Kuala lumpur: Vi?t Nam and the United States have jointly announced a framework for a reciprocal trade agreement aimed at fostering fair and balanced trade between the two nations. This announcement coincided with US President Donald Trump and Prime Minister Ph?m Minh Chính’s participation in the 47th ASEAN Summit held in Kuala Lumpur, Malaysia.
According to Emirates News Agency, the framework is designed to enhance the longstanding economic relationship established by the US-Vi?t Nam Bilateral Trade Agreement of 2000. Vi?t Nam has committed to providing preferential market access for nearly all US industrial and agricultural exports.
The United States, in turn, will maintain a 20% reciprocal tariff on Vietnamese originating goods, as stipulated in Executive Order 14257, and will identify certain products from the Annex III list of Executive Order 14346 for a zero percent reciprocal tariff rate.
Both countries have agreed to collaborate on addressing non-tariff barriers that impact bilateral trade. Vi?t Na
m has pledged to resolve issues such as accepting US vehicle safety and emissions standards, easing import licenses for US medical devices, and streamlining regulatory processes for US pharmaceuticals. Additionally, Vi?t Nam will adhere to its obligations under various international intellectual property treaties and address US concerns with conformity assessment procedures.
The agreement also focuses on eliminating barriers to US agricultural products in Vi?t Nam, ensuring US regulatory oversight and acceptance of certificates issued by US authorities. In a significant development, Vietnam Airlines has agreed to purchase 50 aircraft from Boeing, valued at over US$8 billion.
Furthermore, Vietnamese companies have signed 20 memorandums of understanding with US firms to procure agricultural commodities, with an estimated total value exceeding US$2.9 billion. The coming weeks will see efforts from both nations to finalize the agreement, prepare for its signing, and complete domestic formalities to bring it int
o force.