US tariffs on Vietnamese exports at 20%, trade agreement being finalised: Trade ministry

The two sides will continue discussions and carry out follow-up work with the goal of finalising a reciprocal trade agreement based on principles of openness, constructiveness, equality, mutual respect.

The Ministry of Industry and Trade on Friday afternoon issued a press release on the ongoing reciprocal trade negotiations between Việt Nam and the United States.

According to the Ministry, since late April 2025, Việt Nam and the US have conducted multiple rounds of reciprocal trade negotiations at both technical and ministerial levels.

The Vietnamese Government’s negotiating delegation is led by Minister of Industry and Trade Nguyễn Hồng Diên, with members comprising leaders and officials from the Ministries and agencies of Industry and Trade, Foreign Affairs, Public Security, Finance, Justice, Agriculture and Environment, Science and Technology, Home Affairs, Construction, Health, the State Bank of Việt Nam, and the Vietnamese Embassy in the United States.

A historic trilateral negotiation session was held on June 12, 2025, between Minister Nguyễn Hồng Diên, US Secretary of Commerce Howard Lutnick, and Ambassador Jamieson Greer, the United States Trade Representative (USTR).

Both in-person and virtual meetings have taken place between Minister Diên and the US officials.

Throughout the negotiations, the two sides have focused discussions and made substantial progress on a range of issues, including 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 early hours of August 1, 2025 (Việt Nam time), the White House published a Presidential Executive Order from President Donald Trump announcing adjustments to reciprocal tariffs. Under this order, the United States decided to revise reciprocal tariff rates for 69 countries and territories listed in Annex I. According to the annex, the reciprocal tariff rate for Việt Nam has been reduced from 46 per cent in the original liberation day tariffs announced by President Trump in early April to 20 per cent.

In the time ahead, the two sides will continue discussions and carry out follow-up work with the goal of finalising a reciprocal trade agreement based on principles of openness, constructiveness, equality, mutual respect for independence, sovereignty and political systems, mutual benefit, and consideration of each other’s development level.

Both sides will also strive to promote stable and balanced economic, trade, and investment relations in line with the Comprehensive Strategic Partnership between Việt Nam and the US.

According to the Ministry of Industry and Trade, US Customs data for 2024 showed that bilateral trade between Việt Nam and the United States reached US$149.7 billion, with Việt Nam exporting $136.6 billion and importing $13.1 billion.

Việt Nam’s trade surplus with the US stood at $123.5 billion, ranking third among countries with the largest trade surpluses with the US (after China and Mexico).

In the first five months of 2025, bilateral trade between Việt Nam and the US totalled US$77.4 billion, a 36.5 per cent increase compared to the same period in 2024. Of this, Việt Nam’s exports reached $71.7 billion (up 37.3 per cent), and imports from the US stood at $5.7 billion (30.7 per cent). Việt Nam’s trade surplus with the US was $64.8 billion (a 29 per cent increase year-on-year), ranking fourth among countries with the largest trade surpluses with the US (after China, Mexico, and Iceland).