Vietnam and U.S. Edge Closer to Historic Trade Agreement

Vietnam is nearing a 'reciprocal trade agreement' with the United States, as announced by Deputy Prime Minister Bui Thanh Son. This deal aims to maintain a 20% tariff on Vietnamese exports while exempting specific items. Ongoing negotiations in Washington could reshape economic ties between the two nations.

Vietnam is on the cusp of finalizing a 'reciprocal trade agreement' with the United States, Deputy Prime Minister Bui Thanh Son announced on Wednesday. This strategic move comes as both nations engage in a new round of negotiations in Washington, D.C.

At a U.S.-Vietnam business summit in Hanoi, Son emphasized the importance of trust leading to cooperation, which in turn fosters prosperity. In October, the two countries aimed to conclude a trade deal within weeks, ensuring a 20% tariff on Vietnamese imports while exempting certain unspecified products.

Son urged U.S. businesses to back a visit to the United States by Vietnamese leader To Lam and to lobby for Washington to recognize Vietnam as a market economy. Negotiations are set for November 12-14, as Vietnam's Ministry of Industry and Trade, led by Nguyen Hong Dien, anticipates significant progress.

(With inputs from agencies.)