Deputy Prime Minister Bui Thanh Son said on Wednesday that Vietnam is looking to finalize a trade agreement with the United States in the near term, as a new round of negotiations unfolds in Washington.
According to a Reuters report citing sources familiar with the discussions, talks will center on which Vietnamese products—such as coffee—might be excluded from U.S. tariffs, as well as the nature of preferential market access promised by Hanoi for U.S. goods like cars and agricultural products.
This move follows an understanding reached in October to wrap up a deal within weeks, which would retain the existing 20% U.S. tariffs on Vietnamese imports but allow exemptions for specific products from the duties introduced by President Donald Trump in August.
Michael DeSombre, Assistant Secretary of State for East Asian and Pacific Affairs, stated that the agreement should help address trade imbalances and reduce the U.S. deficit with Vietnam, currently the third highest after China and Mexico.
Vietnam registered a $111 billion trade surplus with the United States in the first 10 months of the year, according to Vietnamese statistics, potentially marking another record annual surplus. Meanwhile, data from the U.S. has yet to be released due to the ongoing federal government shutdown.
Vietnamese negotiators hope to conclude the agreement after the U.S. Supreme Court rules on the legality of tariffs imposed by President Trump, potentially by December, the source added. The court’s decision is anticipated anytime before mid-2026.
As per multiple officials, Son called on U.S. companies to support efforts toward a fair and balanced bilateral trade deal, advocate for Vietnam’s recognition as a market economy, and push for the removal of restrictions on the export of high-tech products, including advanced semiconductors.
Moreover, DeSombre noted Vietnam’s potential role in global supply chains for critical minerals, highlighting the country’s significant reserves of rare earths and gallium, though development has been slow.
