Vietnam, US in second round of reciprocal trade pact talks

Vietnam and the U.S. began their second round of negotiations on a reciprocal trade agreement in Washington D.C. on Monday (May 19, U.S. time).

This round is taking place following a direct ministerial-level negotiation session between Minister of Industry and Trade Nguyen Hong Dien, head of Vietnam's Government Negotiation Delegation, and U.S. Trade Representative (USTR) Jamieson Greer in South Korea on May 16.

The May 16 meeting came immediately after the conclusion of the 31st APEC Ministerial Meeting on Trade (MRT 31). This was the first direct ministerial-level negotiation session between Vietnam and the U.S. after the online session on April 12 for a reciprocal trade agreement under the direction of the two countries' senior leaders.

The second round of negotiations, also led by Dien on the Vietnamese side, is scheduled to run through Thursday.

On the first day of the second round, the two sides discussed an overall approach to addressing key issues of mutual concern and accelerating the negotiation process, Vietnam's Ministry of Industry and Trade stated on its website.

They also exchanged information on each side’s current policies to establish a foundation for subsequent steps.

The same day, Dien had a working session with Westinghouse, a global leader in nuclear power technology, during which the minister said Vietnam plans to revive its nuclear power program to ensure energy security, as power demand surges and renewable sources remain unstable.

The minister stressed that Vietnam will adopt a cautious, modern approach aligned with practical conditions.

Vietnam has many potential locations for nuclear power development, laying the groundwork for cooperation with international partners like Westinghouse on both large-scale and small modular reactor (SMR) projects, he said.

Dien noted that energy collaboration would serve as a key driver in balancing bilateral trade.

Margaret Cosentino, executive vice president, corporate affairs at Westinghouse, voiced strong support for Vietnam’s plan and emphasized the importance of long-term energy cooperation.

The two sides agreed to exchange information and move toward signing an MoU between Westinghouse and state-owned energy giant Petrovietnam on nuclear power development.

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.