Vietnam PM asks US firms to sustain support for 'reasonable, detailed tariff pact'

Prime Minister Pham Minh Chinh has called on U.S. businesses to continue supporting the Vietnamese government in dialogues with U.S. agencies to soon reach "a reasonable, detailed tariff agreement for individual products and product groups".

He made the call at a Friday meeting in Hanoi with a delegation from the U.S.-ASEAN Business Council (USABC), the government’s news portal reported.

The visiting USABC delegation included leading U.S. and global companies such as Abbott, Amazon, Apple, Boeing, Brunswick, Citibank, Exxon Mobil, Ford, Google, IBM, Intel, Manulife, Meta, UPS, Warburg Pincus, Odgers Berndtson, and Zuellig Pharma.

Chinh emphasized the goal of reaching stable, harmonious, sustainable, and mutually beneficial trade.

The Prime Minister said Vietnamese and U.S. negotiators have basically reached consensus on a balanced and fair reciprocal trade agreement framework.

He noted that the two countries have actively engaged in tax negotiations, with the Vietnamese government making strong efforts to implement comprehensive and concerted political, diplomatic, and economic measures.

The cabinet leader said he appreciates U.S. businesses' support and active contributions to advancing the negotiations.

He asked them to advocate for strengthening sustainable trade and investment cooperation; and refrain from using trade defense measures against Vietnamese exports or any actions that could undermine the growing bilateral ties.

The Prime Minister suggested them push for the U.S. to soon recognize Vietnam’s market economy status and remove the Southeast Asian country from its list of high-tech export restrictions.

He called on U.S. firms to step up high-quality investment, accelerate the transfer of cutting-edge technologies, enhance corporate governance capabilities, and support workforce training for Vietnamese enterprises, particularly in agriculture, processing industries, semiconductors, and AI.

The leader noted his hope for U.S. firms' further assistance to help Vietnamese companies deeply integrate into their global supply chains.

He highlighted the importance of policy consultation efforts in helping the Vietnamese government refine its institutional and regulatory framework.

In response, the U.S. companies expressed their appreciation for the Prime Minister’s attention as since late 2024, he has twice received USABC delegations and held two separate dialogues with U.S. companies.

The Prime Minister regularly meets with U.S. corporations, both within the bilateral framework and on the sidelines of international and multilateral forums, they noted.

They also expressed satisfaction that each meeting has produced concrete results, marked positive progress, and helped resolve existing obstacles.

They praised Vietnam’s increasingly favorable business environment and its strong commitments, vision, and actions, particularly the ongoing streamlining of the administrative apparatus, according to the government's news portal.

Ted Osius, former U.S. Ambassador and now senior vice president & regional managing director of USABC, stressed that U.S. businesses have full confidence and no doubts regarding Vietnam’s market economy status.

Prime Minister Chinh then asked ministries and agencies to promptly review and respond to well-founded proposals and recommendations raised during the meeting.

He also requested continued engagement and cooperation with U.S. companies, particularly in emerging sectors like science and technology, innovation, digital transformation, and AI.

Party chief To Lam and President Donald Trump on July 2 (Vietnam time) announced that Vietnam and the U.S. have reached agreement on a joint statement on a fair, balanced, and reciprocal trade agreement framework.

During their telephone conversation on the day, the leaders said they welcome the consensus reached by the two countries' negotiating teams.

Following the talk, on Truth Social, President Trump wrote that Vietnam will pay a 20% tariff on any and all goods sent into the U.S., and a 40% tariff on any transshipping.

This is down significantly from the 46% in the original reciprocal tariff plan announced on April 2, 2025.

In return, U.S. products into Vietnam will enjoy zero tariff, Trump wrote.