vietnam’s strategy to enhance its investment environment and infrastructure, positioning itself attractively to foreign investors. The country aims to sustain high economic growth rates, with a target GDP growth of 10% or more from 2026 to 2030. Thang emphasised the need for robust involvement from foreign direct investment (FDI) and expressed hope that the ongoing dialogues will yield fruitful partnerships that benefit both parties.

As Vietnam continues to advance its economic reforms and infrastructure development, Deputy Prime Minister Nguyen Van Thang’s engagements with US representatives are pivotal in fostering collaborative opportunities and bolstering Vietnam’s role in global trade.