The United States and Vietnam have officially agreed to begin negotiations on a new trade agreement, the Vietnamese government announced Thursday. The development comes just hours after the U.S. temporarily halted the implementation of a 46% tariff on Vietnamese exports, granting a 90-day pause that opens the door for diplomatic and economic discussions.
According to a statement released following a meeting between Vietnam’s Deputy Prime Minister Ho Duc Phoc and U.S. Trade Representative Jamieson Greer in Washington, both countries are committed to removing as many non-tariff barriers as possible. The goal is to promote more seamless trade and strengthen economic cooperation.
Vietnam, a key manufacturing hub for global tech and apparel firms, has seen its trade surplus with the U.S. climb to over $123 billion in 2024, making America its top export destination. As part of the ongoing efforts to deepen economic ties, Vietnam emphasized its willingness to create favorable conditions for U.S. investors and pledged to intensify efforts against trade fraud.
The paused tariff decision is seen as a strategic move that signals a more cooperative phase in U.S.-Vietnam trade relations. With both nations seeking to boost bilateral trade, this negotiation marks a critical step toward a long-term agreement that could benefit industries ranging from electronics and textiles to agriculture and technology.
As global supply chains continue to shift, Vietnam’s growing importance as a manufacturing base makes its trade relationship with the U.S. increasingly vital. The upcoming negotiations are expected to pave the way for enhanced investment flows and sustainable trade growth between the two countries.