Third round of Vietnam-US reciprocal trade pact talks sees 'significant progress'

The third technical round of negotiations for a reciprocal trade agreement between Vietnam and the U.S. has concluded in Washington, D.C., with "significant progress made and gaps narrowed in all areas of negotiation," according to Vietnam’s Ministry of Industry and Trade.

During the four-day talks ending Thursday, the two sides exchanged views on issues of mutual concern outlined in Vietnam’s response document and delivered in-depth analysis towards mutually acceptable solutions.

They agreed to hold a virtual meeting in the coming days to continue addressing unresolved matters. The meeting will also prepare for a subsequent online negotiation between U.S. Secretary of Commerce Howard Lutnick and Vietnamese Minister of Industry and Trade Nguyen Hong Dien.

On Thursday afternoon, Minister Dien held a high-level negotiation session with Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. This marked the first time the U.S. had proposed a ministerial-level dialogue in this format.

Dien proposed a number of ideas to accelerate the negotiation process and drive results. Both Lutnick and Greer welcomed the Vietnamese delegation’s proposals, largely endorsing them as a basis for further discussions, the Ministry of Industry and Trade's (MoIT) news portal reported on Sunday.

Following that session, Dien held a one-on-one meeting with Lutnick. The U.S. official reaffirmed that his country values its relationship with Vietnam and wished the country a strong development.

Lutnick said he acknowledges Vietnam's proposals and concerns and would coordinate with the U.S. Trade Representative to find appropriate solutions, according to the news portal.

Minister Dien reiterated Vietnam’s determination to build a balanced, sustainable, and mutually beneficial economic-trade partnership with the U.S.

The two sides agreed to assign their technical teams to continue working toward an agreement that aligns with the expectations and conditions of both countries.

U.S. President Donald Trump on April 2 said that he would levy massive 46% tariffs on imports from Vietnam as part of a new wave of global impositions, effective from April 9. Trump on April 9 dropped his reciprocal tariffs for countries reaching out to the U.S. to negotiate to 10% for 90 days.

After the U.S. announced the delay and agreed to start negotiations with Vietnam, Prime Minister Pham Minh Chinh formed a government negotiation team, led by Minister Dien.

Since early May, the Vietnamese technical delegation has been working with relevant U.S. agencies on bilateral trade negotiations.

The first round of bilateral trade pact negotiations took place on May 16 in Jeju, South Korea, immediately after the conclusion of the 31st APEC Ministerial Meeting on Trade (MRT 31). The second round was held from May 19 to 22 in Washington, D.C.