Vietnam Aims for U.S. Trade Deal Before Tariff Deadline

Vietnam's Prime Minister Pham Minh Chinh anticipates securing a trade deal with the U.S. ahead of a tariff pause expiration in July. Vietnam seeks to prevent the re-imposition of a 46% tariff due to its trade surplus. Negotiations continue as Vietnam agrees to reduce non-tariff barriers.

Vietnamese Prime Minister Pham Minh Chinh announced on Wednesday plans to finalize a trade agreement with the United States before a deadline that could see the reinstatement of 46% tariffs. Speaking at the World Economic Forum in Tianjin, Chinh emphasized Vietnam's active discussions with the Trump administration over trade issues.

Chinh projected that an outcome could materialize within the next fortnight, highlighting the strong mutual understanding on tariffs between the nations. Vietnam, aiming to safeguard its manufacturing sector, has engaged in multiple negotiations with the U.S., attempting to avert the reinstatement of stiff tariffs due to its trade surplus.

Reports indicate the U.S. has delivered stringent demands, urging Vietnam to minimize its reliance on Chinese technology in exported goods. Despite a significant trade surplus increase, Vietnam is making strides to prevent illegal trans-shipment and has shown readiness to bolster imports from the U.S., covering sectors like aviation, agriculture, and energy.

(With inputs from agencies.)