Vietnam’s deputy PM says reciprocal trade deal with US expected soon, with negotiations underway in Washington and potential tariff benefits.
HANOI: Vietnam anticipates signing a reciprocal trade agreement with the United States soon, Deputy Prime Minister Bui Thanh Son announced on Wednesday.
Son made the statement as a new round of negotiations commenced in Washington DC.
“Only trust can lead to cooperation, and only cooperation can lead to prosperity,” Son told a US-Vietnam business summit in Hanoi.
He emphasised that Vietnam consistently seeks to strengthen cooperation with the United States.
In October, both nations agreed to finalise a trade deal within weeks that would maintain 20% tariffs on most Vietnamese imports to the US.
The agreement would exempt certain unspecified products from these tariffs.
Son urged US businesses to support an upcoming visit to the United States by Vietnamese leader To Lam.
He also requested they encourage Washington to recognise Vietnam as a market economy.
Additionally, he called for the lifting of US restrictions on high-tech product exports.
Vietnamese negotiators, led by Minister of Industry and Trade Nguyen Hong Dien, are currently in Washington for the latest trade talks.
The negotiations are scheduled to run from November 12 to November 14, according to the ministry. – Reuters
