Trade talks with Vietnam 'fruitful': US Trade Representative

U.S. Trade Representative (USTR) Jamieson Greer has described the ongoing trade talks with Vietnam and other countries as “fruitful”, saying “they understand what we're trying to solve for”.

Greer made the statement after the U.S. unveiled its trade deal with the UK, the first since President Donald Trump on April 2 announced to impose reciprocal tariffs and then delayed the decision for 90 days for negotiations.

The White House said the trade deal with the UK “sets the tone for other trading partners to promote reciprocal trade with the United States”.

“We're going to have more deals in the weeks and months to come,” Greer told CNBC on Thursday, May 8 (U.S. time).

Some experts downplay the impact of the U.S.-UK agreement, arguing that the approach the U.S. has taken with the UK, a country running a goods trade deficit with the U.S., is unlikely to be applicable to other nations with which the U.S. has large trade deficits.

Greer said Vietnam and other Southeast Asian countries are in talks with the U.S. and are “very forward-leaning”.

However, he said “on some of these, the President will have an agreement, others of these, he may not”.

“But we're doing our best to find a way forward to make trade more reciprocal, fair and balanced,” he emphasized.

On April 23, Greer had a “productive” virtual meeting with Vietnamese Minister of Industry and Trade Nguyen Hong Dien to discuss the bilateral trade relationship, according to the Office of the U.S. Trade Representative.

Both sides agreed on the importance of making swift progress towards reciprocal and balanced trade between the two countries.

At their meeting in Washington D.C. in mid-March, the officials also discussed ways to promote bilateral economic and trade ties.

On Wednesday, Dien held a working session with U.S. Ambassador to Vietnam Marc Knapper to advance bilateral negotiations.

The minister stressed the importance of promoting balanced, sustainable, and long-term trade between the two nations in a way that upholds Vietnam’s international commitments, respects its relationships with other global partners, and aligns with the strategic directions agreed upon by the two countries’ high-ranking leaders.

For his part, Ambassador Marc Knapper commended Vietnam’s proactive, constructive, and goodwill-driven approach.

He explained that the U.S.’s new trade policy is designed to further promote trade and investment, while safeguarding economic security, national security, and American workers, but not to harm partner countries.

Major Vietnamese enterprises have committed to intensifying cooperation with U.S. partners from now until June 2025 to realize signed agreements and MoU, paving the way for trade talks with the U.S.

They made the commitment on Wednesday at a working session with Minister of Industry and Trade Nguyen Hong Dien, head of the Vietnamese government’s negotiation delegation regarding trade issues with the U.S.

President 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. The 90-day reprieve is applied to nearly 90 nations except for China.