A Joint Statement on a US-Vietnam Framework for an Agreement on Reciprocal, Fair, and Balanced Trade was announced on October 26, on the occasion of President Donald Trump's and Prime Minister Pham Minh Chinh’s attendance at the 47th ASEAN Summit held in Kuala Lumpur, Malaysia from October 26-28.

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The Ministry of Industry and Trade reported that the Joint Statement reflects the outcomes of reciprocal trade negotiations between the two countries to date, recognising the efforts by both governments and business communities to foster a balanced, stable and sustainable economic and trade relationship, in line with the bilateral Comprehensive Strategic Partnership.

The joint statement outlines key components of the agreement, with both sides working constructively to address mutual concerns related to non-tariff barriers, reach consensus on digital trade, services, and investment commitments, and engage in discussions on intellectual property, sustainable development, and supply chain resilience.

Going forward, Vietnam and the US will continue discussions and follow-up actions to finalise the agreement, guided by the principles of openness and equality; respect for independence, sovereignty and political regimes; and mutual benefit; while taking into account their respective levels of development.

Since late April, both nations have engaged in multiple rounds of negotiations on reciprocal trade at both technical and ministerial levels.

The Vietnamese delegation, led by Minister of Industry and Trade Nguyen Hong Dien, comprised officials from the Ministries of Industry and Trade, Foreign Affairs, Public Security, Finance, Justice, Agriculture and Environment, Science and Technology, Home Affairs, Construction, Health, alongside the State Bank of Vietnam and the Vietnamese Embassy in the US.

Many in-person and online negotiation sessions were held between Minister Dien, US Trade Representative Jamieson Greer, and US Secretary of Commerce Howard Lutnick.

On August 1, the White House published an Executive Order by President Trump adjusting reciprocal tariff rates imposed on 69 countries and territories listed in Annex I, slashing the rate applied to Vietnam from 46% to 20%.

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