Việt Nam, US top leaders announce agreement reached on trade deal

General Secretary Tô Lâm and President Donald Trump welcomed the agreement reached by the two countries' negotiating teams on the Joint Việt Nam–United States Statement on a Fair, Balanced, and Reciprocal Trade Agreement Framework.

General Secretary Tô Lâm held a telephone conversation with United States President Donald Trump on Wednesday to discuss Việt Nam–US relations and negotiations on reciprocal tariffs between the two countries.

Vietnamese and US top leaders expressed their delight at the strong and positive development of bilateral relations. General Secretary Tô Lâm and President Donald Trump welcomed the agreement reached by the two countries' negotiating teams on the Joint Việt Nam–United States Statement on a Fair, Balanced, and Reciprocal Trade Agreement Framework.

President Trump highly appreciated Việt Nam’s commitment to granting preferential market access to US goods, including large-engine vehicles.

He affirmed that the US would significantly reduce reciprocal tariffs on many of Việt Nam’s export items and would continue to work with Việt Nam to address obstacles affecting bilateral trade relations, particularly in areas prioritised by both sides.

Party leader Lâm proposed that the US soon recognise Việt Nam as a market economy and lift export restrictions on certain high-tech products.

General Secretary Lâm and President Trump also discussed key orientations and major measures to promote the Comprehensive Strategic Partnership in the years to come.

The two leaders agreed to enhance delegation exchanges, high-level and all-level contacts, and to strengthen cooperation in the areas of economy, trade and investment, especially in key and breakthrough sectors such as science and high technology.

On this occasion, General Secretary Lâm reiterated his invitation for President Trump and the First Lady to visit Việt Nam, and expressed his hope to meet President Trump again in the near future. President Trump warmly thanked the General Secretary for the invitation and expressed his desire to meet again soon.

On Truth Social, US President Trump stated that, per the "Great Deal of Cooperation," Việt Nam would "pay the United States a 20% tariff on any and all goods sent into our Territory, and a 40% Tariff on any Transshipping."

This is down significantly from the 46 per cent in the original reciprocal tariff plan announced on April 2, 2025, a date Trump referred to as "Liberation Day."

In return, Việt Nam would cut all tariffs for American goods into the country.

"The United States would reportedly gain “TOTAL ACCESS” to Vietnamese markets, enabling American products—particularly large engine vehicles like SUVs—to be sold in Việt Nam at zero tariff," Trump wrote.

He went on to say that "the SUV or, as it is sometimes referred to, Large Engine Vehicle, which does so well in the United States, will be a wonderful addition to the various product lines within Vietnam."

The two countries' leader had a phone call two days after the US President announced a sweeping tariff policy targeting most of the US trade partners in early April, in which Party chief Tô Lâm has offered to slash all tariffs for US goods to zero, and urged the US to do the same for Vietnamese goods.

Việt Nam and the US in the grace period have conducted three rounds of negotiations on a trade deal.