Vietnam strives to conclude reciprocal tax negotiations with US before Nov: trade ministry

The reciprocal tax negotiations between Vietnam and the United States are proceeding “quite positively,” with an aim to conclude negotiations before November, said Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan.

"After the U.S. announced the imposition of reciprocal tariffs on Vietnam in late July, Vietnam has continued technical-level negotiations with the U.S. side," Tan told a press meeting on Wednesday, in response to The Investor's question about the progress of the bilateral reciprocal tax agreement.

“Over the past week, the two sides have been negotiating frequently and continuously. So far, the U.S. has given fairly positive feedback, which makes the outlook optimistic,” he added.

According to the Deputy Minister, a Vietnamese delegation may visit the U.S. later this October, with the goal of concluding negotiations before November.

However, Tan cautioned that the ongoing U.S. government shutdown could affect the negotiation timeline.

“As this is a bilateral negotiation, if the U.S. encounters procedural delays, Vietnam will remain patient, continue communication, and maintain close contact,” he emphasized. “The results so far have been quite positive.”

Earlier, on September 24, during a meeting with Acting Foreign Minister Le Hoai Trung in New York, U.S. Secretary of State Marco Rubio said that President Donald Trump hopes both sides will soon finalize the negotiations to implement the reciprocal tax agreement, bringing mutual benefits to both nations.

According to President Trump’s Executive Order dated July 31, the U.S. adjusted Vietnam’s reciprocal tariff rate down from 46% announced on April 2 to 20%.

Since late April 2025, Vietnam and the U.S. have held multiple rounds of reciprocal trade talks at both technical and ministerial levels. The two sides have discussed and made progress on various topics including tariffs, rules of origin, customs, agriculture, non-tariff measures, digital trade, services and investment, intellectual property, sustainable development, supply chains, and trade cooperation.

Vietnam expands imports from the U.S.

At the same press meeting, Bui Huy Son, head of the department of planning, finance and enterprise management under the Ministry of Industry and Trade, said that Vietnam is increasing imports from the U.S. to develop a more balanced trade relationship.

In the first nine months of 2025, Vietnam’s imports from the U.S. rose 23.6% year-on-year to $13.7 billion.

The U.S. remains Vietnam’s largest export market, with exports reaching $112.8 billion, up 27.7% in the period. Other major markets include China ($49.6 billion, up 11.3%), the EU ($41.7 billion, up 9.3%), ASEAN ($28.5 billion, up 2.9%), and Japan ($19.7 billion, up 9%).

Vietnam’s trade surplus continued to widen, reaching $16.8 billion in the first nine months, contributing significantly to macroeconomic stability and foreign exchange reserves.

Of this, the domestic sector posted a trade deficit of $20.26 billion, while the foreign-invested sector (including crude oil) recorded a trade surplus of $37.08 billion.

Total import-export turnover in the nine-month period reached $680.6 billion, up 17.3% year-on-year. If no major disruptions occur, Vietnam’s total trade value for the year could hit a new milestone of around $900 billion, Son added.

To achieve the 2025 trade and industry targets, the trade ministry will focus on several priorities. It will closely monitor U.S. tariff policies and coordinate with relevant agencies from both sides to resolve emerging issues and minimize risks of unfavorable measures against Vietnamese goods.

The ministry aims to complete the launch of FTA negotiations with Mercosur and the Gulf Cooperation Council (GCC) in Q4/2025, accelerate the start of FTA negotiations with Pakistan, and strive to conclude FTA talks with the EFTA bloc (European Free Trade Association) within this year.